Career breaks, part time work and kids: The financial reality many mums face

Raising kids is expensive. Here are 5 smart money tips every Aussie mum should know.

By Trudy Jenkins, Financial Planner, NGS Super

Motherhood changes everything – your body, your priorities, your relationship to sleep (what sleep?).

And somewhere between the school runs and late-night laundry loads, your financial future can quietly slide to the bottom of the list.

You’re not alone. Maternity leave, career breaks, part-time work and the cost of raising kids can all have a long-term impact – especially on your super.

But there are ways to protect your independence and build a stronger future without needing to become a finance expert.

Here are five small but powerful money moves every mum deserves to know, according to financial planner and fellow mum, Trudy Jenkins from NGS Super.

Smart money tips to future-proof your finances

1. Yes, the motherhood penalty is real – but you can plan around it

Time away from paid work. Reduced hours. Less super. It adds up. While super balances often reflect the unequal distribution of paid work and caregiving responsibilities, the broader gap in financial security is even more striking.

Despite progress, Australian women still earn less than men on average, with the gender pay gap continuing to impact long term financial security. Lower lifetime earnings, time spent out of the workforce raising children and a greater share of unpaid care work can all make it harder for women to build wealth and grow their retirement savings.

The good news is there are steps being taken to help close the gap. For children born or adopted from 1 July 2025, eligible parents now receive a superannuation contribution on government funded Paid Parental Leave, helping reduce the long term impact that career breaks can have on retirement savings.

Additionally, you can consider taking advantage of strategies like super splitting which allows your partner to transfer a portion of their super contributions into your account.

This can be particularly helpful during time off or part-time years. It doesn’t cost anything extra, but it can help keep your super balance growing while you focus on your family.

2. Track the real cost of raising kids – it’s not just nappies and sport fees

Raising a child isn’t cheap. Recent estimates suggest Australian families spend around $26,000 a year per child on the costs of raising them, which works out to roughly $2,200 a month. And for families paying childcare fees, private school fees or multiple extracurricular activities, the real cost can be significantly higher.

These costs can accumulate quickly, especially if you’re not actively tracking them. Budgeting apps can help, but even a good old-fashioned spreadsheet can shine a light on the habits (and hidden costs) that chip away at your savings.

Consider separating out accounts for long-term goals like holidays, education or emergencies, versus short-term goals, so you can see clearly what’s really spared to spend.

3. Share the mental load of money

You know the drill. The school lunches. The permission slips. The bills, direct debits and random expenses no one else even thinks about. But financial admin isn’t just invisible work – it’s emotional labour.

If you’re in a relationship, make sure you both know the logins, the plans and the goals. It’s not just practical – it’s protective.

4. Protect your financial independence – no matter your relationship status

Being a mum doesn’t mean giving up your financial autonomy. Know where your money is and how to access it. And if you feel like you’re in the dark? Ask. There’s no shame in learning – only strength.

5. Think beyond the now – even if it’s hard

When you’re juggling work, kids and life admin, it’s fair to say that retirement can feel… distant. But future-you is counting on today-you to at least check in. Log in to your super account. Set a yearly reminder to review it.

And if your fund offers access to financial advisors (like Trudy), book in a session. It could be the most empowering hour you spend all year. Final thought? Looking after everyone else is what you do. But your own future matters too.

Let this be the year you back yourself – not just as a mum, but as a woman with a future worth investing in.

Trudy Jenkins is an Authorised Representative #1234906 [Guideway Financial Service Pty Ltd AFSL #420367]. Any advice contained in this article is general in nature and does not consider your financial situation, needs or objectives. Prior to acting on any information contained in this article, you need to take into account your own financial circumstance and consider whether it is appropriate for you