Kerryn Boogaard Kerryn Boogaard
Beverly Goldsmith Beverly Goldsmith
Zoe Bingley-Pullin Zoe Bingley-Pullin

Spend less, earn more- the need for more than one income:

Just for a moment imagine a time where you know where your life is going, you have a great husband, children and everything is perfect. Now imagine what life would be like if suddenly it all falls apart, and you’re on your own, having to fend for yourself and your children. What would you do?
By Janine Cox
Date: April 26 2012
Tags: money, wealth, finance,
Editor Rating:

Facing the world for the first time as a single mum can be daunting, especially when you have kids who need your support more than ever. There are mortgages, school fees and other bills to pay, not to mention the emotional challenges you have to face.

Many women I talk to about this say that being in this situation would be a huge mountain to climb, regardless of how it occurred, whether by divorce or loss of your partner. Suddenly, having to cope without a partner and the security of your partner’s income can be frightening, and what if you were to lose your job?

It’s a given that life doesn’t always turn out as we like, and none of us are mind readers with the ability to predict the future, but we can plan for it.

With around 50% of marriages ending in divorce, it makes sense for us to prepare ourselves for any curve balls life throws at us. Believe me when I say that getting together a plan for your finances is a lot easier ahead of time than having to deal with it if something goes wrong, and one of the best plans includes a strategy for multiple streams of income.

Now imagine that you have a dual income stream that assists you to not only meet all of your current financial commitments, but also to help you build your wealth to meet your future needs as a family. How would you see the mountain now if the unfortunate occurred and you had to face it?

Having only one income stream plus child support or a government pension is one of the top three things single mothers are most worried about, but you can change this by starting an action plan now. There are three ways you can increase your wealth and they are:

1. Spend less

2. Earn more

3. Do both 1 & 2.

While I appreciate each person’s situation will be different, and in these tough times is can be hard saving more, however I suggest that earning more is in everyone’s grasp if you look to create a second or third income stream through investing in shares, property or even an online business.

In fact most people are surprised at what they can do, with the toughest part being making the decision to start. So I would like to show you how to get started. Jot down answers to the following questions, and add any other items relevant to you:

1.      Detail your current income and expenses?

2.      Breakdown which expenses are essential and which are not

3.      How much money/income would you like? 

4.      Work out the gap between what you want your income to be and what you have

5.      Put any savings towards reducing bad debt, and fund investment. If you have no savings reduce non-essential expenses to free up savings.

Whilst I am biased, the internet has opened up a new world for women, and more importantly, it gives us the ability to stay at home with the kids and generate income through trading shares to create cash flow, either full or part time. This gives us security, control and more importantly financial independence no matter what happens.

Janine Cox is the Senior Analyst at Wealth Within, a private investment company specialising in managing direct share portfolios through their Individual Managed Account Service. The company is also a government accredited specialist share market educator, where Janine is one of only two lead trainers educating people how to invest and trade the share market. 

Janine can be contacted at or you can visit the website

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