We all like to be smart when it comes to our money & finances. Some people are smart, and some people just think they’re smart when it comes to money matters.
At Gallivan Financial we think it’s only right to help our customers, in any way we can, when it comes to them managing their money and finances
With our top 11 financial tips we hope to give you a helping hand when it comes to managing your finances.
1. Plan a household budget:
A family budget can help you control your household spending so that you have enough money to pay your bills and cover the basics on an ongoing basis. When starting out to manage your money, it is important to record where you are spending you money. Record all those little runs to the shop, the cups of coffee etc, the wee things we don’t realise that are costing us loads.
You need to understand where you are spending your money before you can take control.
2. Start an emergency fund:
Always have some money put by for unexpected events – we never know what’s around the corner. A rule of thumb is to have at least 3 months’ nett salary saved for emergencies.
3. Get better value:
There are lots of online interactive tools that can helps you compare your spending on household expenses. You can compare costs on mobile phones, broadband, groceries and energy.
4. Manage your credit card.
Firstly, know that the interest rate on your credit card is huge. Probably more than you think. Check it. So you should always aim to clear the balance on your credit card at the end of the month. This should be a must, if you have an outstanding balance. Set up a direct debit. You can choose what percentage you want to pay and thus avoid any unnecessary interest and charges by always paying on time.
Check if you can transfer the balance to another provider who is offering a better interest rate, in fact there are a couple of providers offer 0% for a few months on balance transfers.
Plan your spending; Make a list and decide what you will use your credit card for to avoid impulse spending.
Check your statements; either over the phone or on-line, reviewing your account regularly will keep you in control of your spending and avoid accidentally going over your credit limit.
5. Get protected: Life insurance is not a luxury:
If you have dependents, a life insurance plan is not a luxury, it’s a fundamental need. It helps maintain your family’s regular standard of living if something happened to the main breadwinner.
If you have a mortgage you need life cover to help clear the mortgage if you die. If you are renting, if you die how will your family afford the rent and the other household bills.
We can help you understand your family’s protection needs.
6. Get your tax back
Although some tax reliefs and credits have been abolished in the recent Budgets, you can still claim tax back on many items, for example
Pension and Income Protection plans
Service charges for refuse collection, sewage disposal or domestic water supplies
Fees paid for approved third-level courses
Why not go to Revenue.ie for a full list of tax reliefs available.
7. Plan for your retirement:
For some of us the state pension won’t start until age 68, so having your own pension plan is vital. You can get full tax relief on the contributions – so you should really make the most of this.
We can help you work out what your pension needs are.
8. Become a super-saver:
With credit still difficult to come by, now may be the time to devise a ‘super-savings’ plan to help you get in the habit of squirreling away as much as you can. So instead of opening just one savings account, you could open several regular savers, each designed to help pay for things like holidays, new car, third level education costs and home improvements.
9. Be smart with your investments:
Consider an investment that suits your needs by doing a risk profile test to identify what type of investment is right for you. Generally, best advice is to spread your money across different types of investments and assets.
10. Give your finances a regular check-up:
Finally, it’s really important to regularly review your finances with your Financial Advisor, this way you’ll find it easier to keep on top of things.
11. Arrange a Financial Review
It will only take an hour of your time and it will be arranged at a time that suits you.