Tips for a financially healthy summer

Preparing for a Financially Healthy Summer: Tips for Primary School Teachers

The summer season provides teachers with an excellent opportunity to take a little time get your finances in order. As a member of Comhar Linn Credit Union, you have access to a variety of resources and support systems that can help you achieve financial wellness.

Here are some practical tips to help you manage your finances this summer.

Review Your Budget

The first step in getting your finances in order is to review your budget. Take a close look at your income and expenses over the past year. Identify areas where you can cut back or where you might need to allocate more funds. Summer is a great time to adjust your budget to better reflect your current financial situation.

Comhar Linn's Budget Account facility is an efficient, stress-free way of managing your bills. We offer a personal one-to-one service whereby we plan your monthly and annual outlay together. Our Budget Account service guarantees your bills are paid on time, giving you peace of mind that you're on top of your finances & are prepared for a rainy day.

Tips:

• Use budgeting apps or spreadsheets to track your spending. Comhar Linn's downloadable Budget Planner
• Set realistic financial goals for the summer and beyond.

Allocate some funds for leisure activities to ensure you enjoy your break without guilt.

Plan for the Future

With the school year behind you, take advantage of the quieter summer months to plan for your financial future. This could include setting up an emergency fund, planning for retirement, or saving for a big purchase.

Tips:

• If you don’t have an emergency fund, start one now. Aim to save at least three to six months’ worth of living expenses.
• Set up automatic transfers to your savings account to make saving easier.
  One of our most popular and most beneficial services that our members have signed up for with Comhar Linn is Salary Deduction at Source
• Manage your finances better and achieve your long-term savings goal - save for a deposit for your forever home, a family holiday, your annual car tax and insurance or just simply to have access to savings for a rainy day!
• Discipline yourself now and reward yourself later with our Salary Deduction at Source service; it’s a painless way to save! It doesn't cost anything to set up, money is transferred to your Comhar Linn Savings or Loan account every fortnight (as soon as you're paid!), and it's flexible meaning you can change the amount your saving per payslip at any time. 
  
  

Reduce Debt

If you have outstanding debts, summer is an ideal time to create a repayment plan. Reducing debt can significantly improve your financial health and reduce stress.

Tips:

• List all your debts, including credit cards, student loans, and personal loans.
• Prioritise paying off high-interest debt first.
• Consider rolling your multiple expensive debts into 1 easy-to-manage repayment to Comhar Linn with our Consolidation Loan.
  This Comhar Linn product is ideal for members who are finding it difficult to manage multiple loans with multiple repayments. Or, for those who have a high balance outstanding on their credit card even though they’re repaying it every month. Our consolidation loan could reduce the amount you repay overall and could shorten the term of those debts.
  
  

Educate Yourself and Your Family

Financial literacy is crucial for long-term financial health. Use the summer to educate yourself and your family about money management.

• Join your family members & they too can avail of the many member-friendly products & services offered through Comhar Linn.
• Read about fraud prevention tips in one of our many helpful blog posts.

Tips:

• Read books or take online courses on personal finance. Check out Comhar Linn's easy-to-follow blogs for guidance on financial management.
• Teach your children basic money management skills, such as saving and budgeting. Remember, they learn by example!

Plan for the Upcoming School Year

Before the new school year starts, ensure you’re financially prepared. This might include setting aside money for classroom supplies, professional development, or other work-related expenses.

Tips:

• Create a back-to-school budget for supplies and other necessities.
• Look for discounts and sales on items you’ll need for the classroom.
• Consider using a portion of your summer savings to cover these expenses, so you’re not caught off guard when school resumes.

The summer holidays are a time for relaxation and rejuvenation, but they also provide a valuable opportunity to focus on your financial wellbeing. By taking these steps, you can ensure that you’re financially prepared not just for the summer, but for the future. Remember, Comhar Linn is here to support you every step of the way. Make the most of your membership benefits and take proactive steps towards achieving financial health and peace of mind.

Enjoy your summer, and take the time to invest in yourself and your financial future!