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FRIDAY Five: 5 Financial Tips for Mothers and Mums to be

Each week in our Friday Five, we provide five quick tips about a different topic of interest. Interested in seeing a particular subject discussed? Send an email with your FAQ to

This does not constitute advice and advice should be sought in all instances before acting on it.

Women may have come a long way in the fight for gender equality, but there is still more work to be done, especially in the workplace. The oft-quoted fact about women earning 80% of what their fellow male co-workers do is not the only hurdle to jump. Women can expect to earn less in their lifetime overall, especially those that choose to take a break from their career to focus on having and raising children. With that in mind, females do certainly face different financial challenges than men and should plan accordingly.

Here are five things every women, especially if they are, or are planning on being, a mum at some point in their life, should learn.

1. Have money in the bank

It’s always a good idea to have an emergency reserve saved up. Experts agree anywhere from three to six month’s worth of expenses (and always overestimate) should be enough to cover the cost of living should anything happen to the primary earner in the household.

2. Get insured

Even if both spouses are earning money, it’s worth looking into the various insurance and cover schemes (such as Critical Illness cover or Income Protection) that could help your family get through any tough times.

3. Have your fingers in many pots

It’s perfectly fine to take care of one aspect of your family’s finances – whether that’s the day-to-day management, like paying bills, or the big picture thinking, about retirement and investments. But just because you specialise in one or the other, it doesn’t mean you shouldn’t have working knowledge of every aspect of your financial situation.

4. Get savvy

If you’re the details specialist in your family – balancing the cheque book and managing everyone’s schedules – not only should you make it a point to learn about the bigger picture stuff, you should actively engage with your own funds. Make sure you’re utilising your personal savings allowances each year and investigate other ways for you to save and learn more about investing.

5. Stay sharp

If you do plan on taking a break from your career to start a family, consider keeping a foot in the door if you can. Working part-time or as a freelancer or contractor will help you keep your skills and knowledge of your field fresh and up to date. Not only will it help your chances upon re-entry into the workforce, it may keep your name and face fresh in the mind of potential employers.

Plan for your future

Not sure how to work a break in your career into a solid financial plan? Get in touch with us today for help planning out your financial future.

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