Larissa Hazell admits there were some disadvantages to the role – but says she has ‘no regrets’
In her early twenties, Larissa Hazell didn’t have to pay rent, bills, or even most food costs.
While most of her friends were living in houseshares, Larissa was saving 70 per cent of her take home pay, and creating a financial base for the rest of her life.
Larissa, originally from New Zealand, was saving over £10,000 a year during her almost four-year stint as a live-in nanny.
It enabled her to save for a house deposit, pay off her student debt, and pay for trips for her and her then partner – now husband – to visit her family on the other side of the world.
Although she missed out on some of the experiences her peers had by not living with friends, she has absolutely “no regrets”.
In the period she did the job, between 2010 and 2014, she was making £350 per week, and saving around £250 of this.
“As a live-in nanny, you have no expenses, so the only real bill I had was my phone. One of the huge benefits was the massive amount of saving I could do. The £100 a week I allowed myself to spend could go on going out, socialising and holidays,” she says.
“One month I went abroad for three weekends, and it was all enabled by the savings,” she adds.
Through the savings made in her first year alone, Larissa paid off her student loan, and also did further study in the UK, which cost £1,000. She was able to pay for this upfront with cash.
She also created a “solid foundation” for a house deposit, which she bought with her husband in Essex aged 28.
And she saved so much that she was even able to fund a trip back to New Zealand for her and her husband, which she paid for too.
But the mum of one admits there were some downsides to her plan.
“You miss out on living with other people your own age in a flatshare – that’s an experience that’s very universal among Kiwis like me,” he explains.
“But I absolutely do not regret it. I think the advantage of putting that cash to the side to set yourself up for your whole life is amazing and you can’t look on it with any regret,” she explains.
What you need to be a nanny – and what you can earn
Although you don’t necessarily need formal training to work as a nanny as you would with some childcare roles, schools and courses do exist and many families will want to some evidence of experience before hiring you.
You will also usually need a paediatric first-aid qualification (which will need to be updated every three years), up-to-date knowledge of safeguarding procedures, a DBS check and have a valid insurance.
The rates of pay vary massively from family to family – and depend on what type of nannying you do.
Daily or live-out nannies typically charge hourly rates, and according to the National Nanny Association, these can be around £16 to £18 per hour across the UK and £18 to £25 per hour in London.
Live-in nannies are usually paid fixed fees. In addition to most costs – including accommodation, they can be paid £616 to £775 gross (i.e. before tax) per week, or up to £920 in London.
She says that her time spent as a live in nanny is still impacting her life today.
Larissa says that having no student loan and a home of her own from a relatively young age allowed her to avoid returning to work full-time after the birth of her son.
Instead she worked as an ad hoc nanny, and has recently launched the Childcare Navigator, a website that offers childcare support services as well as free guides.
She is also still close to the families she worked for.
“If you find a family that are great to nanny for it can be fantastic. The families I worked for were very respectful – and even came to my wedding.”