Redundancy, Pregnancy and Recession.
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Like many people in the recent financial climate I have found myself wondering just how I can make something of my money, how to secure my financial future. It is not my want to become filthy stinking rich, more to be comfortable and to be able to provide for my family and to retire without worrying about how we will pay the car off. It is frightening when you hear of the redundancies, the statistics, is it going to happen to me? Well, it did.
In 2009 I was made redundant, just around the same time I fell pregnant - wonderful timing. How on earth was the mortgage going to be paid, have you seen how much baby stuff costs? I could barely look after myself at that time never mind a baby and unfortunately I miscarried at 9 weeks. Did I worry so much that the little mixture of cells knew what was happening and let me off the hook? Of course we could have coped with only one income – couldn’t we? During my very short pregnancy I was interviewing at a Production Company in the West End for an Arts Administration job, I turned down the second interview because it was a maternity cover position, and I couldn't in all good conscience take the job knowing that I too would be taking maternity leave before the contracted period had ended. It was the worst two months of my life and I still had neither a job nor a baby to show for it.
I am now gainfully employed and I am delighted to be earning again. I work for a well-known west end musical and in a light week I only work 35 hours and am paid handsomely. The problem is that home life suffers, especially when you partner works during the day times and you become ships passing in the night. This leaves me feeling ungrateful as I am so lucky to have a job and I do enjoy it.
Unemployment figures fluctuate and are still high, there are still millions of people in dire straits, and so I know I am lucky. In 2010 we officially came out of the recession by 0.1% but what does that mean - is it the difference between buying Tesco's value and Tesco finest? More importantly what does it mean for those who aren’t employed – does the £62 per week job seekers benefit go a little further? I suspect not.
As the recession deepens there will be more casualties, family's will lose their homes, property prices continue to fall and savings and investments loose value left right and centre - how can you protect yourself?
Got a spare £100? What's the best thing to do with it?
This all brings me to my recent musings. I want to make something happen for me and my family, I want to work for myself and build something that is not only secure but that I am also proud of, and if at all possible I want to help others.
What if I had just £100? Where could I possibly invest it to make a reasonable return? That £100 over 20 years at the current average savings interest rates could be worth around £300 if you are lucky. How about a piece of art - too expensive - unless you are very canny and knowledgeable (and have watched hours and hours of the antiques road show and cash in the attic). Could an accidental find at a car boot sale be just the thing - but what are the odds of that happening? Could a broker miraculously turn it into a large sum? Premium bonds - more chance of being bitten by a tulip than a decent win on those. Lottery - might as well burn it, Poker - well there's a chance if you practice a lot!
It could be used to take a course, something that I can use to set up your own business, but I'm not sure that starting a business right now is a sensible idea. Something needs to change and I cant carry on working in theatre forever, I am already bored of working in the evenings. One thing that I wish I had done when I was out of work was offer to work for nothing to gain contacts and experience in the TV and Film industry, had I done that maybe I would be in a different place right now, but hindsight is a wonderful thing.
I think the best place to keep your money right now is under the mattress whilst interest rates are low. Lets hope the future gets brighter very very soon.
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