08 January 2024
Financial Planning Tips for 2024
Financial Planning Tips
As the New Year gets underway, it's an excellent moment to consider your financial objectives for 2024. Regardless of whether you're seeking to save more money, pay off debt, or invest for the future, there are a few steps you can do to get started.
- Create an Emergency Fund
Establishing an emergency fund is one of the most crucial actions you can take to enhance your financial well-being. This is a savings account that can be used to cover unexpected expenditures like medical bills or car repairs . Experts recommend saving three to six months' worth of living expenses.
- Explore Using the 50/30/20 Rule
The 50/30/20 rule is a straightforward method to budget your money. It categorizes your income into three parts:
- Essentials: 50% of your income should be dedicated to essential expenses, such as housing, food, and transportation.
- Luxuries: 30% of your income can be used on discretionary items like entertainment, dining out, and travel.
- Savings: 20% of your income should be saved for the future.
- Begin Saving for Retirement
A pension plan is a long-term savings plan that aids in preparing for retirement. You can make regular payments into a pension plan or transfer lump sums. The money you save in your pension plan is invested so that your fund can grow over time.
See our blog here: https://synergycu.ie/news-events/retirement-planning-with-your-credit-union
- Ensure to Switch or Eliminate Debt
You can save money on your bills by taking the following actions:
- Reduce your mortgage interest rate: If your mortgage interest rate isn't fixed, talk to a local mortgage broker or your mortgage provider about switching to a lower rate.
- Switch any loan (car, home improvement, credit card balance, etc) up to €100,000 to Synergy Credit Union at a much reduced interest rate: See here - https://synergycu.ie/loans/switch-save-loan
- Compare and switch your car, home, and other insurances: Synergy Credit Union members can get discounts on car, home, and pet insurance with Allianz. Check out how you can receive up to 18% off your insurance here: https://synergycu.ie/services/car-home-pet-insurance
- Switch your energy supplier every year: Switching energy suppliers can save you hundreds of Euros in a year, and it only takes a few minutes.
- Get rid of subscriptions you aren't using or getting value from: Netflix, Prime, Gym, Fitness Classes and so on. If you don't use it, lose it.
- Become Knowledgeable About Savings and Investment Products
It's crucial to understand your saving and investment choices in order to make informed decisions. Synergy Credit Union has a partnership with Irish Life Financial Services, which can evaluate your protection, retirement, savings, and investment needs.
- Create a Will
A will is a legal document that stipulates how you want your assets distributed after your death. Having a will ensures that your loved ones don't have to deal with the hassle of managing your estate.
See information from Citizens advice here: https://www.citizensinformation.ie/en/death/before-a-death/making-a-will/
- Prepare Meals at Home More Frequently
Eating out and ordering takeout can be costly. A fantastic method to save money is to cook more meals at home. You can prepare meals in bulk and freeze them for later, or you can prepare fresh meals every night.
Here is a short piece from SafeFood to get you thinking: https://www.safefood.net/how-to/batch-cooking
Would You Like a Free No-Obligation Financial Review?
Irish Life Financial Services in partnership with Synergy Credit Union can assess your protection, retirement, savings, and investment requirements and they offer a complete financial review with one of their Qualified Financial Advisors.
This can be completed over the phone at a time and location that suits you, taking just a few minutes of your time. There is no obligation to purchase, and all information you provide is private and confidential.
Schedule Your Free Financial Review Here Today. https://synergycu.ie/services/financial-planning
Financial planning can bring you peace of mind and help you focus on the things that matter most.