Can anyone recommend a book for financial security for SAHP or Carers?

[StarlightMcKenzee]

Hi all,

I'm trying to get myself into a better place financially. My 'job' is unpaid and I am completely dependent on my DH now and so will be in the future.

I have no pension and barely any NI credits.

How can I plan for the future, and an independently financial future if I choose?

Getting a job is not possible for a good few years as a)I cannot command an income that would cover the childcare costs of my kids and we are already stretched to afford the bills with accommodation costing 2/3 of our income and all kids sharing a bedroom, b)I am committed to home educated my child with SEN for the foreseeable future, possibly his whole school years due to spectacular failures of those charged with the job thus far.

My DH has asked me for the questions he should ask his pension company but I haven't a clue what they might be. It would also be helpful to have any other pointers about things to look out for/research/investigate.

Many tia.

If you need to be home in the day could you pick up evening or weekend work so you can bump up your NI contributions?

Without working, I don't see how you can be financially independent if that's your aim.

Try this website savvywoman.co.uk it is aimed at women.

Does your husband have life insurance? He might be covered through work, if not then worth getting some cover.

What we have done is look at all the possible bad outcomes we could encounter and try to insure against them. Mainly divorce, illness, incapacity and death for each of us.
Regarding NI, you might have more credits than you think. This link explains all the entitlements quite well.

Personally I am satisfied with financial security (although that doesn't mean maintaining our current lifestyle necessarily - just enough to get by) rather than financial independence.

In terms of your dh's pension - can he overpay to account for your lack of private pension. Or he could pay into a separate pension for you. How much do you get if he dies or becomes unable to work. Grim questions but it'll help you decide how much extra life insurance you need to buy.

Also, don't undervalue your own contribution. How much would your dh need to of to cover the care you provide if something happened to you.

Hi all,

Thank you so much for the replies and links. I guess I mean security rather than independence though I want to have enough money in my old age to live on and have choices (not cruise around the world or anything).

I can't get a job in the evenings or weekends as I already work an intensive full-time during the daytime, it is just unpaid. I go to bed when the children do (and always before my youngest) as I am simply exhausted and weekends is the only chance for housework and laundry and prepping meals for the week ahead as well as sharing the kids out so that all can go to whatever club/lesson they are committed to iyswim. The education requires full-on minute by minute supervision due to my child's needs.

My husband has a lump sum for death in service, however what I am worried about really is what happens after his death when we are both pensioner ages? Or if our circumstances change and we no longer want to live with each other.

I'm just trying to ensure that I will have enough to get by if I can no longer depend on him.