When to Ask for Financial Advice
Life events when you should ask for financial advice
Although it’s absolutely true that some things happen unexpectedly, we can reasonably anticipate other events in order to prepare. Life events can have an impact on your finances if you are not prepared.
For a mortgage
Whether it’s your first home, holiday home, or part of your retirement plan. Everyone will need to have a plan in place when it comes to getting their mortgage ready. Our visual aids can simulate potential savings plans, income(s) & outgoings to show you exactly when you will be ready (and how).
Having a baby
Having a baby is wonderful but is also often one of the most expensive life-changing events in many people’s lives. It starts with pregnancy costs like exams, vitamins, labour & postnatal care if you choose private care. And all the accessories and products such as nappies, wipes, stroller, Moses basket, bouncer, clothes and etc. If you plan to become a parent at some point, you will need a good financial plan in place.
For your wedding or a child’s wedding
The average cost of a wedding in Ireland is €29,812. It is common these days that the cost of a wedding for a child is shared between both sets of parents and the happy couple. If you have more than one child, this could be a very expensive time in your life.
Cost of education
A lot of children after University or college can be left with large debts alongside their degree, where they have taken out student loans to cover fees or even the parent taking out a loan. In 2022 the average cost of putting a child through third-level education is €60,616 with student accommodation and €61,308 with rented accommodation. It stands at €30,544 while still living at home, which is still a hefty fee to cover. Have a look at our article to know what is the best way to save for your children’s education.
Special Occasion Fund
For some key life events such as a child’s 21st birthday or your 30th wedding anniversary, you may wish to plan something special. Such as a dream holiday to America for your anniversary or a new car for your child’s 21st. Having a smart savings plan in place rather than saving in a bank will ensure your fund will grow over time.
All businesses big and small go through tough times, especially in the early years. This could cause you to use personal funds to help your business, and in turn, this can put pressure on family life. A solid financial plan can help you create a better future for yourself and your loved ones and ease the uncertainty around your finances.
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