Planning Your Family Finances in Ireland

Family finances shouldn’t be left to chance
In some families, actually a lot of families, finances can be one of the biggest sources of both disagreement and stress. Getting control of your finances, is more than saving a bit of money, it changing habits and thinking differently about your household.
When it comes to family finances, the easiest way I explain it to my AskPaul followers is; you need to consider your house as if it were a business.  Every company needs a certain in flow of cash to operate, as does your household.

Almost everyone knows that a company that has more cost (outgoing) than sales (income) won’t last long and I’m sure we can all agree that the company would be a stressful place to be.  It’s the exact same for your household/home

Let’s look at the similarities;

  • Owners/Directors = Mam & Dad
  • Employees = Kids  (business generally invest in their employees and know the more the train/invest their employees generally the better they become – so perhaps a child education fund is something worthwhile!)
  • Utilities/Cost = same for company and household.  They need to be managed, cut where possible.

The one place the company has a major advantage is that the company has advisors  – financial, tax, legal, accountancy and it also will have monthly if not weekly director meetings around finances.  THIS is key to company success.  This is also key to your household success….
Household, mam & dad, mam & mam, dad & dad, or even just mams or dads on their own (sole traders) need to get advice and support on their finances.

It’s a numbers game
Let’s look at this from a turnover point of view.  A plumber sets up his own business and turnovers over an impressive €100k per annum.  He will have an accountant and financial/tax advisor informing his on how to manage this cash flows’ tax and helping him grow his business.

Now let’s look at a household with a married couple (with/without children) and both are earning 50k per annum  = €100k.  same figures as above but they just motor on being busy with life and spending money, borrowing for cars, holiday etc.  This family might be ok, but they could be great.  With the correct advice and guidance, they could enjoy financial freedom much quicker with some help!

By the way, financial planning for a couple is not rocket science.  Most of the advice I give people is common knowledge.  But just like the plumber above, he could probably figure out his own tax with an app on the internet, however, he hasn’t the time!! Everyone knows that people put their finances on the long finger and most couples don’t talk enough about their finances/plan etc.

Once you start thinking of your household as a business I guarantee you will manage your money is a completely different way!

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