Money Talks: Seven steps to better finances in 2022 

Money Talks: Seven steps to better finances in 2022 

Now that all the mayhem that goes along with Christmas has subsided, this is the perfect time for a serious financial detox! Take the time over the holidays to sit down and consider those all-important figures and take some active steps to review and reset your personal financial goals.

Here are the various areas you should consider reviewing:

Create or review your budget 

Creating a detailed budget is the simplest way to gain a complete overview of your finances as you will be able to identify where your money is going and what is coming in. 

Creating a budget can also help clear up uncertainty or fear around money. Identify what category you are spending the most in and look at what possible savings you could make to help create a better and stronger savings strategy.

Redefine your financial goals 

Now that you have reviewed your budget, you will know how much you have available to put into savings so you can plan around what you want to do with that money. Maybe you want to save for a dream trip in 2022 or upgrade your car in 2023! 

Perhaps you want to invest in your children’s third level education or save towards a house deposit. You need to think about what savings goals are now achievable for you and put your plan in place.

Review your pension 

If you haven’t reviewed your pension for a while, now is a good time. Perhaps your fund value has dropped or are you even sure that you’re your current fund is the right one for you? 

Engage with a financial advisor and to conduct an in-depth review and help you ensure that your fund is in line with your unique personal circumstances and retirement objectives.

Review your taxes for next year 

Each year when the tax deadline comes around you might be thinking “next year will be the year that I’m going to be more efficient at managing my taxes”, well now is the time to review your whole tax situation and ensure that you are claiming all the reliefs you are entitled to. 

Look at the various ways you can claim more tax back, like maybe topping up your pension.

Review insurance policies 

Having insurance is a responsible and necessary part of life, however, you may find that you are paying for cover you do not necessarily need, or perhaps, that you a

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