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Making Ends Meet…and Paying Yourself First

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Incomes and bills may have changed but the challenge of ensuring that ends meet is just the same. The first trick of the trade is to be organised – know exactly how much you have coming in and going out per month. Are you paid monthly or weekly?  

I have a FREE budget template if anybody wants me to email it.  

Making ends meet is a useful expression but what you really want to do is to make sure that the ends overlap to create savings. Having a financial pillow to cushion you against extra or unexpected expenses makes sound sense, it’s comforting and can also be used to have fun and relieve stress !  

A check I have is to look back at this day last month on my AIB App to see if I have more money! It’s a good way to give yourself a little boost or a kick in the ar.. 

Also, when it comes to savings save first then spend I.e., pay yourself first! 

It’s unlikely that your income in retirement will equal your annual salary – unless you win the Lotto– a quarter of over 65s rely only on their state pension and the average weekly household income for a retired couple is just over €750. But there are plenty of ways to make sure that you manage your money efficiently and plenty of possibilities to make extra cash so that those ends really do overlap. 

Why the ends don’t meet 

Lack of proper planning. If you fail to plan you will plan to fail. 

Starting late. Many people start too late and often do not have clearly defined goals with a budget to reach them – they dig a hole. 

Longevity. Because we are living longer we may have to provide for 20-30 years of retirement. In some cases, this may be longer than a retiree’s working career. 

Inflation. Prices rise over time you need your savings and pension pot raising in tandem or you are wasting your time and money! 

Medical costs. These tend to increase as you get older. It is a paradox that as new treatments are developed so do the costs. 

Only you can make your retirement dreams come true but they won’t if you can’t afford it! 

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