It’s that time of year again! The family summer holiday is quickly approaching, back to school expenses are looming around the corner, the dog’s medical costs could be worth a small fortune and keeping on top of other outgoings is beginning to look impossible! But imagine if you were to put a bit of money away each month to make any financial stress in 1, 3, 5 or 10 years’ time a little easier?


One of the big disadvantages to a post office or bank savings, is that it would normally ask you to leave your savings for at least 5 years.  Not any more, once you have made 1 full year’s contributions, you can access almost all of the savings built up and just keep going.  You just need to leave a small residue just to keep the account open.


However, if you were to go in a different direction and take as much or as little risk as you like (see here), your fund will hopefully enjoy far better returns than those offered by the institutions mentioned above.

There are quite literally billions of euro sitting idle in deposit accounts with banks and post offices.  Some of these funds are well placed there, but by no means all, or even most.  Allowing for real inflation and growing levels of negative interest, the real value of those deposits is falling by up to 3% per annum.  I’ll leave that one for you to think over yourself.


The same applies to retained money in your business.  However, there is a further tax benefit of taking this off deposit. Rather than going down the regular savings plan route think about the different ways you can help your money grow.


If I can help, please let me know. Otherwise, talk to your Accountant or other Financial Planner. Just tell them where you read about it!


Enjoy your holidays!