She Strengthens

Financial Awakening: How I Prepared for Maternity Leave

As a 25-year-old newlywed and expectant mother, I never thought I’d be worrying about my finances. But after losing my job and moving to an expensive city, I realized I needed to take control of my financial situation.

A Healthy Start

Growing up, my mother instilled in me four golden rules of money: need vs. want, saving, not keeping up with the Joneses, and financial independence. She also had access to my bank accounts until I got my first “real” job, which kept me in check. When I got married, I had saved enough for my half of the wedding costs and even had some leftover.

The Reality Check

Two months after my wedding, I lost my job, and we moved to Toronto, the second most expensive city in Canada. It took me five months to find a part-time job, which paid significantly less than my previous one. I had to dip into my savings and even ask my husband to temporarily pay a larger portion of our rent.

Finding Guidance

In a moment of crisis, I stumbled upon a personal finance book, which became my guide to navigating my financial struggles. I learned that my rainy day fund was good, I was taking advantage of my job’s pension plan, but I was spending too much on housing and had no idea where my variable spending went. I also realized I needed a side hustle.

Taking Action

To fix my financial woes, I started by keeping a money journal to track my daily expenses. This helped me create a budget I was confident in. I then reevaluated my must-haves, cutting back on unnecessary expenses like my transit pass and phone bill. I also started cooking at home, which saved me a significant amount of money and became a bonding experience with my husband.

Open Conversations

Talking to my husband about my financial struggles was tough, but it was necessary. We adjusted our budget, and he took over some of my expenses, which balanced my maternity leave budget. I also opened up to friends and family about my financial concerns, which led to deeper, more honest relationships.

Embracing the Future

As I prepare for the arrival of my baby, I’m confident that I have the tools to navigate any financial challenges that come my way. With the support of my loved ones and a newfound understanding of my finances, I’m ready to take on this new chapter of my life.