Top Tips for Financial Security

Top Tips for Financial Security

Top Tips for Financial Security

Top Tips for Financial Security

Tip 1: Increase your Emergency Fundemergency fund

Ideally, you should have about three to six months’ of income in reserves. If you’re not in a position to save this much, aim for an emergency fund sufficient to help you get through most unexpected expenses, like a home or car repair. You’ll have to make a few sacrifices, such as spending less on entertainment or shopping less.

cut expensesTip 2: Reduce Expenses

It’s easier to attain money goals when you reduce expenses and free up cash. For the next four to five months, eliminate or reduce at least one expense a month. This can include downgrading your Sky package or getting rid of Sky altogether (it’s a common trend these days saving potentially €840 per year!!), using coupons to lower your grocery bill, or riding your bike or carpooling to work a few days a week to save on transportation costs. The savings add up quickly, and before you know it you’ll have a bigger bank account.

Tip 3: Give up a costly habit

Bad habits are mug

Before the end of the year, make a concerted effort to eliminate at least one bad habit. Do you have a routine of stopping for coffee and breakfast every morning on the way to work? Or buying lunch out every day? If you can eliminate this €5 daily purchase from your budget, you’ll save about €25 a week, or €100 a month. Invest in a good travel mug and take your coffee with you in the mornings. Make your lunch the night before or cook enough for dinner so that you will have leftovers for lunch the following day.

Tip 4: Consolidate your Loans

Why not consolidate all your loans leaving you with just one monthly / fortnightly / weekly repayment. By taking out one loan to clear all debts, finance or Credit Card balances; you will be left with only one easy to afford Loan Repayment.

consolidate your loans link credit union

Tip 5: Simplify your life

de-clutterLess can be more. If you’re tired of clutter or feel the stuff you own takes too much of your time and energy, set a goal to simplify and unload a few possessions. Selling off items can put extra cash in your pocket, plus you can free up space in your house, garage, or attic. Sort your unwanted items into 3 piles: One for dumping, One for donating and one for Selling. Grab a friend or family member and head off to a local car boot sale or sell your goods on one of the local Social Media For Sale pages.


Tip 6: Budget your Moneybudget link credit union

It takes commitment and time, but you can learn to manage your money even when there’s not much of it. If you have more money going out than coming in, here’s what your financial plan boils down to: spend less and/or earn more. To figure out how to do this, first take an assessment of your income and expenses. Make a list of your income coming in and your expenses going out. It is also a good idea to include expenses such as family birthdays etc. as this will help you develop a reasonable and realistic budget.


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