Motherhood & Money
This month I passed a few milestones, the biggest being my son’s first birthday. When your first child turns one, it’s amazing! You feel so proud to see them develop into a little person, walking, laughing, learning, and you feel so proud that you’ve managed to keep that tiny bod alive for a full 12 months! I have finally found my own inner balance between family, baby and self, so LIFE IS GOOD!
So, I hear you ask, what has this got to do with money? Life and money are intertwined. Money affects the emotional, the practical and the reality of life. And for women like us whose working/earning lives stop and start, for those of us who find ourselves depending on someone else, this can really impact our state of being.
When I look back on the past year, one of the greatest challenges of motherhood has been no longer earning my own money and having to depend on my husband. I found it pretty tough when, in the blink of an eye, I couldn’t pay my own way, when getting my waxing done or even having a cut and colour made me feel guilty!
Lucky for me I had savings put aside for my maternity period, and I managed, with the help of my husband, to keep them going after I stopped earning, but not everyone is in the same boat. Many women don’t really think about money until it’s gone, and once we’ve given up work and have the baby in our arms, it’s often too late.
A year has passed and I’m feeling pretty good – emotionally, professionally and, of course, financially. I’m back working and earning – although not at pre-parenthood capacity, admittedly. My husband and I work as a team and agree to work jointly to meet our saving goals. We make choices every day about being smart with our money. Naturally, we have ‘blow out’ months and we have to reign in our spending the next month. That’s normal. But we have a plan. I’m saving with regular monthly contributions and I have a lump sum bond for those extra bits and pieces that I can spare here and there. I have my own insurance in place and, now my son has turned one, I’m taking out insurance for him.
Many people say they will start saving when they can afford to. That is not the answer! You need to look at your lifestyle and address your savings today. I recently had an article published by The Conversation called ‘Who is afraid of the ‘F’ word’ which addresses my personal saving story and why financial freedom is important to me.
One question many women have asked me over again is this: What should I look for in a good financial planner?
The answer is simple. Look for a financial planner who has made money and can prove it. Would you go to an overweight personal trainer, or an unhealthy doctor? Of course not! If your financial planner cannot sit down with you and show you HIS… well don’t show him YOURS… he may be just a salesman, and that’s just not cool.
Whatever you do, start saving! Time is your best friend and remember when the kids are all grown up… it’s too late to ask where’s the money’s gone?
Janelle x
