Should I set up a Drizzle Day Fund?

While some are fortunate to retain a steady income, perhaps it’s an opportunity to assess our spending and debts.  As a client recently put it to me, “the coronavirus has opened my eyes to the €100 or more a week I was spending on Chicken Fillet rolls and Coffee”!!

So, let’s have a quick look at what we can review now that were on lockdown.

- Build your own drizzle-day fund

Double down on saving if you are in a position to. It’s likely this situation will never happen again in our lifetimes and we may need a pot to work off in 6 months’ time.

- Review our debts.

Make sure that the debt is actually what you owe and that the amount is correct. If you dispute a debt, first contact the bank directly to resolve your questions.
Perhaps now it the time to clear that old credit card bill!

- Plan. Plan. Plan.

Create a spending plan that allows you to reduce your debts. Itemise your necessary expenses (such as housing and healthcare) and optional expenses.  Stick to the plan.

- Pay down and consolidate your debts

Withdrawing savings from low-interest accounts to settle high-rate loans or credit card debt usually makes sense.

- Loan Repayment Holiday

Seek a repayment holidays on Loans, Banks and Lending institutions are in a position to offer 3-month repayment breaks at the moment, and it could be a useful way of keeping cash in reserve.

- Tax Refund

Are you due a tax refund for 2019? Get your 2019 tax return competed early and get your refund to your bank.