Q: The moment you find out you’re going to become a family is a wonderful one, but was it also a shock to the system financially?

A: Yes, totally! As soon as we got the news, I started casually talking about my maternity leave and how I would have a year off. Quite quickly, my partner made me see that a year on one income was not going to be realistic, if we kept living the life that we did.

So, we had to work out a way to make that work. Leading up to that moment (pregnancy), it had been my hope and expectation that it would happen, but we didn’t have a plan. I was frustrated with myself that I hadn’t thought more about it; I hadn’t changed anything or put anything in place to prepare us. I was also quite scared because I realised I had less than nine months to actually work something out before the baby was here.

Q: How did you go about doing that?

A: I started educating myself. Up until then, I’d been a bit of a female cliché, I’m embarrassed to say. I was very much dependent on my partner to direct everything – what interest rate we were earning on our bank account, how our car was financed, sorting out our tax returns…

It was silly because I’d watched someone close to me, who had been very dependent on the man in her life, go through a huge financial change and I’d seen how she struggled. I knew better, but I’d chosen not to do anything about it.

So, I started becoming better read, following blogs on finances and seeking out online platforms where I could read about my options and ways I could save.

Q: What sorts of things did you concentrate on?

A: It was all about small steps. I had seven months before the baby came; there was no time to do anything life-changing. I focused on finding out where I stood – I hadn’t read the maternity leave policy at my work, so that was a good start. And researching strategies and tips that could make a difference to our position. Then, it was a matter of looking at the money that we’d have coming in and seeing how long it could last.

I did lots of things I’d never done before, like shopping around on insurance policies and setting a budget. I looked out for the best petrol deals, switched to a cheaper shampoo, bought cleaning products on special and kicked the Uber Eats habit. There are so many everyday, incremental savings you can make and they really add up.

While I was on maternity leave, I began using a lot more cash, so I was aware of where our money was going. I created sub-accounts for things like coffees and date nights. When the money ran out, the activities did too and we got creative about finding free alternatives.

Q: Has becoming a budget ninja changed the way you view money, now you’re back at work?

A: Massively. When you’re busy working and you PayPass everything, it’s easy to lose track of what you’re spending. You can look at your salary each month and think, ‘that’s fantastic’, but then, come the last week of the month, it gets kind of scary.

I’m not like that anymore. The thrifty habits I learnt during those leaner times have stuck with me. I’ve become much more intelligent and strategic in the way I manage my finances and I’m confident in my ability to do so.

My relationship with my partner has also changed a lot with regards to how we talk about money, because we actually talk about it now! He used to manage everything, but now we sit down and discuss what’s important to us – things like whether we want to go on a holiday this year, or whether we should finance a new car or buy it outright. We both have opinions to contribute, we’re both responsible, and, if we set a budget, we both have to stick to it.

Q: Is there a lesson for other women in your journey?

A: I think it’s to not assume that everything will just work out. That’s the attitude I had when I was younger – that I would get the good job and earn good money and have a magical pot of savings to protect me, or that I’d meet a partner who would do it all for me. I’m lucky I do have a wonderful partner, but you can’t trust that any of those things will happen.

You should take pride in knowing what’s going on in your own financial world.

Further reading

• The crucial super moves you need to make today
• Could flexible working be the key to saving your super?
• Why compound interest is your financial superhero

Disclaimer: The information contained in this communication is general in nature and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for your personal circumstances prior to making any investment decision.