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5 Practical Steps to help bring your financial plan to fruition.

The start of the year is generally a good time to focus on implementing better money management habits. In particular it is a good time to get your Financial Plan in order. In a recent article from Irish Life (2018) titled ‘Time for a Financial Plan?’ they identified 5 practical steps to help bring your financial plans to fruition. Those steps include the following

  1. Start by taking stock of what money comes in and out of your bank account including what you earn, spend, save and invest (including any payments to your pension). Look at what assets you own including any equity in your home, investment and pension assets, jewellery etc. Take account of any debt that you have and from there calculate your net worth.
  2. When you set financial goals, you need to be realistic about how your future plans will be supported financially. You may need to prioritise your ambitions/goals and make some tough choices about what matters most.
  3. Do your research and give your goals an accurate price tag and assume that the costs will increase over time. Its only when you know how much you need that you can work out the best way to get there
  4. Look at ways to make and save money. If you have money in low interest deposit accounts consider how investing it elsewhere might work for you.
  5. Talk to an expert; Consider speaking to a financial advisor who can help you create a plan that looks after your short term needs and long term goals with practical steps and realistic milestones.

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