Jayne Wildish a Senior Financial Planner and divorce specialist within our Private Client team shares some of her tips on how to manage your money if you need to take a career break during the menopause. Jayne is a passionate supporter of menopause networks and works with others in the industry to help women during this time.
Menopause is certainly a “hot topic” pun intended, and it seems wherever you look there is an article, comment, or product to guide you through.
But what about your finances? How can you manage the menopause and your money?
5.9 million women of menopausal and premenopausal age make up the UK workforce today, and it is estimated that almost 1 million have left their employment due to their symptoms.
Many of these women may have already taken some time out to care for their children but when they finally fly the nest and it’s time to think about the “glory days” and that dream retirement the menopause strikes. Oh, the irony!
There are over 34 recognised symptoms of menopause, and many women in the workplace who are going through it may struggle with a number of these at any one time. Who doesn’t fear being laughed at as they start to burn up (or in my case go cold)? What about sudden flooding? The impact on self-esteem? Or when the brain fog kicks in and you cannot remember the name of the person you are talking to, let alone what you should be talking about.
It is therefore no surprise that during this time in a woman’s life, she may want to take some time away from the workplace or step back altogether, but how will she cope financially?
Below we have set out some tips to help manage your finances during this time.
Plan – it’s important to make sure that, if you need to take a career break or step away from your role, you have enough funds to support you. Building a “what-if scenario” into your financial forecasting can help you identify how much you might need and allow you to start saving.
Review your expenses – it is important to review your expenses ahead of and during your time off to ensure you have enough to cover your costs. Cashflow planning will also help with this.
Ensure you have cash available if an emergency were to arise - as a rule of thumb you should have at least 3 months' income saved to help in an emergency. This allows you to pay off any unexpected expenses and reduces the risk of you having to use your long-term savings or assets.
Build a support network – when going through a difficult period, it is important to have a support network around you that you can trust. This includes your family and friends but also your business and financial advisers. Having someone that you can talk to and who will provide support clearly and concisely is invaluable.
How we can help
We understand that this is a challenging time for so many, if you do need support or advice, we are here to help.