CONTINUING the series of questions and answers series from the experts at O’Donnovan Caulfield and Lavin, Gerry Moran looks at tips for improving your business.
Q. After being unemployed for 12 months I’ve started a new job and am beginning to get my finances back into shape. Are there any tips you can offer to make sure I stay on track?
Dear Reader,
Almost everyone, no matter how well-off or financially astute believes that their personal finances could be in better shape. The question is how and where to start – because everyone’s circumstances are different, the solution will be different for each individual. There are five basic steps that anyone can take right now to help improve their financial future;
1) Work off those outstanding loans – you should regularly review your loans to see if your circumstances will now enable you to pay back more per month and thus pay the loan back early – you’d be surprised how much you can save in terms of interest;
2) Clear credit cards and overdrafts to lighten the load – if you can, pay off your credit card or talk to your bank about turning the outstanding balance into a term loan facility which could save you hundreds in interest;
3) Think ahead by starting a pension – we all need to have less reliance on the Government to provide for our retirement. The later you leave it the more difficult it becomes and there’s generous tax relief along the way!
4) Start a savings plan – whether you’re saving for a new car, a holiday, or maybe even an early retirement, starting a savings plan is one of the smartest ways of putting your money to work;
5) Fast track your money in the stock market – investing in the stock market is not for everyone but numerous statistics demonstrate that those investors who remain invested in a diversified share portfolio over the long term are well rewarded.
Each step requires careful consideration and independent financial advice should be sought.
This column is a readers’ service and is not intended to replace professional advice.
