Aiming to save for a big purchase, build a stronger investment portfolio or create a safety net for the future? Having a clear strategy is essential. Here’s how you can set yourself up for financial success this year.
The first step to reaching any goal is defining it. Ask yourself, what do you want to achieve financially in 2025? Your goals might fall into one or more of the following categories:
Write these goals down and make them specific. For instance, instead of saying, “I want to save more,” say, “I want to save €10,000 for a house deposit by December 2025.”
Once you have outlined your goals, take a step back and evaluate where you currently stand financially. Understanding your starting point is important for developing a realistic plan.
Book a free investment consultation with the askpaul team to understand your options.
Book a free mortgage consultation with the askpaul team to get your options assessed.
Now that you know your goals and where you stand, it’s time to create a roadmap. A solid financial plan involves setting priorities, creating a budget and investing wisely.
You may not be able to tackle all your goals at once, so rank them based on urgency and importance. For example, building an emergency fund might take precedence over saving for a holiday.
A budget is your financial success blueprint. Use the 50/30/20 rule as a guideline:
Create a budget that works for you and find ways to stick to it for the most success.
Investing is key to growing your wealth, but it requires careful planning.
Consider:
Ireland’s financial landscape is complex, with various rules, reliefs and exceptions that can impact your plan.
Contributions to approved pension schemes may qualify for tax relief, making them a smart choice for long-term savings. Additionally, Budget 2025 introduced changes that increased tax relief caps, allowing higher contributions to pensions while maximizing tax efficiency.
You have more flexibility to transfer wealth to family members without triggering capital acquisitions tax (CAT) at the 33% rate with the increase in the CAT threshold introduced during Budget 2025. For many families, especially those with valuable property, this provides a greater buffer before substantial tax liabilities kick in.
Understanding these rules can significantly boost your financial progress. If navigating them feels overwhelming, consider booking a financial planning consultation and we’ll help you create a personalised plan, provide insights into tax-efficient strategies and recommend investment opportunities based on your goals and risk profile.
For business owners, tailored advice can be even more critical. A business owner consultation can address needs ranging from setting up employee pension schemes to business exit planning.
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