Quick tips to save money during covid-19

The latest Bank of Ireland Savings and Investment Index shows that slightly more people were saving regularly in the second quarter of this year amid the Covid-19 lockdown. The study revealed that Irish consumers have poured money into their savings accounts since the beginning of April. The BOI Savings and Investments index also outlines that consumers regarded the lockdown period as a very good time to save. Considering that the vast majority of shops were closed and travel expenses were reduced significantly due to the 5km travel restriction, this helped the savings index rise to its second highest level since 2017.

The lockdown period clearly had a profound effect on the mind set of consumers as about 55% of people now think it is a good or very good time to save, up from just 38% in the first quarter. 32% of consumers felt the lockdown period was a good opportunity to invest compared to 23% in the first quarter. Kevin Quinn, Bank of Ireland Investment Markets, said the challenges and difficulties we have faced as a country in the past quarter have been met with great resilience and it appears that this is reflected in how we view our finances also. Kevin also highlighted the significant increase in our optimism about retirement. ‘’Perhaps a consequence of people having had time and space to reflect on their futures, there has been a growth in optimism about what life can be like in retirement,” he noted.

If you wish to start saving or investing whether it is just trying to get more from your deposits or if you are trying to save for a house, wedding, or your child’s education. We are an independent firm of financial advisors and have agencies with over 11 companies to provide the best options for you.

Talk to us today about getting a better return on your savings: email info@alphawealth.ie or book a consultation.

The Corona Virus- Covid-19 pandemic will change the world forever, I have no doubt about that. As a young child in school I was amazed and shocked by the horror stories while learning about other pandemics throughout history such as the Spanish Flu and other tragedies that had such devastating global effects. I never truly believed that I would ever personally experience another one as I thought such viruses were issues of the past since they weren’t as educated or equipped to cope or deal with them efficiently back then. This whole situation has been a true wake up call to never take anything for granted again and to appreciate the finer things in life such as the freedom to leave your home and meet up with friends and family.

A common theme throughout lockdown was apprehension and sadness. All businesses had to shut their doors and thousands of people lost their jobs, myself included. I had never faced so much uncertainty and disappointment in my life as I experienced at the beginning of lockdown. The coronavirus recession loomed as the global economy faced a plunge into unchartered waters. Avoiding negativity seemed near
impossible as we were bombarded with negative news stories every day. Unemployment rates sky rocketed, the ESRI forecasted the property market to drop by at least 12% due to Covid-19 and the stock market plummeted in which was deemed the worst drop since the Great Recession in 2008. The future seemed bleak.

However, resilience proved to be the greatest factor in helping us all survive the lockdown period. This is something that each one of you should be proud of. The last few months have been nothing short of difficult both mentally and physically but we have been disciplined, we adhered to the guidelines, we suffered through the lockdown, and endured the financial hardship. Adapting and overcoming barriers is something we can all resonate with, at Alpha Wealth we have had to readjust and get used to unfamiliar territories. Now we are doing consultations via video call and using a new software to process applications. Going digital seems to be the way forward in the financial services industry and we are finding it to be much more efficient and time effective.

Although it’s a long road to economic recovery, now is the time to start being optimistic and positive again. We must remind ourselves of our resilient nature and our sense of community spirit which was demonstrated in full force throughout the lockdown phase, between local GAA clubs delivering shopping to the elderly and restaurants donating meals to the front line heroes, the Irish truly united. It’s important to remind ourselves of some of the positive news of late.

• Businesses have begun to re-open their doors this week
• Property prices rebounded in May in biggest monthly rise since 2015
• The stock market has put in the fastest recovery from a crash in history

During periods of uncertainty in the markets, Alpha Wealth recognizes that it can be challenging to determine what, if any, action to take. We are committed to helping you navigate market volatility with personalized advice for your long-term, diversified investment strategy. 

We are offering free financial advice and are available to answer any questions, through whatever means are most comfortable for you, including virtually by phone and online.

Three actions to help navigate market uncertainty

• First: Remember that it is seldom beneficial to long-term investment success to react to this type of market movement or try to time the highs and lows. We believe investors should focus on buying high-quality assets rather than exiting stocks during periods of higher volatility. 
• Second: Stay focused on your financial goals. An Alpha Wealth advisor is committed to helping you navigate changing market dynamics, including bear markets (markets in which prices of securities fall by more than 20%)
• Third: Ensure your asset allocations are consistent with your longer-term risk profile and regularly revisit your investment mix with your Alpha Wealth advisor

Lastly, it is in times like these that having a reliable financial advisor can make all the difference in keeping you and your financial goals on track. Our advice: Stay focused on your strategy and reach out to your Alpha Wealth advisor with any questions or concerns about market volatility. We are available through whatever means are most comfortable for you, including virtually by phone and online Book your consultation today.