|After beginning my career in financial planning, I switched to become a financial services marketer in my late-20s. My career had meant just about everything to me up until my mid-30s. But around that time I felt a switch, having met my wonderful partner, and my focus gradually shifted away from career towards building a family.
I thought I had it all worked out. Like so many working mums-to-be, I would fall pregnant, work until a month before my due date, take a year off to spend time with my baby and then return to work on a part-time basis with the support of my employer and loving partner.
But this was not to be.
I will never forget the day I received the redundancy news. My immediate reaction was shock followed closely by hurt … and then the terror kicked in. Could we survive on one income alone? Would I have to return to work as soon as our baby was born? Would we need to give up the home we so loved?
While I had never been extravagant with my money, I also didn’t think twice about dropping cash on things like taxis, food and new clothes.
The redundancy forced me to take a good hard look at myself. I realised that despite my financial literacy, I had not been actively taking control of my own financial destiny. So I decided to take rein of the situation.
|I worked out our basic cost of living which, to my surprise, was much lower than I had expected. I identified significant savings in our day-to-day living expenses. I made sure our superannuation, insurances and estate plans were in place, and I worked out ways to make sure the savings we had would last as long as possible, to prolong the amount of time I could be at home with my new daughter. All things I should have done sooner, but regrettably hadn’t.
As it turned out, by making better choices and by being more organised it was still possible to maintain a decent lifestyle. We would also be prepared in case anything else untoward should come our way.
Of course I will have to return to work at some point, but for now I feel safe knowing I can afford some time off to raise my little girl.
Perhaps best of all, I realise that I have been presented with a wonderful opportunity. An opportunity to prioritise what is really important, to combine my passions of writing and finance, and to remind myself never, ever to take things for granted.
This is why I became The Money Honey. I hope that by sharing my experience I can inspire and motivate all kinds of women to empower themselves financially too.
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