r/irishpersonalfinance Jul 17 '22 Wholesome Silver Gold Platinum Helpful

Retirement Irish Personal Finance Flowchart ~ v2.1

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394 Upvotes

r/irishpersonalfinance Sep 21 '22 Helpful

Claim Your Flair Celebrating 20'000 Members - Finance Professionals: Claim Your Flair

50 Upvotes

In celebration of reaching 20'000 members, r/IrishPersonalFinance will begin to offer verified user flairs to finance professionals within the community. If you're a fully qualified professional, or a student studying a finance-focused concentration that would like their role advertised within the community, then please see this link for more information on how to get verified: Irish Personal Finance - Verified User Program


r/irishpersonalfinance 12h ago

Employment Redundancy

23 Upvotes

I’ve been made redundant on the spot and I’ve been advised I’ll be collecting this through social welfare as the company has gone into liquidation.

Any advice on what I should do? I was employed just over 5 years.


r/irishpersonalfinance 1h ago

Investments Pension capital losses when leaving employer < 2 years

Upvotes

I left an employer in under 2 years and I will be receiving all my contributions towards the pension. For this I will pay a 20% tax.

The problem is the fund Zurich had is down almost 20%. Can I register that as a capital loss?


r/irishpersonalfinance 6h ago

Savings EV car energy provider

4 Upvotes

Hey, buying an EV and looking at energia as they offer charge point. Any one went with someone else?


r/irishpersonalfinance 6h ago

Retirement Special contribution in Exec Pension

3 Upvotes

Setting up a new pension, there is an option for a one off special contribution based on "Service to date"

Does this need to be contributed when the pension is set up initially?

Or would it also be valid to contribute it anytime before end of 1st company year?


r/irishpersonalfinance 12h ago

Savings Pension advice

9 Upvotes

I'm 27 and I want to begin my pension. I recently accepted a grad position in Dublin (late bloomer!) but that doesn't commence until next year. My question is, if I start the pension now in my current role, can I transfer that to the new company when I start the new role? Or am I better off waiting the few months and start it with the new firm? I can't exactly query this with the payroll people at work because no one is aware that I am leaving yet.


r/irishpersonalfinance 1d ago

Employment My girlfriend's paycheck was lacking few hours and three weeks later the company still hasn't sent the missing despite promising to send it and the pay being weekly.

29 Upvotes

To who should she report this to? She reminded herself numerous time to numerous people and still nothing


r/irishpersonalfinance 9h ago

Banking How to build a credit rating

2 Upvotes

Im living and working in Ireland. Having some difficulty establishing and building a credit rating.

I came over from England 1 year ago where I have excellent credit score. I've applied for credit cards with banks in ROI, and very small personal loans just to start building credit, but all have been rejected. I've heard about small credit builder loans overseas, but can't find any here. Any suggestions please.


r/irishpersonalfinance 1d ago

Investments irish life question

13 Upvotes

So I'm 26 I never went to college, I work in bar's and have a full time job in a call centre(not able to go to college due to family issues)I work two job at 70 hours a week. I'm quite introverted I don't like going out I'm saving alot as I'm living at home and pay my mums mortgae since she cant work @400ish a month. My salary is 25,000 in 1 job the other job is cash in hand 20-30 hours a week and I make 300-500 a week when i can work. So another 20k on top of that all I'm doing is saving. I put 350 a month into irish life investment fund during covid it made a load of money when it started 8-9% but when I check it now its at -5 to -6%. I have an idea on what investment are I obviously can lose the money. My question is can I lose it all if something big happens like what happened in 2008 I have 15k in this investment fund but its only showing I have 14ish. I have to pay for food ele and everything I'm struggling every week to keep up in a 4 person household if I stop the 350 a month, I have as well 2 brothers aswell 1 in school and the other works part time in a hairdresser who give me 100 a month for rent. Is it worth to stop the invest take out what I have till its more stable or to tough it out? My mum gets money from government but goes all into her care its not enough cover abouth 40% ofnwhat she need nurses doc check up and other. I can cash it in and I get 13.5 k but projections are after another 2 years I make 600 euro and after 25 years i make 3k? Is there anything else I can do? Invest in a better fund ? Should I get my savings while funds are so shit and stick it out. Unsure what do tonany idea's?


r/irishpersonalfinance 1d ago

Debt Advice needed re: divorce settlement & mortgage

14 Upvotes

Asking for a friend:

House valued at €300,000 has €25,000 left on the mortgage. Currently monthly repayment €1,000 but interest rate is high ~7%.

He must pay €100,000 in divorce settlement.

He also owes €13,000 in solicitor fees.

He has saved €52,000.

What is the best way to approach paying the €113,000 for the settlement and solicitor fees?

Should my friend pay the mortgage off out of his savings and then try for a new mortgage with a lower interest rate?

Any advice is appreciated. Thanks.

Edit: Thanks for all your help so far.

