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 Sabine is speaking.
Everyone is different, and so are mothers! Therefore, our regular column Koters & Expenses features all kinds of moms. Mothers with adolescent children, mothers earning a ton a year, mothers working part-time, you name it. So, stay tuned! Want to participate (anonymously) too? If so, please email evie@thisiselfin.com subject to Koters & Costs.
Hi Sabine!!! Who are you and what do you do?
‘I am Sabine Samsom, 39 years old and I live with my boyfriend Wim, son Kai (10) and daughter Amy (6) in Ouderkerk aan de Amstel. I am a financial blogger and coach at
Financequeen.co.uk
. Previously I worked as a financial advisor at ING, but so now I am my own boss. This means that not only do I have varying working hours, but I also earn less. But that’s okay, I invest everything to grow my business. Fortunately, my friend and I rent out a number of properties, from which we derive passive income. That leaves us with 4,000 thousand euros a month.
Where does your money go?
‘To vacations and outings like eating out, going to the theater. And to the children, of course. I’m glad the nursery time is over, it makes a huge difference. Anyway, now there are other costs. They exercise and want new clothes. And Kai, my son, is now taking a typing course. But they really don’t get everything they want, I try to be very conscious about that.
How do you address that?
‘They get pocket money and they can do whatever they want with that. And during our last vacation, they were given “ice cream money,” so they could decide when to take an ice cream and whether it was an expensive or cheap one. That was not only very good for their sense of control over money, it also gave us peace of mind. Because they no longer asked ten times a day if they could have ice cream, haha.’
And when they grow up later?
‘I don’t yet have a clear idea of how I want to support my children financially later. I do invest for my children. I find that more future-proof than saving. By then I’ll determine how to give that money to them. I let that depend in part on their character, choice of studies, study costs and our own financial situation. Every child is different, so every child will also handle money differently. At least when they study later, I am not going to finance four years of partying and rash spending. I expect them to get a side job and watch their spending. Part of the student debt I am willing to take on then.
What is your financial tip for mothers (to-be)?
‘Go invest instead of saving for your child, like I do. Especially if they are still very small, then you really have a long time to build a good asset. And buy second-hand as much as possible. During babyhood, they grow out of their clothes before you know it, in which case second-hand is a much more budget-friendly option. And many clothes have never even been worn.’
