1. Set up a Christmas Savings Account

Setting up a Christmas savings account could be the best thing you ever do! Treat your Christmas savings the same way you would treat an electricity bill etc. Set out monthly targets where you fully commit to saving the same amount each month. In order to do this effectively you must be realistic! Keep within what is manageable for you and start off small with the aim of increasing a little bit every time. Save those small, annoying pennies! Buy a savings jar that you literally have to break to open and save, save, save! You’d be surprised at how it all adds up over time.

2. Get presents early

Ideally you should start buying presents on the 1st of November right after Halloween as this will allow you to relax and enjoy the month of December. This will reduce some of the pressure and stress Christmas can cause and will enable you to spend more time choosing and selecting the perfect presents. Buying presents every month from September to Christmas is cost effective, productive and an efficient use of time. Make sure you make a list of the names of the people you are buying gifts for and how much you plan on spending on each person. This will help keep you keep a clear and focused aim and will reduce the chances of you overspending.

Continue reading “Five Financial Tips for Christmas Savings” →

On October 9, Finance Minister, Paschal Donohoe will allocate a budget package of €3.4bn.

However, as things stand with €2.6bn of that already having been committed to various expenditure measures, it leaves just €800m for allocation.

Whilst the minister has previously stressed that the upcoming budget will put a little into everyone’s pockets, with suggestions this might be to the tune of around €300 per person on average, the chances of spending increases and tax cuts in Budget 2019 will be limited because of the previously agreed budget commitments.

So what can we expect and is this what we want?

From an earnings point of view, it seems that whilst the income tax rates will be kept the same, the bands may be increased, with suggestions from some quarters that they may be raised to as much as €37,000 for a single person and €46,000 for a couple, or single earning family.

Continue reading “What we can expect from the Budget with €800m in play? Article Published by the Irish Examiner” →

If you have €10k-€100k to Invest what should you do with it?

As a Financial Advisor, I generally sense the state of the economy in terms of confidence and prosperity by the number of clients looking to invest monies.  Noticeably this has risen over the past few months and generally, the main enquiries we come across are those looking to invest up to a six-figure sum.  Whilst I appreciate many of you reading this may not have these monies available, it is all relative to the fact that whether it is €1,000 or €1 Million you may have to invest.  Deposit rates are negligible, if you haven’t looked at them recently, check AN Post’s 3-year deposit paying 1% in total.  That is €100 on €10,000 over that period.  Whilst everyone should have an emergency fund in a bank account (generally about 3 month’s pay) to fall back on, it is not really a suitable home for the vast majority of savers in Ireland for larger amounts.  The exception to this is if you need the money within a very short period, that is less than two to three years or if you are elderly or cannot tolerate any risk to the capital whatsoever.

Continue reading “Article by Nick Charalambous Published by the Irish Examiner” →

Bill Gates is one of the world’s richest people, earning about €328 per second.

By the time you read this article, he will have earned about €200,000.

We know how he made his money, as Microsoft is a huge corporation.

You might be thinking that Mr Gates can afford to be wasteful with his money and dry himself with €50 notes, but the opposite is true.

He actually gives away almost all of his income to charity. He has donated €30bn since 1994.

Nonetheless, he remains one of the richest people in the world because he, or more precisely his money manager Michael Larson, manages the wealth extremely well.

We ordinary mortals can follow a few of his strategies.

Continue reading “Tips for managing your money like the incredibly wealthy – A.K.A Bill Gates” →

Financial planning is crucial, especially when talking about our children’s future, writes Nick Charalambous, Managing Director of Alpha Wealth.

Many parents avoid discussing money with their children as they feel they are either too young or immature to understand it.

Parents have a responsibility to educate their children on how to be financially savvy and how to save and spend wisely.

Having spent my first 23 years in London, my financial education may have differed from those in Ireland. In the UK, there are government incentives that assist children when they might require funds.

One is a tax efficient savings plan, called a Junior ISA, and another is a pension for newborns, in which a relative — typically a parent or grandparent — can pay into a pension for a child from birth.

Here in Ireland, many remember the Irish government’s SSIA scheme, a five-year savings plan with a 25% top-up contribution from the Government. This scheme operated around 2001/2 to 2006/7 and was money for jam.

It is estimated that it costs €584 a year to send a child to primary school, and €1,236 a year for secondary school. Third level education costs range between €20,000 and €40,000 per child on average.

Continue reading “How to Help our Children to be Financially Savvy – Published by the Irish Examiner” →

Like the weather we have had particularly in since May I felt it appropriate to talk about things that we cannot control.    As a Financial Advisor, we talk to clients about effecting plans to ensure that they can afford the things they want/need when they need them.  For example: –

• Saving for Retirement so at 60 you don’t have to work
• Saving for your kids to go to 3^rd level education
• Saving for a Mortgage.

There are a lot of things to save for, so start saving!  Easier said than done you might be thinking but imagine if you received €10,000 in 5 years what would you do with it?