More info: 56 years old. Earns about €50k per year after tax. 2 dependants costing 100 per week. Don’t want to give away too much details. Instalment plan and paying off the mortgage and solicitor fees with the savings seems to be the way forward.


r/irishpersonalfinance 1d ago

Advice & Support Recently married - can someone please explain to me how "Joint Assessment" works?

4 Upvotes

Hey there,

First of, English isn't my first language so some of the sentences may not make complete sense, I tried to explain everything in as much detail as I could, hope I get the point across.

So, like the title says, we recently got married and also updated our civil status on Revenue to married. When updating the status we selected to have "Joint Assessment", as that was mentioned to be the best option for most people. I was today looking around on the Revenue site and noticed that we can already manage our tax for 2023. There I found an option to to divide Tax Credits and Rate Band, this is where I got lost and the confusion kicked in.

I (mostly) understand the Tax Credits part but the confusing part for me are the Rate Bands. For 2023, the Rate Band (for married couples) is 49k + 31k = 80k Total. Can someone explain to me how the Rate Band is divided between the 2 people? Both my wife and I are full time employed, we earn 37.4k and 44.5k (total 81.9k).

My understanding, and please correctly if I'm wrong, was that we are taxed together. Meaning that Revenue combines our salaries, taxes everything up to 80k with 20% and the balance (in our case 1.9k) at 40%. I thought the balance would be divided equally between both partners, in our case 1,900 / 2 = 950 at 40% for both.

But now, on the Revenue site, I came across this option to divide Rate Bands, by default is gives me (I am the assessable spouse) a Rate Band of 49k and to my wife 31k. This would mean that my whole salary of 44.5k would all be taxed at 20% (4.5k unused from the rate band) and my wife's salary of 37.4k would be taxed with 31k at 20% and the balance of 6.4k at 40%. Is this correct? Because if it is, this default option doesn't really make sense.

There is also an option to equally divide the Rate Band, but this also doesn't make sense as then my wife would have leftovers in her half (2.6k to be exact) and I would be taxed 40% on my balance (4.5k).

The third option that is listed there is to manually divide the Rate Band. The Revenue site offers an option to enter estimated annual income for both partners, when I enter our yearly salaries it makes a suggestion on how to divide it. If suggest to allocate 46,750 to me (more than my salary, which means I would have 2,250 leftover) and 33,250 to my wife, which means that she would be taxed 40% for the balance of 4,150. That suggestion also doesn't really make sense to me, maybe I'm missing something?

Can someone who knows how it works explain to me what we need to do now? When I think about neither of the options makes sense, as it would always leave one partner taxed heavily in with the higher band (at 40%), while the other has spare in their allocation. Should we make any changes, do we need to divide it, or should we just leave it the way it is and let Revenue do its magic and hope we don't be ripped off/ overtaxed?

Thanks everyone for any explanations or suggestions.


r/irishpersonalfinance 1d ago

Investments Investing in stocks in USD/GBP or euro?

3 Upvotes

My plan is to invest in 3/4 investment trusts/stocks in USD and GBP for the next 5+ years. I have noticed the fx impact is quite high on some of these investments recently diminishing any returns. Is this something to be mindful of? Is it worth my time buying the euro alternative in conjunction with USD to hedge any fx impact? I could be misconstruing fx entirely, if so apologies!


r/irishpersonalfinance 1d ago

Investments Zurich Pension Fund Options

4 Upvotes

Good evening all - Anyone on here with a pension with Zurich able to chime in on what fund selections you prefer?

Currently in the process of getting set up with Zurich and looking to see what the general consensus out there is.. I've had a look at Zurich's own Prisma AAA range - Prisma 5 would be my fund of choice (I'm in mid 20s), and I like the asset allocations over Prisma Max, the only reason I'd consider otherwise is the 1% management fee..

Are others on here primarily invested within the Prisma range or are other fund selections preferred?

Any responses would be much appreciated.

Thanks in advance.


r/irishpersonalfinance 1d ago

Investments Investing in stocks with USD/GBP or Euro?

3 Upvotes

My plan is to invest in 3/4 investment trusts/stocks for 5+ years. I recently have noticed the little gains I had achieved on stocks were diminished by fx having bought USD listed stocks. I have contemplated moving a few investments to their euro alternative.

Is this a valid concern or should I set and forget? Alternatively I could buy in both currencies to hedge any fx impact or is this a waste of time?


r/irishpersonalfinance 1d ago

Savings Should DCA savings into index funds?

3 Upvotes

So I’ve been saving into an An Post account since I was a child (birthday money confirmation etc.) and it’s currently sitting there for years as I’ve no planned expenses (have car college paid etc.)

I’m currently 21 and in an internship for my 3rd year of college and considering the current economic climate would it be wise to dollar cost average into an index as sitting in a savings account with current inflation is almost dead money…

Any help would be appreciated!


r/irishpersonalfinance 1d ago

Advice & Support Travel Grants for Postgraduate Students in Ireland

1 Upvotes

Hiya - if this isn't the correct sub I'd love any advice on where else to ask!.

