Plan
Discover the benefits of financial resilience
Financial resilience means you can manage unexpected expenses or those unforeseen tough times w...
Financial planning and security
Save smartly and invest wisely to secure your financial future
What is financial planning?
Financial planning is creating a roadmap for your money. It’s about setting goals, whether it’s saving for a home, paying off debt, or planning for retirement, and creating a plan to achieve them. A good plan balances your income, spending, and savings, preparing you for life’s ups and downs. It helps you make informed decisions and makes sure your money supports your priorities. Financial planning gives you clarity and control. It’s about creating a life where your finances line up with your aspirations, offering peace of mind and a sense of direction.
Being mindful about financial planning
When being mindful about financial planning, keep these aspects in mind:
Insurance
Life, health, home and travel insurance protect you from major financial setbacks.
Providing you peace of mind and financial security.
Diversified investments
Spreading your money across different types of assets reduces your exposure to risk. This can maximise potential returns, and make sure that your portfolio is balanced.
Retirement planning
The sooner you start, the more you can benefit from compound interest. Giving you a comfortable and financially secure retirement.
Plan for the future
Set clear financial goals
Set out short-term and long-term goals for spending, saving, and investing. Short-term goals can be something like saving for this year’s holiday. Long-term goals could include saving for your child’s education. This will help you to build a plan, ensuring you have specific targets to strive for and measure against. See our budget planner
Save for major expenses
Set aside funds for big costs like buying a home or vehicle. Doing this makes sure you’re financially prepared for big investments.
Seek professional financial advice
Review your financial plan to make sure it stays in line with your goals.
Review your financial plan regularly
Consult with financial advisors to get personalised, expert guidance on how best to reach your goals.
Educate yourself and your family
Continuously learn about personal finance to make informed decisions and build a financially savvy household.
Practical tips for effective planning
Create a detailed budget
Track your income and expenses to manage your finances effectively. Doing this allows you to identify areas where you can cut costs and save more. See our budget planner
Build an emergency fund
Save at least three to six months of living expenses, Your emergency fund will give you a safety net that can prevent financial strain during unforeseen events.
Pay off high-interest debt
Focus on paying off debts with the highest interest rates first. This will save you money in interest payments and free up cash for other financial goals.
Invest wisely
Spread your money across different asset classes to reduce the impact of unstable markets, and balance risk and reward.
Automate your savings
Set up automatic transfers to your savings and investment accounts. Doing this means you can consistently contribute without having to think about it.
Plan for retirement
Start paying into a retirement account early. The earlier you start the more you can benefit from compound interest, giving you a comfortable financial cushion for your later years.
Maintain a good credit report
It’s important to maintain a good credit report so to help access future borrowings. Learn more about your credit report.
Review and adjust regularly
Check in on your financial plan regularly to make sure it’s in line with your current goals. Doing this means you can make adjustments as your life and priorities change.
Track your net worth
Regularly calculate your net worth to keep an eye on your financial progress and adjust your plans to stay on track.
Looking to start your pension?
Create a pension plan for the retirement lifestyle you want. Fund your future.
What is financial security?
Financial security means having the money to cover your needs, handle emergencies, and save for the future. It’s about stability, not wealth, and knowing you are prepared for life’s challenges. Financial security comes from smart money management. It’s about budgeting, saving, and planning. It’s having a financial cushion that gives you peace of mind. This could be a savings account, an emergency fund, or investments for the future. It’s not about being rich but about being prepared, so you can face life with confidence and focus on what matters most.
Practical tips for financial security
Establish an emergency fund
An emergency fund gives you a financial cushion for unexpected expenses. This can help you to avoid going into debt when faced with a surprise expense.
Regularly monitor your credit
Keep an eye on your credit report. Doing this can help you to detect fraud early and report any errors that may have occurred.
Create a budget
A well-planned budget helps you to manage your income and expenses. This helps to make sure you live within your means and makes it easier to save for the future.
Keep an eye on your investments
Regularly checking in on your portfolio means you can make changes to keep it in line with your goals and market conditions. This can help you to boost your returns.
Use secure passwords
Protect your financial accounts with strong passwords. Doing this keeps your personal and financial information safe. Visit our security zone and be ahead of the fraudsters.
Educate your family
Teaching your family about financial literacy helps them to make informed financial decisions. This can help secure your collective financial future.
Looking for insurance?
We offer great value insurance for your home, travel and life.
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The information prepared above by Bank of Ireland “BOI” is for information purposes only and does not constitute financial or tax advice. You should seek assistance from a professional if you require financial or tax advice. No liability is accepted by BOI for any errors or for any loss to any person in reliance on this information. BOI believes any information to be correct at 26/06/2025 the time of publishing and the information is subject to change without notice. BOI does not make any representations or warranties in respect of the accuracy of this information and is not responsible for the content of external sites. Please refer to our Terms & Conditions for the use of the Bank of Ireland Group Website for further details. Bank of Ireland is regulated by the Central Bank of Ireland.
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