Financial security as a SAHP

[cookiesaurus]

I'm currently a SAHM (but work 1 day per week mainly WFH) with an 18 month old and another baby due in September. I will most likely stop working when the baby is born as we have no family living nearby so rely entirely on nursery for childcare.

I'm aware that by being a SAHP I'm relying heavily on my husband for financial security and that whilst it is all good at the moment, it might not always be this way. Once the children are older, I plan on returning to work (teacher).

I'm trying to get myself into the best financial situation but I'm not really sure where to start?

Any tips on how to achieve the best financial position / security as a SAHP?

TIA

Just keep working? As a teacher though I guess you are in a fairly secure position, being able to find another job. As a SAHP for most of the last 10 years not staying in work is my biggest regret.

Study or keep volunteering or online teaching. You are married you arent financially vulnerable in MN world as thats for cohabiting partners.

Calculate how much you’ll lose from your pension pot and whether you can make that up by voluntary contributions?

Why not get your DH to drop one day a week to cover you continuing in your career one day a week?

Have your own pension pot into which you pay. Maintain your own savings account and, if affordable, consider developing your own investments on the side e.g. through a stocks and shares ISA.

Or, best of all, keep working that one day a week - even that leaves you in a much better position than being completely out of work for years. As a teacher, you could also parlay your skills into other areas - tutoring, developing and selling educational resources, etc.

Continue paying into your pension while you are out of work. If you have the capacity manage your own investments or start a business or use the opportunity to gain further qualifications so that you’re in a better position when you return to work without a large gap on your CV (obviously this isn’t for everyone but if you have the energy and the support it’s something you could try to improve your situation).

Thank you all.

I initially returned to work when my baby was 6 months but it just wasn't feasible as trying to juggle nursery drop off and pick up, alongside the additional work I was having to do at home (I only teach A Level students) meant that I felt really under pressure and stressed.

My husband works really long hours for an international company so travels quite a lot and often isn't home until 9pm - he does a lot around the house but drop off and pick up isn't one of those things. We discussed this before we had a baby and I knew what I was getting into.

I think I'm going to look into a stocks and shares ISA as that looks like a secure way of saving for the future.

As I'm having another baby, once resign from my current part-time role, I'm definitely not going back to teaching until the children are a bit older as nursery fees will eclipse my income as with one child I currently have about 150/month spare from income after nursery fees. It's just not worth the hassle - i could find something more local and with shorter hours though! My head is keen to keep hold of me and has said that he would like to know when I'm returning to work so I'm confident of getting another position in a few years - recruitment in teaching is hard and it's often better the devil you know, but that works both ways and I do love working at my school.

I've done a little tutoring this year so that's definitely something I can grow.

Thanks for the input 👍🏻

Surely you should have thought this through before having another baby so close together😂