The Financial Journey of Larissa Hazell
In her early twenties, Larissa Hazell enjoyed a unique lifestyle that allowed her to save substantially. While her friends were navigating the challenges of shared living spaces, Larissa was fortunate enough to be a live-in nanny, which enabled her to save an impressive 70 percent of her take-home pay. This arrangement laid a solid financial foundation for her future.
Originally hailing from New Zealand, Larissa managed to save over £10,000 annually during her nearly four years in this role. This financial discipline not only helped her accumulate funds for a house deposit but also allowed her to pay off her student debts and finance trips for both her and her then-partner, now husband, to visit her family across the globe.
Reflections on Sacrifices and Achievements
Though Larissa missed out on certain social experiences that come with living alongside friends, she holds no regrets about her decisions. During her tenure from 2010 to 2014, she earned £350 per week, successfully saving around £250 of that amount weekly. “As a live-in nanny, my expenses were minimal. Essentially, my only significant bill was my phone. The major advantage was the substantial savings I could accumulate. I allocated £100 a week for leisure activities, socializing, and holidays,” she reflects.
“One month, I traveled abroad for three weekends, all made possible by my savings,” she adds proudly. Through the savings accrued in her first year alone, Larissa was able to clear her student loan and invest in further studies in the UK, which cost her £1,000, paid upfront in cash. She also laid a strong groundwork for a future home, which she purchased with her husband in Essex when she was just 28 years old. Larissa even saved enough to fund a trip back to New Zealand for both her and her husband, showcasing the benefits of her financial strategy.
Understanding the Nanny Profession
Despite the rewards, Larissa acknowledges that her plan had its downsides. “You inevitably miss out on the experience of living with peers in a flatshare, which is a common rite of passage for many Kiwis,” she admits. However, she firmly believes that the advantages of saving for long-term goals far outweigh any fleeting regrets. “The opportunity to set aside cash to establish a secure future is invaluable,” she states.
What It Takes to Be a Nanny
While formal training isn’t always a prerequisite for becoming a nanny, many families prefer candidates with some level of experience or certification. Essential qualifications typically include:
- Paediatric first-aid certification (updated every three years)
- Current knowledge of safeguarding procedures
- A DBS check
- Valid insurance
The pay scale for nannies varies significantly depending on the family and the type of services provided. Daily or live-out nannies usually charge hourly rates, which can range from £16 to £18 per hour across the UK, and between £18 to £25 per hour in London. In contrast, live-in nannies typically receive fixed fees, covering most living expenses, with earnings between £616 to £775 gross per week, or up to £920 in London.
Today, Larissa reflects on how her time as a live-in nanny continues to influence her life. Her lack of student debt and the ownership of a home at a relatively young age afforded her the flexibility to work part-time after the birth of her son. Instead of returning to full-time employment, she took on ad hoc nannying jobs and launched the Childcare Navigator, a website dedicated to providing childcare support services and offering free resources for parents.
Larissa cherishes the connections she formed during her nannying years. “Finding a respectful family to work with can be a fantastic experience. The families I nannied for were wonderful—they even attended my wedding,” she shares, highlighting the lasting relationships forged through her profession.
