1. Pre-set savings accounts One of the best ways to save is to set money aside before you get a chance to spend it. Setting up a pre-set savings account through a current account or directly from your wages means that money is put out of temptation of being spent. Many members of St. Joseph’s Irish Airports & Aviation Credit Union can, for example request their employer set an automatic deduction from wages and sent directly into a savings account with the credit union. Plus, of the remaining pay, this can be deposited directly into their upcoming current account at St. Joseph’s Irish Airports & Aviation Credit Union.
2. Employer-based retirement funds In Ireland, employers are required to facilitate staff that wish to take back their taxes to save for retirement. Plus, many employers actually give employees extra money to save for retirement also. Where an employer offers any type of retirement contribution ‘matching’ you should sign up as soon as possible. Most plans allow you to have a percentage of your income taken directly from pay – which an employer may ‘match’ – and have total amount automatically deposited into a group retirement plan. It is important to remember this money is your money and even if you leave your employer for employment elsewhere (there are various rules on access to the money later so it is important to discuss your options in advance). But even where an employer does not offer a ‘match’, the long-term tax benefits are very significant. If you can, opt to contribute the highest amount possible. You’ll not only be building your retirement fund without thinking about it, you’ll be taking advantage of free money to grow your retirement savings faster. A big bonus to group plans is the money comes off your pay cheque before income tax is calculated, which means you’ll pay less tax… and get to keep more of your money each month.
3. Budget Money Management Schemes Most of us do a decent job sorting and managing our monthly bills. But from time to time, the juggling can get a little unwieldly, especially around the ‘big spend’ seasons; back-to-school and Christmas. So, to smooth the path, members of St. Joseph’s Irish Airports and Aviation Credit Union can set up Budget Money Management Scheme and throughout the year, have their bills paid for them from their credit union account. In fact, St. Joseph’s Irish Airports & Aviation Credit Union was a pioneer with this unique household Budget Money Management scheme. This way, there are no surprises, monthly bills are paid by their respective due dates, any late fees are avoided which keeps more money in your pocket.
One final point - with these automation hacks you can stay in control of your money and achieve your financial goals faster. Bonus hack: once you reach a special purchase goal or pay off a debt – don’t stop saving! Instead, redirect that money toward a long-term goal like a child’s education, paying down a mortgage early or increasing the amount you pay into your retirement fund.
For questions on any of the St. Joseph’s Irish Airports & Aviation Credit Union services, please feel free to talk to a member of staff at any of our branches in Dublin Airport, Shannon Airport or Cork Airport.