Monday, 29 June 2015

Money Money Money!*


As women our financial motivations can often differ from men. For example, I don’t know too many men who have ‘shopping’ near the top of their priority list. And I would probably list it a couple lines down from food and rent!

When we throw family life and a child into the mix, financial difficulties can arise and we find ourselves making tough decisions about how to manage our money.

The world of maternity leave and pay is starting to shift as more options are being opened up for dad’s to take time off. In my family’s case though, it was me who took nine months off working. The maternity package at my old work was not much above the government’s statutory level and so I experienced a significant drop in my disposable income whilst I was on maternity leave.

I had to make some important financial decisions to make sure that we had enough money to cover all our outgoings each month. We had to cut out unnecessary luxuries which in my case meant Starbucks coffees, expensive beauty products and my little shopping sprees in online clothes shops. We had a clear budget that we tried to stick to, even though it was hard.

Now that I am in a new full time role and earning a full wage again, we are in a comfortable position. My husband and I each put a certain amount into our joint account to cover all our bills etc and then we keep the rest in our own accounts. This means I am able to save a little money aside for myself to buy Isla a little haul from Zara or to splash out on a £36 eye cream! I do still have a budget spreadsheet to make sure we are not overspending though.

These days, it can often be the woman who is the key earner in the household but interestingly a lot of women do not actually have any life insurance. I’m lucky enough to have life insurance through my work but it would probably still be a good idea to have it set up privately in the future. Even if you are a stay at home mum, you still have a significant monetary value and it is definitely worth your while looking into life insurance. You can read all about it here.

At the moment we are saving up towards a holiday and we are also trying to put a set amount aside every month so that we have enough for a house deposit and any future emergency situations. It’s always good to prepare for the future!

How do you keep your finances in check? Do you have a budget?


*This post is in collaboration with Legal & General

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