Spring Clean Your Finances

As the longer, brighter days of Spring encourage many of us to tackle the growing list of domestic chores crying out for our attention, it’s worth directing some of that motivation into tidying up your finances too, taking some time out to review and improve them.

Why?
We would all like to get the most from our money; we work hard to earn it! The good news is that with a little effort, you can gain more control of your financial affairs and maximise your money!

What’s your ‘why’ when it comes to money?
Aside from basic necessities like food, shelter and clothing that is! Connecting financial goals to deeper motivations helps to provide the momentum you need to begin, and the incentive to continue.

By becoming more aware of your financial situation you can plan for a better financial future.

So, whether your ‘why’ is saving for a house deposit, travelling the world, or getting behind the wheel of your dream car, identifying your ‘why’ can keep you committed to your financial goals.

We can help you get on top of your finances.
Comhar Linn INTO Credit Union was created by teachers for the benefit of teachers, meaning we understand your day-to-day lives and provide a specialised choice of easy services and financial products to help you get the most out of your life. With that in mind we’ve put together some tips for our members to help get you started on the road to optimising your financial future.

Top tips for improving your finances this Spring:
As with any project, map it out before you start; that way you avoid any potential overwhelm.
It doesn’t have to be complicated, just start! You can tweak and improve it over time, the most important thing is to take action. Future-you will thank you!

• Prioritize your goals.
  Break them down into categories (e.g., smallest to largest, most important to least important, short-term versus mid-term versus long-term).
  
  Obviously, this is a living document which will change over time; don’t overthink this step, you can always re-visit your goals as and when they change.
  
  
• Create a Budget.
  Write it down. Know what you are spending your hard-earned money on; keep all receipts & track them on an app. Or, if you prefer, create a simple spreadsheet for daily expenditure over 3 months and you might just be surprised at where your money is disappearing to.
  
  If this step seems a little too daunting right now, we can help you with our personal one-to-one Budget Account For a small annual fee of €42, our expert budgeting team can work on your budget with you, guiding and supporting you, smoothing out your expenses over a year; it’s hassle and stress-free, giving you the freedom to spend time enjoying the important things in life!
  
  
• Manage your debt more effectively.
  List all of your debt: all loans, terms, and repayment amounts. If you have store credit or a credit card, consider whether you really need them. If you find that you do, make sure to clear the balance owed every month or you’ll run the risk of accumulating some expensive debt!
  
  Look for opportunities to consolidate your debt. Perhaps rolling all or some of your debt into one loan with one repayment will save you money as well as relieve financial pressure. If nothing else, it will certainly save you the hassle of dealing with multiple financial services providers, and multiple repayments.
  
  If you are considering debt consolidation, calculate what your debt is costing (interest repayments over the lifetime of the loans), and use our handy calculator to see how much you could save with our consolidation loan (i.e., you take a loan with Comhar Linn to repay the other loans, potentially saving interest, and managing only 1 repayment which can be automated to come from your wages every fortnight should you so wish).
  
  If you would like to speak to any of our loan officers in more detail about how a consolidation loan can benefit you, please phone 01 873 1101.
  
  At the risk of repeating ourselves: ALWAYS READ THE SMALL PRINT!
  We don’t mean to keep harping on about it, but being aware of the terms and conditions of a loan or credit card is hugely important.
  
  Look out for the following loan arrangements which can really add expense and stress over the term of the loan (btw Comhar Linn doesn’t impose any of these conditions & we’re proud of that):
  
  The small print:
  -Set-Up or Documentation Fees on loans.
  -Financial penalties for early repayment of loans.
  -Zero or little loan flexibility.
  -Additional charges for Loan Protection Insurance.
  -Car Finance restrictions(e.g., mileage limits, deposit required, you don’t own the car until the final payment has been made etc.). Credit union car loans don’t impose any of these rules. If you’ve already entered into a hire purchase agreement, you could talk to us about taking a car loan for the balloon payment due at the end of the loan term to save you money & worry.
  
  
• Maximise your income.
  It’s a good idea to familiarise yourself with your payslip, ensuring that you are set up correctly with Revenue, and that any tax credits due to you are paid (e.g. various allowances, single/joint assessment, rent tax credits, child benefits, etc.).
  
  If your personal circumstances have changed in recent times (e.g., married or divorced, dependant relative, etc). you could be due tax-back.
  
  
• Set up Payroll Deduction.
  Create an automatic payment to go straight from your wages into your credit union account. There’s no charge for this, and it’s easy to track on your payslip – it’s gone before you get a chance to spend it! You can also make payments off your Comhar Linn loan through payroll deduction every fortnight.
  
  
• Maximise your entitlements.
  If you have any additional income on top of your regular salary, check with Revenue to see what relief you might be entitled to based on the taxes you’re paying on that extra income. For example, if you are giving grinds or music lessons from your home in the evenings you may be able to claim relief on a percentage of your electricity, heating, internet, or equipment costs.
  
  Keep receipts for health-related expenditures for you (and your children), and you could claim a percentage of those costs back from Revenue. You might also be able to claim back on tuition fees, and dental fees.
  
  If you’re renovating or improving your home’s BER, familiarise yourself with the grants available through the Sustainable Energy Authority of Ireland.
  
  If you are planning on improving or extending your home, we could help you finance it with a home improvement loan of up to €150,000. Comhar Linn provides competitive interest rates, quick loan turnaround and hassle-free loan process, with member-friendly terms & conditions!

• Review charges and subscriptions.
  Do you really know what subscriptions you have? It’s remarkable how they multiply! Now is a good time to list what they are and what the recurring charges are.
  
  Turn off automatic billing on any service you don’t use much, or set a reminder in your calendar a few days ahead of the next annual billing to give you time to consider if you really want to renew the subscription.
  
  Are you getting the best deal from providers? There are always attractive switcher deals on offer from the major suppliers of electricity, gas, mobiles, TV etc. Check out up-to-date comparisons on bonkers.ie or CPCC.ie
  
  It’s also worth comparing your financial service providers to ensure you’re getting the best deal (again, do remember to read the small print!). Did you know that you could save €48 a year with our Current Account?
  
  At the moment we’re offering ZERO maintenance fees* on our award-winning Current Account for 12 months. Afterwards, the fees and charges are highly competitive & transparent.
  *terms & conditions apply.
  
  

If you would like to learn more about any of the services mentioned in this article please contact us on: 01 873 1101 or info@intocreditunion.ie

You might enjoy some other articles in our Financial Wellness series:

Your Financial Wellbeing Guide

How to spend less on living expenses

Save Money on your food bills

Could you recoup your home improvement costs?

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In summary, the article above contains tips on improving your finances, including:

1. Establish your financial goals.
2. Prioritize those goals.
3. Create a Budget.
4. Manage your debt more effectively.
5. Maximise your income.
6. Set up Payroll Deduction.
7. Maximise your entitlements.
8. Review charges and subscriptions.