WHAT is the difference between a wish and a goal? A plan! No more than a horse owner needs a trainer to get the best out of the horse, we can all do with some help, some financial coaching to create, implement and actively apply our plans. That is where a good financial planner comes into their own. Planning is a great first step, enacting a plan and making it happen is even better, but the real determinant of success is sticking to the plan religiously and ensuring that the plan goals are achieved.
We outline below some useful everyday tips that you can incorporate into your financial planning endeavors that will save you money and help you achieve your financial goals.
Stop adding to your credit card
There are more than 220,000 households in Ireland on high variable rates of up to 4.5%. Fixed rates are currently lower that variable rates and are at their lowest in circa twelve years. There is an expectation that they will start to increase with certain lenders. Some have increased already their longer-term fixed rates. So now might be a suitable time to fix! Chat to a mortgage broker.
Look at your utility bills home and on the yard
Review all your utility bills such as heating oil, gas and electricity. Our electricity costs are the highest in the EU even prior to the Russian invasion of Ukraine.
Yard and home insurance – shop around
Get three quotes at renewal date for all motor insurance and house/yard insurance. You will be surprised how much you can save!
Switch banks personal and business
Failure to consider switching your current account to one of the digital banks is likely to be costing you a lot of money. Scope the non-traditional online only banks like N26 to see if they can satisfy in a cost-effective manner your banking needs.
Look at generating more income
Consider renting out one of your rooms in your main private residence. Up to €14,000 can be earned in tax free rent from this extra source of income.
There are three providers of this insurance currently operating in the Irish Market (Laya, VHI & Irish Life). The cost of this cover has increased across the board over the last few years for most policyholders. Check out to your renewal date and shop around for the most suitable pan prior to your renewal date. Ask for corporate rates. Check out also the health insurance comparison website: www.hia.ie
A budgeting app is a useful tool to have for both work and business if you are a poor money manager. Downloading a budgeting app can ensure you are more disciplined with your hard-earned money or business income. For example, AIB bank customers MyMoneyManager spreads and displays spending patterns and habits once it learns your spending history. Mint & Spendee are also decent apps, the latter linking in with AIB, BOI, An Post and Avant.
Assess your outgoings on an ongoing basis
Feel free to contact Niall on 091 520608 E-mail: firstname.lastname@example.org