Build a budget
Set up a budget with three sections: essentials, savings, and social. Start allocating money to your essentials first, like rent, utilities, food, transport and loan repayments.
Next, allocate something — no matter how small — to savings. Your first priority should be an emergency fund, and you should think about your own situation (job security, health benefits at work, your personal support system) to determine a comfortable amount.
With the essentials and some savings covered, you can spend the rest however you please. Remember to update your budget periodically, since your financial picture will inevitably change.
Start an AVC
Retirement may seem like a long way away yet, but the earlier you start contributing to your pension, the more options you will create for yourself in the future.
IPFs Additional Voluntary Contribution Scheme for Public Sector employees offers the following benefits:
Full tax relief on contributions at your top rate
Tax-free growth on your savings
A wide range of investment options
Potential AVC Fund Value (€20 gross per week, €12 from take home pay) *
*Assumes 3% growth & higher rate tax payer. Unit prices may fall aswell as rise
It might make sense for you to save some tax now and begin to build a supplementary pot of money for your retirement.
A meeting with a Financial Advisor can help you identify your priorities and build a Financial Plan. To arrange an appointment, you can call 01 8298500 or email email@example.com.