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Squeezing the most out of your Financial Future: A Budgeting Guide for Working Mothers

Working mums are superheroes, juggling the demands of work, family, and personal life like nobody's business. While it's a rewarding journey, it's got a huge number of bumps along the way, a robust financial plan will make those bumps seem a lot smoother. This doesn't mean you need to be a financial whiz or converse like an accountant. It's just about having a clear understanding of your financial goals and a roadmap to help get you there.

Imagine Your Best-Case Future: An achievable 5-Year Plan

Think about what your dream life looks like as a working mum. What kind of activities do you want your kids involved in? What type of school best suits them and your budget? Do you dream of traveling the world with your family? Or maybe you just want to have nights out with your partner?

No matter what your aspirations are, it's important to put them down on paper. This will help you visualise the financial landscape you're aiming for. And it's a lot easier to budget for a dream than for a vague notion of what you want in the future.

Squeeze Your Income potential and slice those Expenses

Now it's time to get down to practicalities – tracking your income and expenses. This might sound like a boring task, but it's crucial for understanding your financial situation.


  • Family’s regular income

  • Any bonuses, commissions, or other income streams

  • Unexpected income opportunities, like overtime or one-off earnings


  • Fixed expenses: Housing, utilities, groceries, transportation, and childcare

  • Variable expenses: Dining out, entertainment, clothing, and personal care

  • Debt payments: Credit cards, student loans, car loans

Mind the Gap

Once you have a clear picture of your income and expenses, you can compare it to your best-case scenario aspirations. This will help you identify any areas where your current financial situation might be holding you back from achieving your goals.

Can we squeeze some more?

If you're facing a gap between your aspirations and your current income, are there creative ways you can bridge the gap? There are plenty of ways to increase your earnings or reduce your expenses. Remember it’s always easier to cut expenses than it is to increase income. 

Increase Income: We will cover this in more depth in a follow-up article but here are a few options.

  • The easiest and quickest way to add income is to ask for a raise. First off, why not use a helpful salary guide like THIS to see if you are getting paid what you are worth.

  • We love freelancers and people with side hustles at Lemons and these can be worth exploring if you have a skill or a knack for something other people will pay for.

Reduce Expenses:

  • Negotiate better deals with your service providers, like utilities, internet, or mobile phone plans

  • Embrace frugal habits, like cooking more meals at home, using public transport, and finding free or low-cost entertainment options

  • Explore flexible work arrangements, such as remote work or co-working spaces, to save on commuting costs.

Saving and Investing for Future Lemons

Don't forget to set aside money for the future! Saving and investing are essential for achieving long-term goals like retirement, education, and homeownership.

Emergency Fund:

  • Aim to save enough to cover at least three to six months of living expenses

  • This will provide a safety net in case of unexpected emergencies like job loss

Retirement Savings:

  • At this point, we are assuming you have the opportunity to contribute to pension & retirement accounts.  

  • These accounts offer tax benefits and can help you accumulate significant savings for your golden years.

Educational Expenses:

  • If you plan to send your children to university consider opening a separate savings plan

  • It may be possible to grow this tax-deferred and can help you save for university expenses over time

Review and Adapt:

Your financial situation is constantly changing, so it's important to review and update your budget regularly. This will ensure that your plan remains flexible and adaptable to life's curveballs.

Remember: You're a Lemon-Squeezing Superhero

With a well-structured budget and a clear understanding of your financial goals, you can navigate the challenges of being a working mum and achieve financial stability and fulfilment. Remember, planning and preparation are the cornerstones of achieving your financial aspirations. So, go ahead, lemon-squeeze your way to financial success!


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