As we approach the end of the year, it’s crucial to take a comprehensive look at your financial landscape. This guide will help you navigate the key financial considerations specific to the Irish market, ensuring you’re well-positioned for the year ahead.

1. Review Your Tax Situation

Personal Tax Credits and Reliefs

  • Check your tax credits on the Revenue Commissioners website
  • Ensure you’ve claimed all eligible tax reliefs, including:
    • Earned Income Tax Credit
    • Home Carer Tax Credit
    • Medical Expense Tax Relief

Tax-Efficient Savings

  • Maximise your pension contributions before the year-end deadline
  • Consider the benefits of Additional Voluntary Contributions (AVCs)

2. Savings and Investments

Irish Savings Landscape

  • Review the performance of any existing investment policies.
  • Consider investing accumulated savings especially if these funds are not required in the short-term.
  • Talk to a financial adviser about the different types of investment products available – you can invest from as little as €100 per month.

Investment Portfolio Assessment

  • Rebalance your investment portfolio
  • Review the performance of your:
    • Pension funds
    • Personal Investment Accounts
  • Consider the tax implications of any investment gains

3. Debt Management

Mortgage Review

  • Assess your current mortgage rate
  • Compare rates across Irish lenders
  • Consider the potential benefits of switching or restructuring
  • Check eligibility for any government mortgage support schemes

Personal Debt

  • Consolidate high-interest debts
  • Create a repayment strategy
  • Explore debt management options with your financial institution

4. Insurance and Protection

Life and Health Insurance

  • Review your existing coverage
  • Ensure your policy meets your current life stage requirements
  • Compare providers for potential cost savings

Income Protection and Critical Illness Cover

  • Assess your current level of protection
  • Consider the impact of recent life changes
  • Explore options tailored to the Irish market

5. Emergency Fund and Budgeting

Financial Safety Net

  • Aim to maintain 3-6 months of living expenses in an easily accessible account
  • Review and adjust your emergency fund based on current circumstances
  • Consider high-yield savings accounts for better returns

Budgeting Review

  • Analyse your spending patterns over the past year
  • Identify areas for potential cost-cutting
  • Use Irish-specific budgeting apps and tools

6. Retirement Planning

Pension Health Check

  • Review your pension contributions
  • Assess the performance of your pension fund
  • Consider additional voluntary contributions
  • Understand the tax benefits of pension savings in Ireland

Long-Term Financial Goals

  • Align your current savings with retirement objectives
  • Consider consulting a financial advisor for personalized strategies

7. Property and Wealth Management

Property Investment

  • Review the current Irish property market trends
  • Assess your property portfolio
  • Consider potential tax implications of property investments

Wealth Transfer and Estate Planning

  • Review your will and inheritance plans
  • Understand Capital Acquisition Tax (CAT) thresholds
  • Consider potential inheritance tax strategies

Conclusion

A year-end financial checkup is more than just a review—it’s an opportunity to reset, realign, and reinforce your financial strategy. By taking a holistic approach and staying informed about the Irish financial landscape, you can make confident decisions that secure your financial future.

Disclaimer: This guide provides general advice. For personalised financial guidance, always consult with a qualified financial advisor like Shankill Financial Services who can provide recommendations tailored to your specific circumstances.