How an SJP financial adviser can support you throughout motherhood

Everybody knows how hard mums work. Whether they’re taking care of their kids and loved ones, helping to run a household or juggling all of these responsibilities on top of their own career, there aren’t many moments where they have time to themselves. 

For many mothers, there simply isn’t enough time for them to meticulously plan and look after their financial futures. This lack of clarity and stability can cause extreme stress and anxiety on top of what is an already hectic schedule. 

Thankfully, this is where financial advice from the likes of  St. James’s Place (SJP) can really help busy mothers to navigate potential financial pitfalls at key stages throughout motherhood. SJP’s advisers, known as Partners, offer bespoke, one-to-one expertise and guidance to give their clients piece of mind that they are securing their futures. 

In this article, we’ll look at when financial advice could be especially valuable for mums, and the guidance SJP’s advisers can provide. 

Buying a home

Buying a property is a momentous and complicated process for anyone and with so many lenders offering so many products, the choices can be bewildering. This is where the expertise of an SJP Partner can become invaluable. 

An St. James’s Place adviser will help guide you through the complexity of today’s mortgage markets, making the process as straightforward as possible. Finding you not only the right kind of mortgage to suit your individual needs, but also one of the best rates from the most appropriate lender. 

As a result, you can rest easy knowing you have a mortgage you can afford, and begin to plan for family life. 

Financial transition into motherhood

Becoming a mum for the first time is a joyous and special occasion. It also brings a whole new wave of responsibilities, not least intense financial commitments practically overnight. From the expense of baby formula to new clothes and equipment, your income and savings can take quite a hit, and it is not always easy to know how to budget for these sudden long term expenses. 

An SJP adviser can help to take this stress away by creating a comprehensive financial plan that will take into account your current income, expenses and your future financial goals. 

This plan may involve budgeting and cash flow management, which will set a clear monthly budget for all expenses, help to identify potential savings and help ensure your income stretches far enough. Sticking within this budget will also enable more long-term financial goals such as saving for retirement to stay on track. 

Taking a career break

Many mums may want to take a career break while they raise their children. A highly rewarding period, this can have potentially large financial ramifications that an SJP adviser can help guide you through. 

For example, your income will likely decrease during this time. An SJP adviser can support you with reassessing your budgeting, as well as offering insight into any potential new revenue streams. If you have investments or savings you would like to take advantage of during this period, your advisor can offer guidance on the best way to utilise this. 

A gap in a career can also affect how much of a pension can be collected over a certain time. SJP advisers can provide information on how to accommodate for this in the future. 

Planning for their future

Mums always have to be a few steps ahead, and therefore its natural to want to be able to provide for your children in the future. 

Providing future security to your children can take many forms, and an SJP adviser will be able to guide you through the most appropriate options for your situation. 

Examples of future planning include: 

Education funds: Private schools and university degrees can be highly expensive forms of education, and often require a forward-thinking approach to securing the funds needed to pay for them. An SJP Partner will be able to advise on the most effective methods to help you save for your children’s education, such as investment opportunities and trust funds. 

Protection plans: You may find yourself wanting peace of mind should unforeseen circumstances such as death or serious injury occur. An SJP Partner will be able to walk you through the options and policies available to you, such as life insurance and health cover to ensure your family are looked after should something happen to you. Read more about how an SJP adviser can help with financial piece of mind here. 

Retirement planning: Planning for your retirement early is crucial to ensuring you can provide for yourself in later life, and an SJP adviser will provide expert guidance on how to save for and potentially grow your retirement fund. 

Leaving a legacy

All mothers want to ensure their family is looked after, even when they are no longer here. 

Legacy planning is key to ensuring your loved-ones have what they need when you’re not around, and involves creating a will, establishing trusts and managing your assets. An SJP adviser can help navigate this complex process, ensuring assets are structured correctly, tax liabilities are managed and your finances are in correct order when your family requires them. 

Conclusion

Being a mother is a complex job that is never finished. There are big, life altering decisions to be made throughout your life, and having the support of a financial expert who knows your history can help take the stress of managing your finances out of your life, so you can focus on yourself and your family. 

If you are interested in learning more about what a St. James’s Place adviser can do for you, visit https://www.sjp.co.uk/individuals/advice-and-products/financial-advice  

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