This €10,000 could be used for any of the above and would only require you to save about €160 p.m.* (which is not much more than the children’s allowance for 1 child every month).

Continue reading “You don’t have to have a Crystal Ball” →

Did you know……

It is estimated that it costs €584 a year to send a child to primary school, €1,236 a year for secondary school & if you levy third level education costs ranging between €20,000-€40,000 per child on average this is a significant amount of money!

If you have a lot of children, you may have to fund some of the third level education costs by working or going into debt.

Irish consumers face what can be very expensive decisions on many types of Insurances on a frequent basis.  Some of these insurances we are compelled to buy, such as car insurance, mortgage protection and house insurance.  Whilst there are other types of insurances we choose to buy, such as health, illness cover and gadget insurance.  Paying too much or getting inadequate cover can eat up a lot of the household budget and to add to this the Insurance industry in Ireland, unfortunately, is gaining a reputation for not putting consumers first.  The fact that many consumers do not necessarily fully understand what certain insurances are for and may feel pressurised into buying these by advisors praying on their fear exacerbates the problem.  So to start with insurances we are obliged to buy.

Continue reading “Navigating the Shark invested Insurance Industry” →

Negotiate your home & car insurance bills.

Many people including myself have WAY too much insurance! I pay €15 a month for insurance on my iPhone in the event that it breaks or is lost or stolen. Recently, I was barely able to see my phone through all the cracks and instead of using my insurance and sending my phone away to be fixed for free, I decided to bring it to the nearest phone repair shop and ended up paying €50! Why did I do this? Well, because I didn’t really have the time or patience to wait around for my phone to be ready. Realistically I could save up to €180 a year if I didn’t have phone insurance, but the question is do I really want to risk it?

By shopping around, and re-evaluating the different types of insurances you have, you may be surprised at the amount of money you could potentially save. It may also be worthwhile to simply call your insurance companies and ask for a discount. However, I would personally suggest arranging to speak to a financial advisor for a free financial review in order to gain an understanding of how to manage your personal finances.

Continue reading “5 Ways to Help Save You Money” →

1. Others will be more than happy to spend your money

Speaking as a Millennial, I know all too well that there is no Hallmark card to convey “Best of luck when you move away, but this going away party & night out in another county is too rich for my budget”, because it feels tremendously rude to turn down such invites. The early twenties to early thirties seems like a never-ending cycle of birthday parties, going away parties, bridal showers, hen nights, stag nights, baby showers, weddings, boozy brunches, liquid lunches and so on, but all these ‘must go to’ events take a serious toll on your bank account.

So what’s the secret? Other people are more than happy to spend your hard earned money for you!

It may happen to be your brother or sister or even your best friend’s big day that will only happen once in your lifetime, but unfortunately, it’s a day that will happen over and over again. Being part of weddings and going away parties can become a serious threat to your bank account over time, which in turn will lead to borrowing more, using that godforsaken credit card or just simply ignoring the problem until it creeps up on you down the line.

The moral of the story is DON’T DO THE LATTER!

Continue reading “3 Factors the Millennial Generation Needs to Understand About Money in 2018” →

1. 10% of your own contribution towards the purchase price for first time buyers (20% for second time buyers etc)
2. A demonstrated repayment ability through rent, savings and recent loan repayments that are now finished
3. Set property goals realistically: Generally banks will only lend max 3 x times your annual gross salary/salaries
4. Good current account operation and credit history
5. Stable employment and a steady flow of income
6. Suitable mortgage protection/Life Cover and home insurance to assign to the mortgage

Come speak to us to get mortgage ready and ensure you get a first time approval!

Alpha Wealth was delighted to scoop the Social Media Award at the Cork Business Awards 2017 which took place on Saturday 5th November at The Convention Centre of the Clayton Hotel Silver Springs. In its eleventh year, the Business Cork awards nominated organisations across a number of sectors doing business in Cork city and county.  The awards set about to recognize a business which excels in harnessing the latest business thinking to keep them at the cutting whilst sustaining a positive and future-focused business environment

Continue reading “Cork Social Media Award 2017” →

Aldi & Lidl have taken the supermarket industry by storm as they have cut a lot of “fat” over the whole way of branding and distributing their offering.  Individuals like you should have a good financial plan which basically should do the same thing.

Continue reading “Treat your Finances like Aldi and Lidl treat theirs” →

Continue reading “Be Part of the Wearable Revolution” →

The Unlendables

One of our most frequently asked questions here at Alpha this summer has been about Mortgages. Homebuyers are desperate to get on the housing ladder are being refused mortgages because they do not fit the mould defined by lenders in Ireland.

Continue reading “The Unlendables” →

Taking out  mortgages can be a stressful and nerve-wracking time. From trying to get your head around a whole new set of terminology; to finding a broker and the right lender; to deciding on what kind of mortgage rate is most suitable for your financial situation… the list goes on. It’s no wonder that we’re reluctant to revisit our mortgage repayment situation once everything has been settled and put into place.

Continue reading “Should you switch mortgages ?” →