At Fitzonomics, I like to have my cake and eat it. Do you too…?
You dream of using your time to find your purpose again now the kids are in school.
You’re smart and you once had a role that reflected that. You know you could do it again. BUT, unlike your husband or partner, you have to manage family life too.
After all, your family depend on you to make the best decisions on their behalf.
But home economic decisions don’t make themselves.
You know the ones… the financial decisions about mortgages, savings, and investments; the purchasing decisions involving environmentally friendly cleaners and sustainable palm oil plantations; and the family organisational decisions, like what clothes to pack for a weekend away?.?
There’s just so much to read and to think about that sometimes you just say “s*d it, I’m doing… this thing here” (whatever this thing is). But later you know you may regret it deep down because you haven’t had the time to think it through.
Simply put, there’s so much information out there.
Some wheat and some chaff. But to sift through it and analyse it to make that decision… it all eats into your precious you time. That time you could be spending on being you again.
However, you need to make the best decisions, and to understand their pros and cons.
Because you need to justify them to your other half.
And, as importantly, to justify them to yourself.
Hi! And welcome to Fitzonomics.
I’m Rachael and I LOVE home economics. Not the clean, cook, mend, make type but the proper everyday economics that is the basis for every single decision you take in your home. (Yes, I’m that geeky Velma-type friend everyone has…and I’m proud of it!)
Economics is a way of thinking.
It’s not some dry finance-related topic. It’s a thought process to weigh up the pros and cons, to understand the trade-offs of every decision. And home economics is decision-making for your home!
But the best news?
It can help you in every aspect of your life by reasoning.
Honest Guv! Whether you’re thinking of setting up your own bridal shop, agreeing a mortgage, or buying coffee! Home economics is a way of finding a solid reason for every single decision you make.
When we were applying for our last mortgage, the bank did everything in its power to try and convince us to buy its fixed-rate product. This type of mortgage meant we would be paying the bank to borrow the money at a rate of 2%. It tried to persuade us that because we didn’t know what interest rates were going to do in the future (true), a fixed rate one was the way to go.
The bank was talking up the risk to us of interest rates moving. It implied that we would likely pay more if we didn’t opt for their fixed-rate mortgage. You see, we’d still only 2% whatever happened to those interest rates.
But…after a little economic thinking… we pressed the bank for a tracker mortgage. This mortgage tracks interest rates and payments may vary with interest rates over time. The very thing the bank said could be risky.
We started at a rate of around 1.7%, and it’s gone down since. Choosing this mortgage will likely save us around £30,000 if interest rates stay low. (Sorry Bank.)
I know what you’re thinking. That this decision could be risky. You’re right. It could.
But, interest rates are likely to stay low for a long time. And even if they do go up, the Bank of England is highly unlikely to put them up overnight – we will have time to sort out another mortgage.
However, this decision may not be the right one for everyone. And that’s ok. The point is, that it’s important you know enough to consider the implications of any decision you make and that you are sure it’s the best decision for you in your circumstances.
Being able to think and analyse makes my home life sooooooo much easier!
It means I can confidently make the best decisions for our family. I can stand up for myself when I need to. And my husband takes my opinion seriously, whether we’re discussing his business, my interests or food shopping. He knows I’ve made up my mind for a reason.
We do still disagree…but we keep each other on our toes!
So, how did I get interested in economics in the first place?
Actually, despite what I’ve just said, my first love was the process of decision making. Oh yawn!
I know but hear me out…
I originally trained as a scientist at University. In Biochemistry of all things. I love the practical nature of natural sciences – working out what you want to do, how you’re going to do it, and with what. And then studying the results and asking yourself what they mean. (I told you I’m a geek…)
Later on, at the Royal Military Academy Sandhurst, I was introduced to the British Army’s way of decision making – the Combat Estimate.
The Estimate is a logical thinking process that can be used in any situation. I’ve used it both in the military and outside. Quite simply, it works.
After leaving the Army, I studied for an MBA. My teacher, a passionate economist, showed me the value of economics as a thinking tool. It slotted in nicely with my previous experience.
All these things together have changed my life.
The world makes a LOT more sense. And so do my home economic decisions.
(My husband’s business makes more sense too. I even help him out.)
And now my kids are in school, I can spend time doing my thing, Fitzonomics.
I love writing about things I find useful. Which is why I created Fitzonomics.
Fitzonomics is my little space online to write about those issues I need to know to make the best decisions for my family. I want to share these with you so that you can use it to make the best decisions for your family too. (But without all those hours of blood, sweat, and tears.)
I would LOVE to be your geeky-Velma friend. The one who discovers the information you need to know to give you the clues for all those home economic puzzles you need to solve.
Give yourself the power of reason.
And make your home life easier. You can then spend your time doing your thing and finding you again.
Thanks for being here, at Fitzonomics, with me.
P.S. If you want me to write about a particular home-economics related issue, let me know.
Object images via Unsplash. Personal photos by Rachael FitzGerald-Finch.