Friday, 12 June 2015

My Finances As A Mum

Three years ago I was working full time in a job that I enjoyed in social care and I earned a fairly good wage and had a lot of disposable income each month. I would always go on shopping trips on payday with my oldest daughter for new clothes and toys, we would eat out at least twice a week and we had weekends away and lots of days out. I never really thought about saving or planning for my future as I just presumed that I would always have a steady income. 

Fast forward three years and things are very different. I have had two lots of maternity leave back to back and have actually not been to work in just over two years now, and as any new mum will tell you maternity pay is really rubbish and is way less than half of my normal wages. I am now on the unpaid part of maternity leave which means that I have no income at all coming in. I am not planning on returning to work any time soon as I am planning on being a stay at home mum for the next year or two whilst my children are so young, as nursery fees would cost more then I would earn.

Image by Ambro from Free digital photos


I admit that I am finding it really hard adjusting to not having my own income any more and having to rely on the other half for money is not something that I like. I was a single full time working mum before I met him and I am used to always having my own money and being able to buy whatever I like, to now not have any income or savings of my own is hard. 

Looking back I wish that I had been better with my finances when I was working. I wish I had saved and made provisions for maternity leave and becoming a stay at home mum. Us women have never had it better in terms of equality but we do end up in different financial situations to men for the simple fact that it is often the woman who takes the bulk of maternity leave and suffer a drop in earnings. Then it is normally the woman who either reduces her hours at work or leaves her job to look after the children, as is the case with myself. 

So I was interested to read about an article from Legal and General about the value of mum, an article which found out that all of those tasks us mums do such as childcare, cleaning, cooking, shopping etc all add up to a huge £31,627 a year, which is more then I use to earn in my old job. The article also mentioned life insurance and how many of us parents do not have any when it could greatly benefit are families having some if the worst was to happen to us. 

As you may know, I lost my own mam in a tragic accident when she was only 44 and I was 21, one minute she was here and fit and healthy and the next she was gone. Ever since I have lost my mam I have realised just how precious life is and to never take anything for granted as you never know what could happen. I was lucky that my mum left myself and my brother a large sum of money each in savings, I hope that I can do the same for my own children someday if the worst was to happen to me. So I think it is time to look at my own finances and start planning for the future as you never know what life has in store and it is best to be prepared. 

* Disclosure: This is a collaborative post. 
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