Transform your career without breaking the bank

This week’s email is a long one, but a good one, I promise it will be worth your time to read it!  

 My week has been a slightly tricky one.  I've been back and forth to the GP now thrice (side note- what a brilliant word thrice is!) and nearly 2 weeks in I'm on an extended course of antibiotics.   I'm feeling rather sorry for myself but also have acceptance that I need to slow down and rest up until I'm feeling better.  I'm hoping to reinstate Friday TikTok lives from next week - all things going well! 

 Luckily, before I started to feel unwell, I had already written and scheduled my emails for this week's launch of my Career Change Financial Planner Spreadsheet.  Thank you to all of you that have already bought it.   I'd also already written this email- happy days! 

 Today's email is packed full of advice for those of you that are working mums, and are looking to plan a career change on a budget.   Having spoken to lots of my audience, I know that this is the number one thing that is holding you back.  So, this email has been written with you specifically in mind.  

 Financial planning for working mums can be difficult to navigate, and never more so than when you are thinking about a career change. Perhaps you’ve burnt out. Or, perhaps you need a career change to better fit your life as a parent. 

 For many working mums, the arrival of your kids often prompts a re-evaluation of priorities—including career goals. Whether it’s the desire for more flexibility, a less stressful role, or a complete shift into a new field, transitioning careers as a mum presents a unique set of financial challenges. Between the high cost of childcare, the motherhood penalty, and the need for more flexible working arrangements, it’s no wonder that financial planning for working mums feels like climbing a mountain in stilettos.

 You probably don’t feel that you have much money at the moment, so thinking about your financial future and your financial security will come with several mixed emotions. Financial stress and financial well-being have a huge impact on your burnout risk too.

 If you’re on a tight budget, but you want to change careers, then I’m here to help. Let’s start by breaking down the main financial hurdles working mums face when considering a career change.  You'll learn 9 practical and powerful tips to help you prepare for that transition without losing your mind (or your savings).

 DISCLAIMER: I’m not a financial advisor and this email does not constitute financial advice.  Please seek expert help if you need it. 

 Becoming a Phoenix, part 3 

 9 PRACTICAL STEPS FOR FINANCIAL PLANNING FOR WORKING MUMS PREPARING FOR A CAREER CHANGE ON A BUDGET (WITH COMMON OBJECTIONS, AND HOW TO OVERCOME THEM!)

1. Create a household budget

Objection: “I’m already drowning in bills! A budget isn’t going to magically give me more money!”  

How to overcome:  I get it—looking at your personal finances can feel like staring into the abyss. A budget isn’t about finding extra cash under the sofa cushions (though I wish it were!). It’s about knowing where your money is going so you can make better decisions. Think of it like Marie Kondo-ing your finances—declutter the unnecessary, and you’ll feel in control again. Start small, with just one week’s worth of expenses, and you’ll see where those invisible leaks are happening. Take a look at your monthly income and your monthly expenses, and go from there.

2. Build an emergency fund

Objection: “Emergency fund? I’m just trying to get through this week without dipping into my overdraft.”  

How to overcome:  You need a safety net, but I know saving feels impossible when the grocery bill alone looks like it’s paying for a small army (those of you who have boys hear me right!), and the amount on your credit cards is increasing. But, an emergency fund doesn’t have to start with £10k in the bank. Even £20 a month adds up. Automate the savings so you don’t even see it, and pretend that little bit of money is your ‘future-you treat fund.’ The peace of mind is priceless. You can achieve your long-term goals this way.  Go on—open a savings account today! It really is the best way to give yourself peace of mind as you navigate career changes (or other curve balls/unexpected expenses that life occasionally throws at you). Start by setting yourself the target of having a month of expenses in savings.

  *We currently use the Plum autosavers feature to save small amounts each month. This isn’t an ad but a genuine recommendation. It helped us to easily save for a very special birthday event recently. We were able to use the money to have a night away, have a fabulous dinner, and see a West End show without worrying about the cost as it was already paid for. We didn’t even notice the money going from the account.

 3. Plan for the cost of retraining or upskilling

Objection: “I can barely get through a day without a coffee, let alone think about taking a course!”  

