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Having a child with special needs significantly impacts parents’ personal finances and money. Maybe one parent has to reduce their working hours or stop altogether to become a full-time Caregiver.

This has an immediate impact as a lower salary enters the family household each year, and it has a long-term impact on Carers, who will have a reduced pension in the future.

I always worry for parents when it comes to finances because the more parents struggle with their finances, the less will eventually be transferred into their children’s special needs trust.

Parents can struggle each month to avoid expensive overdrafts, and one unforeseen bill or a medical appointment can put huge stress on their finances.

I have a few suggestions that I hope can help everyone manage their finances a little bit better in 2025.

Automate Everything

The first main point I wish to make is that willpower is overrated and doesn’t work over the long term. It is like going on a diet, and at some point, your weight will yo-yo back up.

Set up standing orders and direct debits to be taken from your bank account the day after your wages are paid in. Create separate accounts and name them Holiday Fund, Nest Egg, Car Accounts, etc.

Just be careful when setting up separate accounts to avoid additional bank charges. If this is the case, then maybe withdrawing cash from your main account and putting the money into envelopes to store in a safe at home might work better.

Balance your bank account every week until you are on top of everything. Then, I recommend going to monthly checks. It is even easier now that you can go online and see your monthly statements.

Add up all your expenses and subtract them from your income. This will quickly tell you if you need to make more drastic changes.

While online banking has many benefits, it also has many disadvantages, as frictionless transactions are now easier than ever. Taking cash out each week and leaving credit cards at home might be better.

It’s worth reviewing regular outgoings, such as TV packages, utilities, memberships, and apps you may no longer use. You may be able to freeze or cancel them if you’re not getting value for them.

Signing up for supermarket loyalty programmes, which allow you to build up points based on your spending and offer discounts, may help you save money on your grocery shopping.

Take action

After trying a few of my suggestions, if you are still struggling to pay down debt, clear your loan, and get on top of your credit card, it might be time to get professional help. The first place I suggest is the government’s free independent service called Money Advice and Budgeting Service.

For more information https://www.mabs.ie/en/