DAD.info
Forum - Ask questions. Get answers.
DAD.info | Family | Money | Your money | Facing redundancy with a three month old son

Facing redundancy with a three month old son

A true story of facing redundancy and financial insecurity with a young baby in the family

As a father of an adored two year old boy, I am acutely aware of my financial obligations as a Dad to provide for my family. My son arrived five years after the decision to start a family and is therefore very much loved.

With my son three months old, my employment was ‘considered’ for redundancy. After a painful “business as usual” three month consultation period, my role ended. My wife and I had always agreed that she wouldn’t work should we have children. Being the career and success driven one I think I thrive on the responsibility to provide and succeed. However, until recently I’ve never been relaxed about money due to family financial limitations as a child which created a scarcity, and hence stressful mentality that I’ve now overcome.

Many will be able to empathise with the situation that followed. At every turn there was a reason why I wasn’t suitable for a job, ‘you don’t know our industry or company’ being a favourite. ‘Would I consider a lesser job to prove myself first?’ So much for gaining experience and qualifications!

I turned to self-employment after 20 years working for other’s profit margins. That was October 2006.

Family finances are now better managed than ever before, if not in the black -that will come through a sheer determination to provide a financially stable environment for my son and to succeed in business. My ambition is to provide financial support as he makes his way in the world, starting with the small sustainable monthly contributions to his child trust fund – making the most of cumulative interest until he is 18.

If I was employed at my last salary, we’d be in financial difficulty meeting just basic living expenses and bills, with a salary that was ABOVE the national average, and compared to most, a relatively small mortgage.

Having been with my wife for 19 years it really is the strength of our relationship and trust in each other that has pulled us through this period. We’ve made the most of the learning curve of never having money even when both employed, and are now more focused and disciplined about our financial objectives and responsibilities. I’m aware that others aren’t so fortunate.

Related entries

How to financially survive the end of furlough

How to financially survive the end of furlough

The UK furlough scheme will come to an end this week on 30th September. Since March 2020, 11.6 million UK workers have been furloughed by their employers as a result of the Covid pandemic. The UK government has been paying up to 80% of their wages in order to keep...

How to Create a Household Budget

How to Create a Household Budget

Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery. --Charles Dickens Money. It's not a fun subject, but a necessary one. Sorting your finances gives...

Latest entries

Life after divorce: legal tips for men

Life after divorce: legal tips for men

A divorce is one of the most life-changing events most people will experience, and isaccompanied by a lot of emotional, financial, domestic and legal considerations. Thinkingabout life after divorce may be exciting, or daunting, or a combination of both, but it is...

De-escalation: how to calm kids down before they explode!

De-escalation: how to calm kids down before they explode!

Did you think that tantrums and explosions would be left in toddlerhood? Sadly, they're not. While older kids and teens are less likely to throw themselves to the floor because you didn't buy them a lolly, they can still be just ask explosive. In a bid to quell those...

Pin It on Pinterest