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Teaching your children about money

Teaching your children about money will help them pick up good habits for the future.  We have pulled together some helpful steps so you can show your children how to make smart money decisions:

Step 1- Keep it fun

A great way to help children get started is to have three jars with the following labels:

●          Spending – for buying something now.

●          Savings – for a saving goal – such as a toy, book or sports jersey. Explain why it is important to save. Help them work out the cost of the item they are saving for and how long it would take to save for it, based on how much pocket money they get.

●          Future – this is money that is put away and can’t be touched until an agreed time in the future, such as summer holidays. Teaching your child to put a little away for a rainy day is a good way for them to be prepared for what might happen in the future.

Every time your child receives money they can decide how much they would like to put into each jar. Over time your child will begin to understand how to manage money and will be ready for the next step, opening their own savings account.

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Welcome to our Budget 2015 Summary

1. Pensions

The pension changes outlined in the Budget and current relevant rules are as follows:

Pension Fund Levy

The Pension Fund Levy will continue in 2015 at the rate of 0.15% as confirmed in last year’s Budget. Minister Noonan has confirmed the levy will cease after 2015.

This is encouraging for all those who hold private pensions and should ensure greater certainty in retirement funding.

Standard Fund Threshold (SFT)

The Minister did not mention in his Budget speech a change to the SFT of €2 million.

Those individuals with pension rights in excess of the SFT of €2 million as at 1 January 2014 have until 2 July 2015 to protect the capital value of those rights by applying for a Personal Fund Threshold (PFT) up to a maximum of €2.3 million. Individuals who already have a PFT will retain that PFT and do not need to take any action.

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Tax-saving opportunities for the Self-employed

If you are self-employed you must calculate your tax liability and make a payment by 31st October 2014 (13th November if registered with ROS) in respect of your:
 
1. Final Tax Assessment for 2013;                                              2. Preliminary Tax for 2014.

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Savings Tips

1. Setting a savings target right at the beginning will give you something to aim for and a better
chance of achieving your goal. But make sure your target is realistic. Not too much, but more importantly not too little.

2. You should try to build up a savings pot of at least three months’ salary, so you’ll have enough money

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Save up to 41% with Tax efficient life cover.

Chances are you were never informed that you can save up to 41% on your life cover. This is one of
the best kept secrets in the insurance world.

We all know taking out Life Cover is a good idea…

But sometimes with all the other demands on your income such as mortgage payments, utility bills, holidays, school fees, the weekly grocery shop… it can be hard to see how to budget for Life Cover. However, there is a solution available that delivers the peace of mind that comes from knowing that these expenses can be covered should you die. In fact, it can cost up to 41% less than a regular Term Assurance policy.

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Protection Cover for Cohabiting Couples

The trend for couples to co-habit, rather than marry, has become increasingly more common in Ireland All other cohabiting couples are still treated as strangers for Inheritance and Gift Tax purposes. The stranger threshold for inheritance Tax is €16,750 (Feb 2012). Inheritances in excess of €16,750 are subject to tax at 33%.

Will you have to pay inheritance tax on the death of your partner?

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New parents

 

Very few first-time parents are taking out or reviewing their life insurance policies. And that could be a terrible mistake.

First-time parents are taking a big gamble, many not taking out life insurance or reviewing their existing protection in preparation for the birth.

What’s perhaps most alarming is that it’s not simply a matter of cost. In fact, pre-baby spending is up with many admitting they had bought things they don’t need or use.

So why is ignoring life insurance such a potentially costly mistake?

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