14 Mar 2017
You know those woeful Wednesdays when you’re stuck in work and nothing is going right? We all have them. You close your eyes and think of your happy place.
Whether that’s seeing the Northern Lights, exploring Machu Picchu, swimming with dolphins in the Bahamas or watching the great migrations of the Serengeti, we all have a bucket list.
But the thing is – with a bit of planning and foresight – you can make those dreams a reality. Here’s our guide to making the most of your money now as well as planning for the future.
1. Invest in yourself
It’s never too late to consider getting extra qualifications through online courses or part-time study. A study in the UK showed that university graduates earn, on average, €247,000 more over the course of their career more than non-graduates. A Master’s degree can add another even more on top of that.
If academia is not your cup of tea, there are still plenty of skills you can learn that can help you save money. Learning DIY skills means you won’t have to call in a tradesman every time something goes wrong at home.
Of course you can also educate yourself on investments to maximise your returns. A quick chat with EBS about your options could see you relaxing on a beach with a cocktail a lot sooner than you imagine.
2. Mind the pennies
There are lots of little savings we can all make without making too much of a difference to our standard of living. If you cut out a €3 coffee every day, that’s €60 a month or €720 a year. In ten years, that would be an incredible €7,200 – which would pretty much cover any trip you could imagine.
If you made lunch three days a week instead of buying one for €6, that’s another €864 per year.
These two saving tips alone could net you nearly €1,600 per year – or €16,000 over ten years. That’s a lot of boxes covered on any bucket list.
Of course, after making these savings you need to put the money somewhere so you don’t fritter it away again. Why not consider a regular saving account from EBS to maximise your returns?
Imagine how sweet it’d feel to be cruising down the road in a dream convertible?
3. Consider your commute
69% of people in Ireland drive to work – spending an average of 27.5 minutes in their car and travelling an average of 5km each way. Did you know though that every kilometre you drive costs you at least 60c when you factor in insurance and tax as well as fuel?
There’s a money-saving guru called Mr Money Moustache who calls a bicycle “the world’s greatest ever invention”. That might be a bit much – but let’s imagine you are the average commuter and you cycled to work just three days a week.
That’s 10 kilometres a day – saving you €18 per week. That’s €936 a year of a saving – not to mention the health benefits of cycling. You could also drop the gym membership – saving hundreds more every year.
Again, you need to make sure you put those savings somewhere safe. We’ve got you covered.
4. Take advantage of good health
Irish mammies have been telling us for years that “your health is your wealth” and do you know what? They were right all along! Apart from the fact that being healthy increases your chances of being able to fit in all your bucket list dreams, it also has a significant impact on your finances.
You should also consider income protection to cover yourself in case you are unable to work due to illness or specified illness cover to insure against the most common conditions.
20% of Irish people still smoke. If you are one of them – smoking 20 cigarettes a day – you are literally setting fire to €4,124 a year. You are also more prone to infections and illnesses and paying a premium of at least 25% on your life assurance.
Ten years off the smokes and you could afford to cruise around the world on the QE2 for the guts of a year. Seems worth it!
5. Get pension planning
If you are holding off on starting your bucket list until after you retire then you’d better start planning for that now.
The earlier you start saving into a pension the better. If you start a pension at the age of 30 with the intention of retiring and having 40% of your final salary as your pension, you’d have to contribute around 22% of your salary.
If you put starting the pension off until you were 50, you’d need to pay around 60% of your salary. That’s a big difference that could have a serious impact on your life!
Book your financial planning meeting today
Why not book your free financial review with EBS now, and we’ll help you make those bucket list dreams a reality. Whether it’s planning your pension, for a sports car or the Caribbean – we’re here to help.
The content of this blog is expressed in broad terms and is limited to general information purposes only. Readers should always seek professional advice to address issues arising in specific contexts and not seek to rely on the information in this blog which does not constitute any form of advice or recommendation by EBS d.a.c.
EBS d.a.c. neither accepts nor assumes any responsibility in relation to the contents of this blog and excludes all warranties, undertakings and representations (either express or implied) to the fullest extent permitted under applicable law.
EBS d.a.c. is regulated by the Central Bank of Ireland.
Life Cover, Specified Illness Cover and Income Protection are provided by Irish Life Assurance plc. EBS d.a.c. is a tied insurance agent of Irish Life plc for life insurance products. Irish Life Assurance plc is regulated by the Central Bank of Ireland.