Conor Murray • 04 Sep 2019
Back to School – one less headache!
Whatever happened to going back to school on 1st September?
The sight of schools re-opening as early as the 3rd week in August can only mean the early signs of Autumn are on our doorstep! September brings plenty of challenges in terms of back to school costs for parents but it also brings with it a return to daily and family routine!
The start of a new school year does tend to focus the mind and for many it is mentally noted as the actual start of a New Year. This start of a New Year can also bring with it a “to-do or wish list” or indeed a host of New Years’ resolutions and September is an ideal time to make plans for your financial future or review existing arrangements
Whatever financial situation you may find yourself in, speaking to a financial professional will help relieve some of the burden. Making financial decisions about your life insurance and protection needs is important and you don’t have to do it alone. Your financial adviser will have seen it all before and can use their experience and industry knowledge to assist you in resolving your financial situation.
If you find yourself in the fortunate position of having a surplus of income over outgoings your financial broker can show you ways to maximise this money’s potential and make your income secure. Equally, they can suggest ways in which you can reduce your outgoings yet still protect your lifestyle. So, now is the time to take stock and make a financial promise to yourself. In doing so a fresh financial start right now will make the rest of this school-year so much easier.
There are many individual changes to our daily routine that might just be you following the spring and summer of 2019.
- Are you returning to work following maternity or parental leave?
- Have you decided you finally want to buy that holiday home?
- Are you going to retire and pass the business on to family members?
- Have you decided to avail of a voluntary redundancy opportunity at work?
- Have you kicked that smoking habit for once and for all?
- Is finally setting up that pension plan going to happen this autumn?
Your needs will change as you go through life and good advice leads to peace of mind and good decisions. When you are single, you only need to consider protecting yourself financially. When you get married and have a family, you’ll want to protect them. When you buy a home or start a business, you’ll want to protect your investment and the people you employ. You might just need one type of cover or you might need to mix and match plans to suit you better. Your financial broker will help put in place the correct plan.
The most frequently asked question I hear is – How much cover do I need?
Everyone’s situation is different and when working out how much cover you should plan for, it may be helpful to figure out how much money you or your family would need each month if you were unable to earn an income. You can do this by writing out a simple list of monthly expenses like your mortgage repayments, your groceries, energy bills, childcare and socialising costs. Then, decide how long you want the cover to last, for example, until your children are finished college. Your financial broker or advisor can help you to make these calculations and remember your circumstances will change over time so if you have an existing plan, it might be worth reviewing it this New School Year.