I'm a PhD student from Louth studying with a university in the UK. Several of my colleagues who are from the UK have been able to seek financial support from their local council council or regional equivalent for things like travel grants to scientific conferences or training courses that they otherwise wouldn't be able to afford with their PhD stipend or research grant - not major money (always less than a grand) but enough to make a difference when you're on a PhD wage. Has anyone got any experience or advice for doing this in Ireland?


r/irishpersonalfinance 1d ago

Advice & Support New mortgage

1 Upvotes

Just took out a mortgage recently. 200k over 30 years. Repayments every week aren't too expensive.

Hopefully retiring in 25ish years. Any tips to knock a few years off this mortgage?


r/irishpersonalfinance 1d ago

Property Being abroad and mortgage application

1 Upvotes

Hi,

I plan to be abroad for 3 months next year before applying for a mortgage. I'll be working remotely from abroad while being employed in Ireland.

Would this be a problem for my mortgage application?


r/irishpersonalfinance 1d ago

Debt PTSB Mortgage Cashback - Anyone gotten this and know how long it took them to give you it?

6 Upvotes

Am in the closing straights of a remortgage with PTSB and am getting 2% cashback upfront. they say they have 40 days to pay you it. Has anyone who's been through this with them any memory as to how long from when funds issued for the mortgage to the 2% hit your bank account?

Understand it won't be exactly the same, but an idea is all i'd like so I can tell the wife ha


r/irishpersonalfinance 2d ago

Advice & Support Mortgage advice

16 Upvotes

I have a 30year mortgage with Start with 14 years left . The outstanding is € 60,000 and my house is worth approx €250-€300k. We have never missed a payment. I had no mortgage protection or life insurance and two years into the mortgage I got seriously ill and had to stop working. Due to ill health I cannot work . Is there anyway I can get a new mortgage for the remaining amount at a lower rate? ( Start mortgage rate is 6%) thanks in advance for any advice.!


r/irishpersonalfinance 2d ago

Banking PSA: Tried to open a current account today with EBS with all required documentation only to be told at the branch I need to make an appointment and the next available one is the middle of January.

39 Upvotes

An appointment to open a current account and can’t do it online.


r/irishpersonalfinance 2d ago

Advice & Support Pension tax relief for previous years

7 Upvotes

So, I've finally come around to sorting my pension, and feeling like an utter fool for not doing it before.

Moving on, can I make an AVC and claim relief on it for any of the previous few years? PAYE worker with no contributions up to this point.


r/irishpersonalfinance 2d ago

Savings Does it matter if you have all savings in one account (house deposit, random holidays, etc) ?

4 Upvotes

I have a single savings account.

There are records going back a year of me adding between €1,000 to €1,400 on a monthly schedule into it.

It's mostly for a house deposit but it's also what I'll use for holidays next year for example. Or if I needed to buy a car.

In the eyes of a mortgage lender is that a bad idea? Should i have another separate account just for a house deposit with no record of even taking a cent out of it?


r/irishpersonalfinance 2d ago

Advice & Support Is it time to move away from a tracker mortgage to a fixed rate?

3 Upvotes

I’m on a tracker. With recent interest rate hikes does it make sense to stay on a tracker if there will be more increases? Are there any incentives to move? Currently with AIB. Thanks in advance for any insights.


r/irishpersonalfinance 2d ago

Retirement 27 - 20% tax on current pension fund for cash? or carry over to new employer pension fund?

2 Upvotes

Looking for some advice on this. I'm not looking for a decision to be made for me but would appreciate input from anyone with more of an understanding of pensions.

Pension fund is only about 10,000

My previous employer made contributions, however, I left for pastures new a while before the cut off so didn't gain any of those contributions (had to be paying in for 24 months)

Option 1 - take the 10k with 20% tax for my own personal use to put toward a deposit for a home for instance or other investment opportunities.

Option 2 - Carry this over to my new employer based pension fund.

I seem to be able to justify option 1 as it may be useful as a deposit even with the 20% hit.

Having more difficulty justifying option 2 as in my head unless In a riskier pension fund, if the 10k doesn't appreciate in value in said fund (not guaranteed either way) it would be pretty worthless once I reach retirement age, with inflation and fees etc.

Any more insight on why I should go with option 2 and not option 1?


r/irishpersonalfinance 2d ago

Taxes Any tips for navigating finances with 2 businesses and a job.

2 Upvotes

This is something probably suited for a discussion with an accountant but I'm curious as how to navigate my finances. I run a web development/design business (sole trader) as well as that I am a technical co founder of an app and we're looking to register the business for as a private limited company. On top of this I occasionally do some contractual work. How do I go about being savvy with taxes and business expensing things?