Planning for the Future When Life Doesn’t Go Quite to Plan

Collaborative post

There are times in life when you realise just how quickly things can change. Ten months ago, I probably wouldn’t have predicted quite how much uncertainty the following months would bring. What started as another year of work, family life and all the usual juggling that comes with being a working mum soon became a period of redundancy worries, job loss, job applications, interviews and plenty of conversations at home about what the future might look like. It’s funny how quickly the things you take for granted can suddenly feel much less certain.

For years, I’ve thought about planning for the future in terms of family holidays, home improvements, saving for things we want and making plans for the boys. But when your employment situation changes, your definition of planning for the future suddenly becomes a little more serious.

When job security suddenly doesn’t feel so secure

Losing your job, or even worrying that you might lose it, is about much more than the job itself. There’s the obvious financial side. Bills still need paying, the mortgage still needs covering and family life doesn’t stop simply because your employment situation has changed. But there’s also the emotional side. I’ve worked hard throughout my career and have always taken a lot of pride in what I do. So finding myself facing redundancy and then navigating the world of job applications and interviews has been a strange experience. There have been days when I’ve felt confident and optimistic about what might come next, and others when I’ve questioned absolutely everything.

And when you have a family, it’s difficult not to think about how your own uncertainty might affect everyone else. Thankfully, life has a funny way of reminding you that you’re more capable than you sometimes realise. I’ve kept going. I’ve applied for opportunities, had interviews, had conversations and tried to remind myself that a career setback doesn’t define my future. But it has made me think differently about how prepared we are for whatever comes next.

Planning for the future isn’t just about money

I’ve always believed in trying to plan ahead where possible. You can’t predict everything life will throw at you, but you can put things in place that may make the unexpected slightly easier to deal with. For us, that means looking at our household finances with fresh eyes. What do we actually need each month? Where could we save? Do we have enough of an emergency fund if something unexpected happens? Are there expenses we could reduce if we needed to? And, perhaps most importantly, what would happen if our circumstances changed again? It’s not necessarily about becoming obsessed with spreadsheets and budgets. Although, if you know me, you’ll know I do enjoy a good spreadsheet! It’s about having a better understanding of where you stand. The last ten months have made me appreciate that financial security isn’t something we should simply assume will always be there.

Thinking about the ‘what ifs’

Perhaps the biggest change in my thinking has been becoming more comfortable with considering the things I’d rather not think about. As parents, we spend so much time planning for our children. We think about their education, their next school year, clubs and hobbies, birthdays, holidays and eventually what happens when they leave home. We want to give them opportunities and make sure they’re looked after. But how often do we stop and think about what would happen if something happened to one of us? It’s not the cheeriest conversation to have over a cup of tea, but it is an important one.

Our family relies on both of us in different ways, whether that’s financially, practically or simply being there to keep everything ticking along. If one of us was no longer around, there would be enough emotional upheaval without having to worry about whether the family could remain financially secure too. That’s made me think more seriously about the different ways we can protect our family financially.

Could life insurance be part of your financial planning?

One thing worth considering as part of wider family financial planning is life insurance. Term life insurance can provide financial protection for a set period, with the policy paying out if the insured person dies during the term, subject to the policy’s terms and conditions. For me, it’s not about expecting something terrible to happen. It’s about acknowledging that life is unpredictable and considering what support my family might need if the worst were to happen.

Depending on the policy and level of cover chosen, life insurance could potentially help with financial commitments such as a mortgage, household bills or the everyday costs associated with raising children. Of course, everyone’s circumstances are different, and the right level and type of cover will depend on individual needs. It’s important to research your options carefully and understand exactly what a policy covers before making a decision. But having those conversations feels increasingly important to me.

The importance of an emergency fund

Another thing the last ten months has highlighted is the value of having some money put aside for emergencies. When your income suddenly changes, having savings available can provide a valuable buffer while you work out what comes next. It doesn’t have to be a huge amount overnight. For many families, building an emergency fund is something that happens gradually. Putting a little aside whenever you can may eventually create a pot that could help cover unexpected bills, household expenses or a period between jobs. It’s something I wish I’d always been more disciplined about. Because when everything is going well, it’s easy to think, we’ll be fine. And hopefully, you will be. But having a financial safety net can make a stressful situation feel slightly more manageable.

Reviewing our family finances

I think one of the most useful things we can do when planning for the future is simply to review what we already have. Do you know exactly what insurance policies you have? When did you last look at your pension? Do you know what your partner would be entitled to if something happened to you? Do you have savings available for an unexpected expense? Are your beneficiaries and important documents up to date? These aren’t necessarily conversations that make for the most exciting Friday night, but they are important. And you don’t have to tackle everything at once. Even making a list of the things you need to review can be a good starting point. For me, this period of uncertainty has been the nudge I needed to stop putting some of these things off.

Creating a little more certainty

The irony is that the last six months have taught me that you can never completely guarantee security. You can have a job you love and suddenly find yourself facing redundancy. You can have plans for the next five years and then discover that life has other ideas. You can think you know exactly where you’re heading and end up taking a completely different route. But perhaps planning for the future isn’t about trying to control everything. Perhaps it’s about making sensible preparations for the things we can control. That might mean building an emergency fund, reviewing your household budget, thinking about your pension, checking your existing insurance policies or considering whether term life insurance could offer another layer of financial protection. It might even mean having those slightly awkward conversations with your partner about what would happen financially if one of you couldn’t work or was no longer around. None of these things are particularly exciting. I’d much rather spend an evening planning our next BTCC trip away than discussing our financial contingency plans! But there is something reassuring about knowing you’ve thought about the possibilities.

Looking forward again

After a pretty turbulent half a year, I’m trying to look forward rather than constantly worrying about what could go wrong. There have been plenty of moments where I’ve felt knocked sideways, but there have also been reminders that change can open doors you didn’t know existed. I’m still figuring out exactly what the next chapter looks like. I’m still finding my feet professionally and working out what I want from the next stage of my career and our family life. But I do know that I want to be more intentional about planning for the future. Not because I expect everything to go wrong. Quite the opposite. I want to make plans because I’m hopeful that there are lots of good things still ahead of us. There will be holidays, birthdays, school milestones, home projects, weekends away, race weekends, dog walks and all the ordinary moments that make up mum life. And hopefully, many years from now, we’ll look back and realise that this difficult period was simply one chapter in a much bigger story.

I can’t predict what the next six months will bring. None of us can. But I can make sure we’re doing what we can today to protect the life we’ve built together and give ourselves a little more peace of mind about tomorrow. Because sometimes planning for the future isn’t about expecting the worst. It’s about making sure your family is protected while you get on with enjoying the best of it.