Is it Possible to be a Parent and Not Need to Work?
Being a parent comes with an unrelenting list of responsibilities–raising children, managing a household, perhaps juggling a job, all while attempting to carve out tiny pockets of personal time. The idea of financial independence, where you don’t need to work anymore for money, can seem like a distant dream. According to Lacey Filipich (author of Money School), this dream isn’t only attainable, but also something that parents should strive for.
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Even if your life is buried under nappies, grocery shopping, and school runs. You might not have known that financial independence was the lifeline you were looking for.
What is Financial Independence?
Financial independence is the ability to live without relying on a salary. You have enough money saved, invested, or earning passive income that you can live comfortably without having to punch a time clock. It’s important to be secure, not rich.
Lacey explains that “for most people, the conventional route is to work 40-50 years and save along the way. Then retire in their 60s, with a mixture of superannuation (or pension), and perhaps a paid-off house.” “But there’s an alternative.”
This alternative does not require a six-figure salary or an inheritance. This requires awareness, little changes, good habits, and time.
Why Does This Idea Feel so Radical, Especially For Parents
Lacey admits that financial independence may sound radical. She’s right. Many of us have never been taught to look beyond the cycle of earning and spending. We are told to save some money, work hard, and retire when our knees fail.
What if you were able to give yourself some breathing space financially before the traditional retirement age? If you wanted to spend more quality time with your children, you could quit working once they reach their teens. You could also work part-time when they are young, and not sacrifice your family’s future.
This is where financial freedom comes into play. Lacey says that while financial independence may seem impossible for families who are already struggling, it is worth striving for, even if the progress is slow.
It’s Never Too Late to Start
Lacey’s family is an inspiration. Her mother started working toward financial independence when she was 49 years old. She was a single mother for many years and didn’t have a leg up, but she got started. She was financially independent by her early 60s.
Lacey admits that there will be times when it is too difficult. There will be times you have no spare cash, and managing your money becomes a survival skill. That’s okay.
She says the key is to recognise when these tough seasons change, even a little. Your financial plan should be re-evaluated when your children start to earn pocket money, part-time wages, or when their daycare costs decrease as they start school.
Building Financial Literacy Early: For You, and Your Kids
Lacey was fortunate to have received financial education at an early age from her parents. She was taught to save half every dollar earned by her parents at the age of 10. This habit was so deeply ingrained that when she earned a full-time salary, she still operated with a “save half” mentality.
She jokes, “I’m cheap to run,” but what she means is that security comes before spending.
This mindset can be taught. You don’t have to be an expert in investing before you start discussing money with your children. Saving a small portion of your child’s pocket money and discussing spending decisions with the family can help to develop a financial consciousness that will last a lifetime.
The Emotional Pull Of Spending – And How To Fight It
Let’s face it: buying stuff feels good. There’s an unmistakable rush of happiness when you buy something new, whether it’s new clothes, toys, a meal out, or a gadget.
Lacey warns, however, that this “hi” can lead to financial ruin. She says that the key is to separate emotion from money and ignore this urge whenever possible.
Hide the money
She suggests that you keep your savings somewhere where you won’t be able to see them. “Set up automatic transfer. Hide your account. Do not connect your account to any card. “Then you can spend the remaining money.”
This simple trick will rewire your brain. You’re less likely than ever to spend your savings impulsively if they are hidden out of sight. You won’t notice what you can’t see.
Start Small so You Can Make a Big Difference
To achieve financial independence, you don’t need to immediately sell your car, buy stocks, or live off rice and beans. Start small. Start small.
Lacey says that if you can automate a transfer of $10 per week into a savings account, it is a good step. You’re creating a habit. You can increase your amount when you have more money.
Automate as much of your life as you can. You don’t need to worry about this if your salary is automatically split between multiple accounts – one for bills, another for expenses, and a third for savings – you can do it without thinking. When you are a parent, fewer decisions and mental stresses are always good.
Automating your finances not only supports your financial goals but also frees up the headspace that is often lacking during early parenting years.
Small Steps That Lead to Big Changes
When it comes to finances, it’s easy to think that you aren’t doing “enough”. The pressure to invest, pay down debt, build a property portfolio, or learn about shares can be overwhelming–especially when you’re also dealing with teething, tantrums, and school lunches.
Lacey insists: To get started, you don’t have to know everything.
She assures, “You can always learn more about investing in the future.” Focus on your habit first. You can choose to invest in property, stocks, bonds, or a high-interest savings account when you are ready.
What is your first and most crucial job? Create a buffer. A small emergency fund can give you some breathing space and security. This is especially true for parents. This money may not seem like much, but it is the beginning of something very powerful.
Your Financial Window When Your Children Leave the Nest
Lacey identifies a turning point for many parents in their financial lives: the time when children begin to become financially independent.
Your family’s budget changes when you start high school, get a part-time job, or move out. These shifts can be opportunities. You may have spent years trying to keep afloat. Now is the time to start saving, making investments, and long-term planning.
Lacey says that it could take you up to a decade before you reach this point. When that time comes, it’s important to be fully committed.
It is important to start small, even with awareness and habits. You’ll be prepared to make the most of this window if you have laid the foundation.
Reframing Financial Independence as a Parenting Goal
We often talk about the goals of parenting in terms such as education, heal, and emotional well-being. What about financial independence?
What if you gave your children the gift of a financially stable parent with the freedom to decide how they want to spend their time? Financial independence opens up many doors, whether it’s being present at the school pick-up, traveling together, taking care of aging relatives, or working fewer hours.
Even if you do not “retire” fully early, the ability to stop working full-time can be incredibly liberating, especially when your family’s demands change over time.
Realistic First Steps for Busy Parents
You’re not the only one who thinks, “This is amazing, but how can I find the time to build an investment portfolio?” Here’s an easy-to-follow, practical guide to getting started.
- Open an online high-interest savings account without card access.
- Set up an automatic transfer — even $5 per week — to that account.
- Track your spending over a month to identify any leaks.
- Talk about money with your children in an age-appropriate way.
- Create an emergency fund that covers at least one month’s expenses.
- Read a simple finance book.
- Have a money date (with your partner or yourself!) Once a month, review your progress.
What is the Answer?
In a single word: Yes.
Is it simple? Not always.
Does it move fast? Most likely not.
Even if parents start late or with a small budget, financial independence can be achieved. The long-term benefits are incredible. Every step you take today will make your future more secure and flexible.
Financial independence is an important goal to pursue, whether you want to stop working, reduce your work hours, or have more control over how you spend your money and time.
Start small. Start tiny. Start small.
