1. Budget

Perhaps the most obvious piece of advice, this is something many people avoid at all costs – literally. But creating a budget is nothing more than exerting your own control over the financial side of your life in a mindful way. Sit down with an excel spreadsheet (or any planner) and enter your costs and incomes, within an hour you’ll be done.

Don’t look at this as an exercise to limit yourself but rather to enable your future self.

2. Save (surprising tip)

Just 50% of Irish people save regularly. If you’re part of the 50% who don’t save regularly there’s no better time to start than the present. It doesn’t mean putting €500 a month away but rather put anything that you can afford away into a savings account. By getting into a routine of saving you can eventually begin to save more and more. Creating a good habit of saving is the hard part.

3. Set realistic goals

Setting high goals seems great in theory but much like a new...

What is Life Cover/Insurance?

Life insurance or life cover pays out a tax-free lump sum if you die during the term of the policy. It’s possible to have single life cover, where only one person is insured, or joint life cover or dual life cover, where two people are insured under the one policy.

Do I need Life Cover?

Like most insurances the answer to that question depends very much on your personal circumstances. For example, if you have no dependents or anyone who relies on your income, then you more than likely do not require life cover. Some people may have cover through work or a pension plan, so they usually do not require additional cover.

If you have dependents or someone who relies on your income such as a spouse, then you more than likely need life cover.

It is always recommended to talk to a financial advisor before purchasing cover so that they can perform a full financial review to ensure you are making the best choice for you.

How much Life Cover do I need?

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Perhaps this is an oddly phrased topic, however, it is important, particularly with all the idealism of a new year, that it is addressed.

Ask 100 people what their biggest worries are, health and money tend to top the list. We all traditionally join a gym, change diets and get moving when we get worried about health, yet we tend to do the opposite with our personal finances!  We ignore, procrastinate, fear and dream about money. Having a good salary does not necessarily mean you are in a state of “financial wellness” either. It is your relationship with money, not the income itself, which makes the differences that will improve your life.

Having a better relationship with your money is financial wellness. Wellness is a new term that is being applied to mental, health & dietary improvements. If you wish to add financial wellbeing to your checklist, here is some low hanging fruit for you to tackle:

• When was the last time we sat down with someone or even...