Since starting on our Total Money Makeover journey a few years ago, I’ve been trying to increase our family’s income whenever possible to help us pay off my student loan debt faster. This fall I was given a wonderful opportunity for doing that: babysitting!
Why are we working to increase our income?
We have what Dave Ramsey calls an “income problem.” We’ve already budgeted and cut back as far as we’re able to, but yet we don’t have enough money left over each month to make significant progress on our Debt Snowball. As a result our Debt Snowball is taking far longer than we would like. The only way to change that is to start earning more money each month, hence the reason we need to increase our income.
Why not a part time evening job?
Throughout college I had multiple part time jobs that allowed me to work a variety of hours and schedules around my class times. It was a great way to maximize my earnings with the amount of time I had available. Unfortunately this idea became a whole lot more challenging in the last few years – teaching full time and taking care of a toddler at home has significantly limited my ‘free time’ making it more challenging to find another way of earning money.
How does babysitting fit into the story?
As a teacher I have a great work schedule for offering babysitting. I’m home earlier in the day than many parents, have weekends off and enjoy long periods of time during the year out of the classroom. All of these, plus the fact that I obviously enjoy children, makes babysitting a great money earner for me.
One of the best parts of babysitting is that its something I can do with my son. Not only am I allowed to have my son present, but I actually think it makes the experience even better because both children have someone to play with.
Most Saturday’s I now babysit two little boys from our neighborhood. My son enjoys a day of playing with friends, I still get to spend the day with my son & I bring home a little extra money at the same time. It’s a win-win situation.
Have you used babysitting as an income source for your family? Why does it work for you? We’d love to hear from you in the comments below.