The financial pressures of back-to-school season can quickly mount up for many households, just as Christmas spending starts to loom.
“We would often encourage families to use September as a financial reset point, says Stephen Gibney, a qualified financial advisor and partnerships manager at Cornmarket, Ireland’s largest public sector financial services broker.
“After summer holidays and the start of a new school year, it can make all the difference to pause and take stock of your family’s financial health. With some advance planning and a few simple adjustments, the savings can really add up.”
Seven Steps to Saving Money this September:
#1 Create a Christmas budget now
Christmas may seem months away but now is the time to sit down and decide what you realistically want to spend on gifts, food, social events and travel. Breaking that figure into weekly savings targets can make the festivities much more manageable and help avoid relying on credit cards or loans.
#2 Introduce a weekly “no spend” day
A helpful savings tip is to choose one day per week when you commit to spending nothing outside of essential bills. Some households might typically spend €40 to €50 a day on coffees, lunches, small purchases and impulse spending. By putting that money aside once a week instead, you could have a useful Christmas fund by December.
#3 Review your health insurance
Many people are unaware that they could be overpaying for their health insurance. Reviewing your policy each year and making sure it still meets your family's needs could lead to significant savings. In some cases, families can save over €700 annually by simply switching their plan or provider.
#4 Shop once, not five times!
When it comes to grocery shopping, it pays to plan meals in advance and concentrate on one weekly shop rather than several supermarket trips per week. This approach helps reduce impulse purchases and unnecessary spending, while allowing families to take advantage of weekly special offers.
#5 Make use of Revolut RevPoints
If you are a Revolut customer, it is worth taking full advantage of RevPoints. Loyalty points can be accumulated through everyday spending and redeemed for rewards, gift cards, travel benefits and discounts with participating retailers. Although small individually, these rewards can add up over several months.
#6 Save a portion of any extra income
If your family receives additional income through overtime, bonuses or children's allowances, consider putting a portion aside. Without a plan, it will easily be absorbed into day-to-day spending. Even small amounts saved regularly can build into a meaningful fund for future expenses such as driving lessons, college costs or other life milestones.
#7 Start investing in your children’s future
A new school year is a great reminder that children grow up quickly. If you are in a position to do so, you could consider a regular savings or investment plan specifically for your children. Unit-linked savings plans can offer long-term growth potential, and starting early allows families to benefit from the power of time.
As with any investments, independent advice is always recommended before deciding on the best financial approach to suit your family’s individual circumstances.
Stephen Gibney is partnerships manager at Cornmarket, Ireland’s largest public sector financial services broker. For further information, visit www.cornmarket.ie
