Everyone needs a financial cushion for when times get tough. Families who have a child with special needs must build up a larger nest egg than is the norm. Over the last few years most families have dipped in to their emergency fund due to illness, redundancy or some unforeseen event. If your nest egg is low or non-existent then it is time to quickly accumulate it again.

There are hundreds of different saving products on the market.* The sad truth is you will find very little difference between each companies offering. There is no saving product from your bank or financial advisor that is going to make you rich. Just do a bit of research and make up your mind quickly. What is important is that you set up your direct debit in to a separate account in your bank or credit union and stick to it.

The only reason I recommend to my clients to postpone a savings plan is because they have personal debt. Let me explain myself, you should rarely try to build your savings if you are paying interest to a bank or credit union for a loan.

Especially if you have money owning to your credit card company!

The logic behind this is you will find that your saving plan will rarely if ever outperform the interest charge on loans. Even if it did you will find that after paying Dirt Tax you would always be better off using your money to clear debts.

Happy savings 🙂

Allan Matthew Cuthbert t/a Financial Wellbeing is regulated by the Central Bank of Ireland to advice on Mortgage,Savings, Life and Pension products