Mum Always Know Best!

As a single parent, financial safety is a top priority for me. I created a financial plan that tracks my monthly and yearly expenses in advance and helps me plan my savings accordingly. I set up a ‘rainy day’ savings account for unexpected expenses, giving me peace of mind. Budgeting helped me shift away from living paycheck to paycheck. While it may seem restrictive at first, it actually provides more freedom and control over your finances.

Use the Revenue Tracker on Revenue.ie to upload receipts for medical expenses as soon as you receive them. This prevents the need to store physical copies for seven years. By staying organized, I ensure I don’t miss out on tax relief and can easily complete my tax return at year-end. Claiming 20% tax back on eligible medical expenses is an excellent way to maximize savings.

Create a dedicated album on your phone for business expenses. Take a picture of every invoice and store it in the album to make expense tracking easier. Upload receipts to the Icon Portal when making a purchase to ensure no expenses go missing.

Keep all receipts for business-related expenses to claim allowable deductions and reduce taxable profits. Use the Icon Portal to upload all receipts monthly, making tracking and management easier.

Eligible business expenses include:

o    Equipment and software

o    Professional training

o    Home office costs

o    Business travel

o    Professional fees

Expenses must be wholly and exclusively for your trade to qualify. Regular reviews with an Icon Accounting account manager help ensure compliance and tax efficiency.

Mums love a bargain, and so should you! Make full use of tax deductions, business expense claims, and retirement contributions. Many self-employed individuals miss out on savings simply because they don’t know what they can claim. If unsure, speak with an Icon Accounting account manager to ensure you’re maximizing available tax reliefs.

Setting aside even a small amount each month creates a safety net for unexpected expenses or quiet periods. This habit provides financial security and sets a great example for children, teaching them the value of saving for the future.

The Small Benefit Exemption allows your company to gift you (or employees) a tax-free voucher worth up to €1,500 per year.

How to claim it:

o    It must be a non-cash benefit (e.g., One4All, Me2You, or retail vouchers).

o    Up to 5 vouchers can be issued per year, but the total cannot exceed €1,500.

o    Company directors can gift themselves this perk—even as sole employees

As a mum of three and working in the financial industry, my best advice for self-employed contractors is to stay organized, track everything, and allocate every euro for essentials—covering rent/mortgage, bills, groceries, and setting aside savings (even small amounts add up!). It's also crucial to keep a little aside for life's surprises. But budgeting isn’t just something I do at work; it’s a habit I bring home and teach my kids. One of the most important lessons I teach them—and something I practice myself—is to track spending and keep receipts! Whether it’s for budgeting, tax deductions, or work-related claims, knowing where your money goes is key. From mobile and internet costs to business equipment and training courses, make sure you document everything you're entitled to claim. Uploading your expenses on the Icon portal monthly helps ensure you’re not missing any opportunities to claim what you’re owed. I also encourage my kids to manage their own small expenses, learning early helps them develop lifelong financial skills. By staying organized, keeping receipts, and understanding what you can claim, you’ll maximize your net pay, ensure you're not missing tax relief opportunities, and make the most of your self-employed status.

One of the best things I’ve done to manage my finances was to create a household budget—it made a huge difference.

There are lots of apps you can use which make it really easy. When I started tracking what was coming in and going out, I was able to see exactly where I was going wrong. It helped me to cut out unnecessary spending by making me consider everything I was going to purchase. Having a budget also gives you peace of mind because you’re prepared for unexpected expenses that always seem to pop up, especially if you have kids!