How to overcome:  No one’s saying you need to jump into a full-on degree programme with a textbook in one hand and a baby bottle in the other. Start small. There are tons of affordable (even free!) online courses—check out platforms like Coursera or LinkedIn Learning. Or, perhaps you could even start with YouTube!  My husband learned to build via YouTube, and he ended up building our entire home extension without spending a penny on learning this new skill set. Start with something bite-sized, and it won’t feel overwhelming. Think of it as an investment in Future You, who will be so grateful for the added skills. You can get so much decent financial education online too. 

 4. Cut unnecessary expenses

 Objection: “Cut what?! I don’t even splurge on lattes anymore!”  

How to overcome:  I feel you, but even the most frugal among us have hidden expenses. Have you looked at your subscriptions recently? (*Cough* that gym membership you haven’t used since 2021 cough). Revisit every small automatic payment and ask yourself if you need it. It’s not about depriving yourself; it’s about spending on things that bring you joy and utility. This is a really helpful tip if you work full time but your financial health isn’t in the best of states—it’s an easy win to help you feel more in control of your outgoings.

5. Maximise childcare support or benefits

 Objection: “I’ve looked into it—there’s no help for me!”  

 How to overcome:  Government programmes are a maze, and it’s easy to miss things. Revisit your options—sometimes new subsidies pop up, or maybe you’ve missed out on tax-free childcare or benefits. Try speaking to a financial adviser or using a benefits calculator (in the UK, sites like Turn2Us can help). It doesn’t hurt to dig around a little more. You’d be surprised at what you might be eligible for. This is a great first step if you’re not sure where to get started on your journey to financial independence. By getting some additional support this will allow you some flexibility to look at your life goals and to shoot for a job that will eventually give you a much higher income.

 6. Start side hustling

Objection: “How am I supposed to start a side hustle when I barely have time to shower?”  

How to overcome:  Side hustling doesn’t have to mean working 40 more hours a week—working mums already don’t have much time on their hands. Think of it as a great way to build an additional “slow and steady” income. It can be something you’re already good at—selling preloved baby clothes online, freelance writing during nap time, or tutoring on weekends. It’s about finding something flexible that fits into your current life, not adding a ton more stress. Having a side hustle will generate additional income that will help ease any career break, or change.  Go and follow​Helena Di Biase​(and thank me later!). 

 7. Understand how your career change affects your long-term financial goals

Objection: “Retirement?! I’m more worried about making it to the end of the month!”  

How to overcome:  When you’re focused on changing careers, the last thing on your mind is your retirement plan. But here’s the thing: even if retirement feels like a distant worry, making sure you don’t lose track of long-term savings now will save you headaches later. If you’re switching to part-time work or going freelance, it’s important to know how your pension or retirement savings will be affected. Check with your current employer about what happens to your pension contributions if you leave or reduce hours, and consider setting up a personal pension plan if your new career won’t come with employer contributions.

 8. Talk to a financial advisor

Objection: “A financial advisor? That sounds expensive and way too fancy for me.”  

How to overcome:  Financial advisors/a certified financial planner aren’t just for millionaires. There are affordable options, and some workplaces even offer free consultations. Many advisers work on an hourly rate or offer free first-time sessions, and they can save you more money in the long run than they cost upfront. Plus, they’ll help you see the bigger picture without the stress of doing it all yourself. In the UK, financial advisers are regulated, so you can rest easy knowing this. They can help you with some of the more intimidating financial things that you’ve been putting off—like getting life insurance, maximising your interest rates, and thinking about retirement accounts. They’re great to help you feel that you have a really solid financial plan.

 9. Allow yourself a little self-care (it doesn’t have to cost anything!)

Objection: “Yeah, but I have no time or money for self-care. I can barely fit in a nap!”  

 How to overcome:  Self-care doesn’t have to be a spa day (we can dream though, right?), or something where you need to spend a lot of money—money that could be used instead to prepare for a career change. Self-care can be as simple as sitting in the car for 10 extra minutes before the school run to breathe or read a chapter of a book. It might be arranging to meet a friend for a walk at the weekend. Being kind to yourself is about small, manageable moments. Taking care of your mental well-being as you prepare for a career change in a way that is financially sustainable will help ease the stress of this period.

I really hope that this has been helpful for any of you that are considering a career change right now.  You can work out whether you can afford a career change (or break) using my spreadsheet too- simply click here to find out more.  As always, feedback and comments are welcome- simply hit the "reply" button and your email will come direct to me.   

Take care, 

Claire