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.

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Guest Monday, 18 January 2021

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