Getting your financial house in order

February 4, 2019

In the fourth episode of the CCPC-sponsored TV show How to be Good with Money financial planner Eoin McGee helped budding entrepreneur Rachel get her dog grooming business up and running in Wicklow.

One of the main areas that Rachel needed help with was separating her business and personal bank accounts and paying herself a regular wage so she could get her finances in order. Our four-step plan on managing your money can help you to take control of your finances and make sure your accounts are in the best shape possible.

In the show Rachel entered into an ad hoc arrangement to buy a van. When her plans changed and she no longer needed it, she ran into some difficulties getting back the money she had already paid towards it. There are some things you should think about before you buy a car and decide on the best way to pay for it and also whether to buy from a private seller or a dealer.

Rachel got a top-up loan to help with setting up her business. Find out about the pros and cons of different types of loans and what your options might be if you are refused when you apply for a loan. It’s also worth having a clear picture about your credit history before you make your application.

If you are self-employed it is important to think about income protection insurance in case you are unable to work due to illness or disability and you should also start thinking about your pension as early as possible. If, like Rachel, you are getting financial advice you should think about the costs involved, what you should ask during a call or meeting and what to think about when choosing an adviser.

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