When people think of financial planning they often relate it to retirement. Of course, it’s very important to make sure you have enough money to live comfortably once you finish work. However, there are other things all throughout life you might want to plan for, some of them happen long before you reach retirement age.
Important milestones throughout life should be pleasurable occasions and not fraught with concerns over money.
Financial Planning Ireland For Children’s Weddings
The increasing cost of weddings has seen the old tradition of the parents of the bride paying for the whole wedding seems partly disappear, the average cost of a wedding in Ireland being 21,000 euros. These days, the expenses are usually shared by both sets of parents and the happy couple. That does not mean you will not face a hefty bill that could amount to thousands of pounds.
If you have two or more children you could be in for a very expensive time, and financial planning Ireland can help you be prepared when this time arrives. Investments and savings plans started when your children are young can help to cover these costs, and if there is any left over, you could give the balance to them to help them start their married life or spend it on something you have been waiting to have spare money for, such as a dream holiday, or reinvest it for your own future.
The main point is you and your family enjoy the day without the worry of debt you have had to incur to pay your share.
Financial Planning Ireland For University
Letting your children go to university can be expensive, and many of them finish their studies with large debts as well as a degree. Many of them will have taken out student loans to cover fees, and possibly worked as well as studied to help pay their rent and other living expenses.
They may fit the criteria for the Free Fees Initiative, but will still be expected to pay a contribution to the university. This is used to help with the running of the libraries and clubs and is capped at 3000 euros a year.
If they attend a university close to home at least the living expenses will not be as much of a problem. Wouldn’t it be a better start for them if they could get their degree and start their working life free of debt?
If you have used financial planning Ireland to make some strategic investments, these could be used to help them out and give them a better start in the career path they have chosen.
Financial Planning Ireland For a Special Occasion
There can be many special occasions throughout our lives. Some of them you may celebrate with a party, while others might involve just a romantic meal for two. There are some milestones where you want to do something a bit more special.
For instance, what about your 30th wedding anniversary or your 50th birthday. You might like to have that dream holiday you have always fancied to celebrate such an event. A dream holiday is great, as long as you do not have to count every euro, as that will put a bit of a dampener on it.
Financial planning Ireland can help ensure you will have the money to enjoy your holiday in whatever style you want, and if you want to take the whole family along you can even plan to do that as well. Maybe you want to celebrate your special occasion by buying a new car or moving home. Whichever it is, these things can all cost a lot of money.
Financial Planning Ireland For Your Business Owners
Financial planning is vital for businesses to be successful. Having your own business can create uncertainty and hardship, especially during the first few years. The right financial planning Ireland for your business can help to guide you through these times and ensure your financial future is secure.
A solid financial plan can help you to create a better future for you and your loved ones, and ease the uncertainty around your finances.
It’s very easy for business owners to be so concerned about the business and their workers that their own circumstances get put to one side, They often think they will get to sorting it one day, but that day never seems to come. Getting the right advice now is the answer, so you can get on with running your business without worrying about your financial future.
Financial Planning Ireland For Your Future
There can be many different reasons why financial planning will help you get through life without the stress of how to pay for things. The one most people consider is planning for their retirement, and of course, that is important if you want more than the state pension to live on. Currently, the state pension in Ireland is roughly one third of the average wage. That is a big drop in your income if you have no personal pension fund or other investments to help make up the difference.
No on can just sit back and think things will work out, because they have a habit of not doing so for those who are unprepared. When your children want to go to university, get married, or if you want to take that dream holiday, you will be very thankful you had the sense to do some financial planning when you were younger.
The earlier you start the better it will be, and just 4 or 5 years can make a big difference to the final outcome. The profits from any investment you make may be subject to tax, but there are ways to minimise the amount you may have to pay. This is all part of financial planning Ireland and is one of the reasons you should seek professional advice before you do anything.
If you want some help and advice on the best way to financially plan for your future get in touch with Masons Wealth Management today. You can contact us by phone on 01 969 5786, or by e-mail at [email protected].