It has been almost 6 months since I started my “career break” to focus on being mum again. This time my children are 11 and 7 so at least there are no nappies to change and I am getting a full night’s sleep. This decision was not easy, in fact it probably was one of the hardest decisions I had to make in a long time. I am sure a lot of my peers thought I was insane to make such a decision with the everything that was going in economically around us. My career was pretty much a huge part of my identity. I was “the” banker and my kids and husband would proudly tell everyone how mum/my wife is a banker. But much as I enjoyed my job, I realised (which if you are a serial reflector like myself) that my time on earth is finite. I know, I know a very sad thought but the good thing about realising this is that you make decisions accordingly to try and minimise those later regrets. So I took the plunge and gave up my high heels, slacks and blouses and swapped them for sneakers and active wear (which is code for comfortable mom clothes around the house everyday). A lot of preparation went into getting ready for the career break to a point where I was comfortable with stepping away from life as I knew it.
With inflation, high interest rates and everything else going on, the idea of taking a career break to spend more time with family seemed like a distant dream and I can understand why. There are mortgages to pay, household expenses and everything else that comes with adulting. However, for many, it’s a transformative decision that requires careful planning, financial discipline and a shift in priorities. In this blog post, I will share my personal journey of how saving, spending less and prioritising experiences over material things enabled me to take a 12 month unpaid career break to savour precious moment with my family.
Embracing financial discipline
The first step in achieving this dream was to embrace financial discipline. I diligently tracked my expenses, cut back on non-essential purchases and set a clear savings goal for my career break. By creating a detailed budget and sticking to it, I was able to contribute consistently to my career break fund. This required saying no to impulse buys and evaluating every purchase in light of my long term goal. That meant saying no that that really cute pair of high heels which I will most likely never wear because they are uncomfortable but I might have that one occasion that I might wear them to. It wasn’t always easy but the vision of being able to create meaning memories with my family kept me focused.
Shifting Priorities: Experiences over things
As my commitment to saving strengthened, so did my perspective on the value of experiences versus material possessions. I began to prioritize activities and experiences that enriched my life and created lasting memories over accumulating more “stuff”. Instead of shopping for items I didn’t truly need, I invested in family outings, travel, and quality time with loved ones. This shift in priorities not only brought immense joy and fulfillment but also contributed to my fund. Ramit Sethi, in his Netflix Series “How to get rich” talks about defining your rich life. If you asked a lot of people why they want to be rich they will tell you the usual cliché, “to do what I want when I want”. If you dug deeper and asked what that meant though most people wouldn’t have a clue. What I wanted to do was to take my children to school in the morning and pick them up myself. Have an afternoon snack and go for a walk at 4pm. Clarity is the key here.
Learning the Art of Frugal living
The concept of spending less was integral to my journey. I adopted a frugal lifestyle without compromising on quality of life. This meant finding creative ways to cut costs, such as meal planning, utilizing rewards programs for travel and exploring affordable entertainment options. Netflix date night was one of my favourite things to do. My husband and I watched all 10 seasons of Friends again and we only just finished it last month. Now our new show is The Blacklist and we look forward to that bonding time. I also understand how funny the Dogman series is which is something my son and I have bonded over, and my daughter keeps challenging me with some amazing free brain test apps. By making intentional choices to spend less, I was able to redirect more resources towards preparing for my career break.
Investing in Family Time
Ultimately, the driving force behind my decision to take a career break was the desire to invest in precious family time. As the financial pieces fell into place, I wholeheartedly embraced the opportunity to prioritise family. I savoured the everyday moments like walking to school with my son, planned special activities and nurtured deeper connections with my loved ones. This period of togetherness became an invaluable investment in our relationships, creating enduring bonds and cherished memories that no material possession could ever replace.
Overcoming challenges and staying committed
The path to this goal was not without its challenges. There were moments of doubt and temptation to derail from my disciplined financial plan. However, I remained steadfast in my commitment, drawing strength from the vision of meaningful experiences that awaited us and seeing my bank balance grow. This process was in the works for about 12 months and by the time I got to the end, we were almost at the stage where we were living on one income. We realised we could survive on so much less which gave me the courage to put more into my savings. Over time, I became more resourceful, creative and appreciative of the journey itself knowing that the destination was well worth the sacrifice.
Celebration and Reflection
When the day finally arrived to embark on this new chapter, it was a moment of triumph and reflection. The months of financial discipline and embracing frugality had led to this transformative chapter in my life. The joy of being fully present with my family, of witnessing milestones and sharing laughter without the constraints of work obligations, was a testament to the power of intentional living and mindful choices. Looking back on the journey, I realised that the true wealth lay in the abundance of shared experiences, the depth of connections and the newfound perspective of what truly matters in life.
A New Chapter: Lessons Learned and Future outlook
In the last six months, I have managed to emerge with a renewed sense of purpose and a treasure trove of memories. The experiences, insights and lessons learnt during this period continue to guide my priorities and decisions. I have cultivated a deeper appreciation for the simple joys of life, the significance of quality time with loved ones and the enduring value of intentional living. Moving forward, I am committed to maintaining this mindset, finding the balance between work and family and cherishing every opportunity to create meaningful experiences.
This got me thinking, how do I pass this on to my children. How do I teach them to shift their perspective? How do you teach financial discipline? My dream is to share this wisdom as well as lessons I have learnt in my career and a banker to help the next generation realise their dreams through financial discipline, a shift in priorities, maybe even frugal living and deep commitment to family and community. Join me in this journey in the pursuit of a life well-lived.