[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]Fun, kids! When you become a mother, money is probably not the first thing on your mind. But those koters cost money, and a lot of it sometimes. How do you manage that? In Cots & Expenses, mothers therefore lay their finances open and bare. This time Lieke is speaking.
Hi Lieke!!! Who are you and what do you do?
‘I’m Lieke, 37, and I’m an entrepreneur, a college teacher and I have some paid side hustles. I am married and am the mother of a daughter of eight a son of six. I work five days a week but not on fixed hours. There are set times in the day when I am not working: that is during breakfast and when I take my children to school as well as during dinner. Furthermore, I am flexible on the day, so I am often home early in the afternoon and help out at school or play sports during the day. Both my husband and I work about 40 hours a week. That means planning well when it comes to the children: both of us do 50 percent. By the way, the children go to day care one day, and two days to their grandparents.
How much do you earn per month?
‘I earn between 3,000 and 4,000 euros net per month. Before becoming a mother, I was employed. Then I was also earning about 3,000 a month. Lately I’ve started earning more, but that doesn’t mean I’m spending more. I don’t want to fall prey to what is called lifestyle inflation, so instead I save and invest. For a distant journey and to eventually become FIRE.
Do you keep track of your finances?
‘Yes, I do that very meticulously. I have a cash book, a multi-year forecast, a FIRE file and an investment tracker. I love keeping track of everything and making insights and cross-sections. That way I can see at a glance what expenses I can and cannot do.
What do you spend on your children?
‘The biggest expense is clothing, I spend about 1,200 euros a year on that in total. Especially now that they are older: cool jeans are a lot more expensive than little rompers. And the cost of diapers and baby food has been replaced by sports activities. We have swimming lessons, dance lessons and they go to the sports club, especially with swimming lessons included that costs a total of about 1500 a year, and that’s not even counting the sportswear. They also both go to scouting, which amounts to 100 euros per year per child. And then there are birthdays, outings to the pool or theater, school trips…’
Before having children, what did you spend your money on?
‘Besides the standard expenses, especially on travel. So save up and then travel again.
What do you pay for your children, and what don’t you?
‘My husband and I pay for everything for them, except when they want to buy toys. Dan they have to sell old toys, use their pocket money or do a chore. The other day they really wanted a game console, we really made them save up for that. We made a countdown calendar, to give them a sense of value.
Do you save yourself?
‘Yes, we transfer an amount to our savings account for specific short-term goals and we have a buffer. The rest we invest or pay off our mortgage with. Before we had children, we had no savings. Then we started saving anyway, so we could buy all the things we needed and at the same time have something to fall back on, should things get tough financially.
Do you have a piggy bank for your children, for later?
‘Yes, we even have multiple constructions. We have a silver fleet account and an investment account for our children, which they get when they turn eighteen. With our job to help them spend that well, but also give them the opportunity to make their own decisions. There is also a deposit and investment account in our own name. To the latter we deposit money monthly for their studies and other expenses for in the future.
What kind of costs are they, for example?
‘We have several ideas, such as buying real estate that our children can live in, but nothing is concrete yet. We assume that we will have to contribute financially if our children ever want to buy a house. Whether we will pay for their studies entirely, I don’t know yet. Basically, we put aside enough money, but my parents used to pay part of it and I paid the rest myself, which did teach me how to handle money.’
What is your financial tip for mothers (to-be)?
‘How children later think about money is shaped early on. Therefore, talk openly about money with your children. And let them make their own choices about money, with a little guidance. We set up a certain system around their savings pot including an interest-on-interest idea. And a couple of times a year we dive in together, which is really a moment: we’re going to count the money and they divide it among their pots. This is how they learn to spend and save in a playful way. Money is not something to be secretive about.’
Participate?
Want to participate (anonymously) too? Then email to evie@thisiselfin.com o.v.v. Cots & Expenses.
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