How I’m preparing to be a stay at home mum

I am officially 31 weeks pregnant and starting to get very excited for the birth of my little girl.

Over the last 6 months, I have been preparing everything from her nursery to my hospital bag but probably the most important aspect to preparing for was my financial future with her.

Here’s how I’m preparing to be a stay at home mum:

I have been very lucky and worked two jobs over the last three years as I own my small business and work at Wealth Enhancers part time.

Although I am unsure of how long it will be before I work with Wealth Enhancers again, I know that I will be returning to my business as soon as two months after her birth.

I set up this business as I had planned on being a stay at home mum far before she was conceived.

I have always wanted to be an independent person and, coming from a family of a single parent where my mum raised three kids on her own, I knew that I needed to have that security from an early age. My mum is the most amazing woman and has inspired me to be the person I am today.

Having set up the business three years ago has allowed for me to have a stable income and know that I will always have something to fall back on.

I know that all mums have their own plans before they have children but things happen and plans don’t always work out how you hope; especially when it comes to kids.

I know that two months isn’t a long time and it might not be enough for some. But I know that my business is only on weekends and it allows for that flexibility.

I am lucky enough to have a husband who cannot wait to spend some time with her on the weekends bonding while I work.

My best piece of advice is to at least think about how your finances will be while you have some time off.

If you don’t intend on taking any time off, having some savings is still essential just in case the unexpected happens.

Maybe you’ll realise that being a stay at home mum is everything you’ve ever dreamed of and is in fact not boring at all!

We are lucky to enough to have Centrelink offer us 18 weeks worth of maternity pay and, although minimal, it might just be enough for you to live on.

Keep in mind that because your baby comes along your mortgage/rent, phone bill, water and gas bills won’t go away.

Sit down and think about how much money you will need each month including your own personal spending as coffees with friends add up while you’re on leave.

If you can at least work out your basic living costs and bills that must be paid, you can actually save for that amount and it will give you an indication of my much time you can afford to have off.

Once your baby is here I’m sure the last thing on your mind will be money but you don’t want it becoming something you have to worry about as your child will be the one that needs all your attention!

Article by Aimmey Huynh

Need some help working out your finances now that baby is on the way? To chat with one of the WE Financial Coaches, book in a time for a Free Strategy Session.

 


Disclaimer: Information contained within this article is of a general nature. Do not be rely upon it when making financial decisions. Please consult a professional financial advisor or planner (like us!) before acting.