Get your finances in shape for 2019

With all the ‘New Year, New Me’ clichés clogging up your newsfeed, it can be easy to put off making any resolutions at all. However, the beginning of the year really is the best time to start implementing changes in your expenditure to ensure that 2019 is as financially rewarding as possible. Here are 3 simple steps you can take immediately to start the year off on the right financial foot;

  1. Create a BUDGET

Admittedly, this might feel like a chore, but proper budgeting is fundamental to good financial management. If you find the thought of an excel spreadsheet, however effective, too reminiscent of a Junior Cert Bus Org class, there are plenty of helpful apps available. Just search ‘Budget Planner’ in your app store and choose the one that appeals to you. http://www.fudget.com is a popular, easy to use option. ‘Home Budget Plan with Sync’ is a good choice for families whilst https://www.splitwise.com is helpful for those with housemates seeking to track and share bills and other expenses.

  1. Make the SWITCH

There are potentially hundreds of euro that households can save each year by switching one or two providers. https://switcher.ie allows you to easily compare and change providers (Gas & Electricity, Broadband & TV & Mobile). While several high street banks offer free banking, online app-based banks, such as https://www.revolut.com are shaking up the system and can provide a great, cost effective alternative, particularly if you travel or transfer money abroad with any regularity. There are also significant savings to be made in the area of insurance. Again, price comparison sites allow you identify savings that can be made on your car and home insurance. However, do make sure you are comparing on a like for like basis so that you do not lose valuable benefits for the sake of minor savings. This is particularly important when it comes to family or mortgage protection policies. Don’t do it yourself, rely on a financial advisor to make sure you are adequately protected and not paying over the odds.

  1. Start to SAVE

From your ‘rainy day fund’ to your retirement, it is important to give due consideration to how much you are already saving or indeed what you should be saving. Even if your budget only extends to saving a few euro per week, try to build up an emergency fund of 2-3 months, if possible. When did you last review your pension? Will it be enough to provide what you require at retirement? As well as ensuring it is invested correctly for your circumstances, it is critical that your capital is not being eroded by unnecessarily high charging structures.

Contact us today to organise a financial review of your savings, pension or protection plans on 1890 428 343 or email us at info@moneycoach.ie