Jalpa Lai is a financial coach who helps people take the stress out of managing money and achieve their financial goals. In this guest blog for Nursebuddy, she shares practical techniques for building financial stability and wealth, even on the variable income that comes with working in care.
Download the workbook that accompanies this blog.
First of all I want to acknowledge that the financial challenges that come with care work are real and they are significant. Many carers are working on minimum wage, dealing with zero hour contracts and facing unpredictable work schedules, which makes financial planning very difficult. A single unexpected expense can quickly spiral into a financial crisis, especially if it's car-related which care workers rely on to do their job.
But having acknowledged that, in this blog I want to focus on empowerment. To do so, we will look at three pillars that can transform financial wellbeing:
- Pillar 1: Gaining clarity about your current financial situation
- Pillar 2: Developing practical strategies for your financial goals
- Pillar 3: Building confidence in your financial decisions
Pillar 1: Clarity
To get to where you want to be financially, you first need to know exactly where you are. To do this, create a financial snapshot to understand what money is coming in and what money is going out. For care workers with variable incomes, this can be particularly challenging, but it's even more important. So try this for the next two weeks:
1. Track every penny that comes in and goes out. Don't judge yourself. It's not about shame or blame. It's about collecting data. You might be surprised at what you discover.
2. Separate your expenses into essentials and non-essentials. Be careful about what you count as essentials, because as a care worker, your car isn't a luxury, it's often essential to your livelihood. The true cost of your work might include maintaining your uniform, extra phone costs for work calls or higher petrol bills. These are all real expenses that need acknowledgement.
3. Understand your spending patterns. High stress professions like care work often come with emotional spending triggers. Look for whether you tend to spend more after a particularly challenging client or stressful situation - e.g. do you often buy a takeaway after a long day of shifts.
4. Recognise that some of the financial constraints you face are systemic. They are not the result of your own personal choices, but are because of how the care sector is structured. Recognising this is crucial because it helps you focus on what you can control rather than blaming yourself for circumstances that are beyond your control.
5. Identify your financial strengths. You might be really good at finding bargains. Or maybe you’ve been able to build up a small emergency fund. These are strengths and are your foundation for growth.
Pillar 2: Strategy
Next, develop your own personal financial plan that works for the realities of care work. Here are some strategies you could try.
Budgeting.
Allocate your income into three specific “pots”. For variable incomes, I recommend trying percentages rather than fixed amounts. For example:
-
Pot 1: Essentials (50-60% of your income) - for the things you have to regularly pay for like bills, food, transport etc.
-
Pot 2: Financial Security (20-30% of your income) - your safety net and future expenses, so things like an emergency fund, car maintenance fund, debt repayments, savings, pensions etc.
-
Pot 3: Life Quality (10-20% of your income) - for the things that make life enjoyable and support your wellbeing, such as eating out, hobbies, gifts etc.
When you start out with a budget, aim for short-term stability first, i.e. having enough to cover 1-3 months of essential expenses. That will provide you with so much peace of mind. And then for medium-term goals like saving for a house deposit or reducing debt, break them down into smaller milestones that feel achievable within your current reality. Because remember, small consistent actions, they compound over time.
Income smoothing.
When your income varies from week to week, set aside an extra portion on higher income weeks to supplement lower income weeks. What this does is creates a more consistent personal income stream despite variable working hours.
24-hour spending pause.
For any non-essential purchase, especially those over £20, wait 24 hours before buying it. During that cooling off period, ask yourself:
-
How many work hours will this cost me?
-
Is it aligned with my financial goals?
-
Will it bring lasting value?
And let's be clear, this is not about not treating yourself. It's about making treats conscious choices, rather than impulse decisions. You must build into your budget treats and things that bring you joy.
Establish a weekly check-in routine.
This is much more powerful than it sounds. Taking 15 minutes a week prevents financial surprises. Ask yourself:
-
How much came in this week?
-
What bills are due next week?
-
Are there any unusual expenses coming up?
-
How am I progressing towards my top financial goal?
And if you can have these financial discussions with your partner and family, even better. It's good to normalise financial conversations.
What this simple practice does is create awareness that naturally leads to better financial decisions.
Create a resource map.
Build a simple list of financial support that’s available to you. For example:
-
The Care Workers’ Charity - offers crisis grants
-
Local community resources - e.g. Citizens Advice
-
Employee assistant programs - see what you care company offers
-
Friends or family - that can help in different situations
Knowing your support options before a crisis reduces panic and helps you make clearer and better decisions when challenges arise.
Pillar 3: Confidence
The truth is, when you have clarity and strategy in relation to money, it naturally builds financial assurance. Here are some further tips that can help you build confidence.
Your decision-making becomes easier when you have a framework. Try this quick assessment tool when you’re making a decision about spending. Ask yourself:
-
Does this align with my top financial priority right now?
-
Is this the best use of my resources?
-
How will I feel about this decision one month from now?
Also know when to handle something yourself versus getting a professional in. For example, for issues like debt collections, legal concerns or complex benefits, get professional advice. Many communities also have free financial counselling services.
Building trust in your financial judgment happens through practice. Each time you make a conscious financial choice rather than an impulsive one, you're strengthening your financial decision-making muscles.
Boost your financial confidence further by recognising your progress, no matter how small. Save £10 this week? That's progress. Well done. Made a meal at home instead of ordering a takeaway. Brilliant. Acknowledge it. We're breaking down these money fears into manageable steps. It makes everything less overwhelming.
And for daily peace of mind, create pre-planned responses to common financial emergencies. Know exactly what steps you'll take if your car breaks down or if you get that unexpected bill, because having a plan reduces anxiety, even if you never need to use it, which hopefully you won't.
Finally, build a personal financial support network. This could include a financially-savvy friend, a community group, even online forums are great places to discuss challenges and get solutions with other people who will understand the realities of care work.
Conclusion
Financial wellbeing is possible despite the systemic challenges in care work. It doesn't happen overnight, but with clarity, strategy, practical tools and growing confidence, you can create financial stability.
Try committing to one specific action from each section that you can implement this week, for example:
- From clarity - maybe you can track your spending for two weeks
- From strategy - set-up a small regular transfer to start a car maintenance fund
- From confidence - prepare a simple plan for that one potential financial emergency.
Download the workbook that goes with this blog, to start working on your financial wellbeing today!
Remember, financial confidence doesn't come from having unlimited resources. It comes from having clarity about what you have, strategies that work for your specific situation, practical tools that you can use today, and confidence in your ability to navigate financial challenges.
Thank you for the important work that you do caring for others. You deserve financial wellbeing just like the next person. And I hope this blog has given you some tools to move towards that goal.
Watch on-demand:
Financial wellbeing for care workers, with Jalpa Lai of Lollywise.
Jalpa Lai is a Financial Coach who founded Lollywise to help people ditch financial stress. Through coaching and expert guidance, she helps people to gain control of their finances, build wealth, and achieve their financial goals.
As a coach, Jalpa brings a warm, empathetic, and personalised approach, working to establish realistic goals and unlocking potential with compassion and optimism.
