We all hate tax, right? So why do so many of us NOT claim money back from Revenue or use clever investment scheme to invest our hard earned cash?
There a number of ways revenue get you
Your income is your biggest asset, if you consider the average wage according to the 2016 CSO results for a full-time worker being €45,075 over a working lifetime of 43 years (age leaving college to retirement age) is €1,938,225. If you are part of a couple this can jump up to €3.8 million.
That’s a staggering amount of money but we don’t think of our wages in these terms.
Your income is your most important asset. It funds everything in your lifestyle, your house, your car, your food, social life, hobbies etc.
If I gave you 4 million tomorrow what would you do with it? Save it? Spend it?
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We all wish we had more money coming in monthly. By earning even a little extra, you can stop living paycheck to paycheck, pay off your debts, and start focusing on your bigger financial goals. But short of quitting your job and writing the next Harry Potter series – where do you start?
There is a range of ways to supplement your current income, most of which you can do from home. The first step is to identify what skills or assets you have and the time you can commit. From there, the only limit is your imagination. Below are some ideas to get you started.
Most people can tell you that they feel they’re either ‘on top’ of their finances or they’re not. This usually suggests that they’re either able to pay their bills and have a few bob left over each month or they’re living from pay day to pay day.
As a country we have an issue with debt, despite improvement since 2008 Irish Households are still the fourth most indebted households in Europe behind Denmark, the Netherlands and Sweden.
By the end of September 2017 it stood at €141.8 billion. If we take an average that means that every person in Ireland owes €29,592. Every man, every woman, every child. In my opinion, that’s crazy.
We need to break the cycle of debt, and by debt I don’t just mean arrears on your loan or mortgage I’m talking about your personal loans, credit cards and overdrafts!
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One question that I get asked quite regularly is how to tackle credit card debt. It’s easy to fall into the trap of credit card debt as we all like the idea of buy now pay later. And that’s okay if you are paying your credit card balance each month. If you clear the balance due each month you end up paying no credit card interest and not building up debt.
But the reality is a lot of people don’t pay the full balance each month and credit card companies make a serious amount of money.
Here are some smart ways to eliminate your credit card debt.
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1. Budget – first and foremost you need to sit down with pen and paper, or excel, and put down your income(s)* and your outgoings! This will show you how much you have coming in and going out. It should also highlight places you are overspending in!
A personal budget can have a big impact on your life. It doesn’t matter how you create a personal budget (excel spreadsheet, notebook etc) but you do need some way to determine where your money is going each month. The trick is to find a way to track your finance that works for you. The following broad steps can help you create a budget.
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When thinking about this question, there are a few simple questions you need to ask yourself…
Could I live on €12,651 a year?
Do I like paying tax?
Am I comfortable with bank savings interest of 0.5% (source Irishdeposits.ie 8/2/18 on an 18m fixed account)?
