Money Talk with Bridget Daley, Founder of Parents in Biz
In light of COVID-19 and the myriad of financial concerns that come with it, we've made a slight adjustment to our usual Money Talk series. We want to know how the amazing women in our community are coping and what their experience of money management during a pandemic has been like. Today, we speak to Bridget Daley, Founder of Parents in Biz.
“In the past, my relationship with money was very turbulent a lot of this was down to the way I viewed and valued money. I had to educate myself on the best ways to make money work for me, such as savings and investments I had to work on what I needed and what was a desire. ”
Hi Bridget! Please give us a little background about yourself. What do you do?
I’m the founder of the Parents in Biz platform and the Editor of the Parents in Business Magazine. I’m a mother of 5, so I’m no stranger to wearing multiple hats I have been in business for over 10 years. Throughout my business journey, my children have gone through all the stages of child development baby, toddler, pre-schooler, school age, teenagers, and young adulthood.
Parents in Biz is a platform that supports parent business owners through their business journey! I empower parents to manage the tightrope of growing a business and having harmony at home. Some of the ways I support parents is through our online directory, online community hub, magazine, events and working with parents on a 121 basis.
What are you most passionate about?
I’m passionate about empowering and supporting parents. My career background is social care. I’m a qualified counsellor, and I have worked in various settings from looked after children to assessing parents in residential family assessment homes.
What’s your relationship with money like (be honest)?
Over the past few years, my relationship with money has vastly improved and is now good. In the past, my relationship with money was very turbulent a lot of this was down to the way I viewed and valued money. I had to educate myself on the best ways to make money work for me, such as savings and investments I had to work on what I needed and what was a desire.
What are the biggest financial challenges you've had to face in light of COVID-19?
I have had to delay the launch of some of the new products and services I had planned these would have bought in extra revenue to the business.
Did you have enough savings to fall back on when this whole thing kicked off?
I would have to say yes, and no some of the money I had saved was tied up in investments. Also, can you ever have enough money saved something like COVID-19? It’s really sad because many businesses have had to close up shop permanently and there have been so many job losses. Who knows when the economy is going to recover!
Have you been eligible to claim government support? If so, what's that experience been like?
Yes, I was entitled to the self-employment grant scheme, and the experience of applying was quick and easy.
How have you found the experience of navigating your work/business during a crisis?
It has been really challenging at the start of the crisis I really could not 100% focus on business. It literally went from my partner and I working from home to have the two youngest off from school, 2 of my older children working from home and 1 of my daughters were furloughed.
So more people in the house in the day plus homeschooling and running a business has not been easy!
Do you feel like you've been saving more during the pandemic? Why or why not?
The one thing that increased was the household grocery bill I have saved as I am no longer paying out for things like travel, eating out, networking events and workshops. Also, at the start of the crisis, I looked at ways that I could save money in my business things such as software and memberships that I was not utilising but paying out for I stopped.
Do you feel confident about your financial future?
Yes, I do.
When things settle back to 'normal', what's the first thing you're going to invest in / spend money on?
I have no intention on splashing out and spending money on anything, to be honest as we are not out of the woods as far as COVID-19 is concerned who knows there could be a second wave and further lockdowns.
What is the best piece of money advice that you received?
Great question I have received so much money advice over the years but it has to be - Invest your money wisely and before you spend money think do I need this? How is this going to benefit me?
What does financial independence really mean to you?
Financial independence, to me, means being able to make sure my core bills are paid for and that I can meet my family financial obligations. Having the financial freedom to not thinking twice when paying for something expensive that is going to benefit my family or me. Also been able to help or donate to causes or others in need.
What is the best financial decision you have ever made? And your greatest long term investment?
Speaking to money advisors, educating myself on money through books, podcasts and various other resources. Through educating myself on money, I have made better money decisions such as saving, investing and creating passive income streams.
If you could travel back in time, what single piece of advice would you give your younger self (relating to money or otherwise)?
Value money and think about your financial future!
What does Vestpod mean to you?
It’s a community where women can feel supported, have fun, share experiences, get encouragement, learn and leave feeling empowered.
@parentsinbiz — a platform for parent business owners supporting parents through their business journey! Parents in Business Magazine, Directory, Online Hub & Events.
Favourite book and podcast?
The list would be too long if I mentioned all my favourite books. I tend to listen to audiobooks I have just started to listen to The Subtle Art of Not Giving a F*ck. Podcast The disruptive entrepreneur, Social Media Marketing and No Bull Business Women.
Lastly - where can we find you on social?
Instagram: @parentsinbiz
Facebook: @parentsinbiz
Twitter: @parentsinbiz