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NOW is the time to start your Smart Financial Habits

A recent study by EY suggested that the Covid restrictions in 2020 led to a reduction in Irish household spending in the following areas;

  1. Eating Out (-€14bn)
  2. Holidays (-€3bn)
  3. Petrol/Diesel (-€700m).

While some families have had to face a reduction in take home pay, our spending has also reduced significantly and for many people they are getting to the end of the month with cash still in their bank accounts!

Once in a Lifetime Opportunity!

At some point in the (hopefully near!) future, the restrictions will lift. Restaurants will be open, weekends away will be back and trips to the cinema or a match will be a regular event. This means your spending will go back up and the ‘squeeze’ will come back on your monthly cashflow.

My advice to you is to seize this ‘once in a lifetime’ opportunity by starting some new habits now while there has been a reduction in household spending and the temptations to spend are curtailed.

If you start now, you are less likely to break the habit when we go back to the ‘old world’.

Smart Financial Habits

If you are serious about your financial wellbeing, these are the good habits you need to have:

  • Protect your family

Have a monthly outgoing that will provide financial security to you and your loved ones in the event of your death or illness.

  • Build an emergency fund

Lodge money into a deposit account (by standing order/direct debit) each month. This way you will have at least 6 months net income available for financial emergencies.

  • Start a “Big Stuff” savings account

Put money away each month into an investment account for 5 years to cover the future cost of your kids 2nd or 3rd level education, the Big Family Holiday or the Roundy Birthday Treat.

  • Start or increase your savings in your pension

If you have a pension talk to your employer about increasing your contribution. If you don’t have a pension talk to a specialist about how to get started.

  • Increase your monthly repayments on your personal loans or mortgage

This is a simple yet effective way to reduce debt in a structured way ensuring savings in the longer term.

  • Start a monthly standing order to your favourite charity

Charities have felt the impact of social distancing with less opportunities to engage donators. This is an easy way to give something back. And it can be done in a very tax efficient way too.

The order of priority of these good habits will be different for everyone. Talk to an independent, qualified Financial Adviser like Colman Financial Planning, about what habits are most important to you and your circumstances.










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I am delighted to have chosen Coleman Financial Planning to advise me on protecting my family and planning for my retirement. The advice I received was presented in a very clear and concise manner and I was confident I was getting the best deal in the market. I would recommend anyone to contact them if you are looking to get real independent advice

Karl Jennings Commercial Finance Director 10th January 2017

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