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Remembering the Importance of Saving

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Don’t Break the (Piggy) Bank

As January gets into full swing and we all settle back into the daily grind of working life, some of our New Year resolutions may be left behind or pushed aside in favour of those resolutions promising more longevity or better return of investment. High on people’s lists of resolutions is often the vow to save more money in the coming year. Whilst the increasing cost of living might make this quite a difficult task, it is often one of the most rewarding resolutions as the results can be clear to see. We have spoken recently about some of our top tips for saving in the New Year, and it seems like you will not be alone in your savings endeavours.

The Bank of Ireland Savings and Investment Index, published on 15th January shows that over half of Irish consumers were regularly saving during the December period. December is of course a rather difficult time for savings, and this sentiment was also reflected in the findings. Tom McCabe, global investment strategist with Bank of Ireland Investment Markets was quoted as saying:

“”Irish sentiment towards savings and investments eased in December mainly as a result of a weaker outlook for the savings and investment environment. This may be temporary given recent trends in the index but could also be an early indication that savers are looking for better returns on their money and are willing to consider alternatives to their savings account.”

This shows that although Irish consumers are continuing to save, there is a lingering fear that savings are no longer generating enough of a return in their traditional savings methods. This may see a shift in the Irish market towards investments rather than traditional saving. The Index found that 34% of Irish consumers also invested regularly during the month of December, much like the savings findings this could be either temporary or indicative of a new trend in Irish savings.

Hinting towards this being a possible new Irish trend is the fact that investments were more prevalent in the younger generation with 39% of under 50s regularly investing whilst only 26% of over 50s were found to be investing during the same period. Perhaps unsurprisingly, investment numbers were higher in November than December, which is to be expected as December is often a month in which consumers have less disposable income.

These findings also found that the Irish population have a strong preference towards saving should they encounter any windfall gain, but also a new move towards considering investments with windfall amounts.

Should you require any help or guidance on any savings, investments, business or personal finance matters please don’t hesitate to get in touch with us here at EcovisDCA.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY

TaxSaver TaxSaver, They Know how to Save you

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There is no denying that we live in quite expensive times with the general cost of living continuing to increase steadily. As a result, both business owners and employees alike are as always looking to where costs can be cut or savings can be made. Travel and food are often the biggest savings downfalls for employees. When hoping to cut costs these are often the first avenues to be explored, which is often exploited by advertisers insisting on informing of us of the many varied other things we could do with the cost of our morning cappuccino.

For those of us who simply cannot function in the morning without that well needed caffeine fix and the knowing glance from our local barista, the good news is that there are many available ways to save without sacrificing the sacred morning routine. For both business owners and employees alike, the travel Taxsaver could be a fantastic solution which can save the company money whilst also ensuring a happy workforce by saving the employees money on their daily commute.

This scheme has proven its worth as over 3500 companies currently purchasing travel tickets for their employees. The system allows companies to save up to 10.75% in PRSI whilst employees can save between 31 and 52% in tax on the cost of their travel.

The taxsaver travel ticket is purchased through the company and can be paid for by the employee through salary sacrifice, in place of a bonus or as an additional perk as part to their salary. Companies can register to take part in this service via www.taxsaver.ie and can now order employee tickets via an online service to be delivered directly to the company saving time as well as money, which none of us will ever complain about these days.

Employees hoping to save up to 52% on their commute can contact taxsaver on 1850211777 to see if their company is registered or direct their employer to the website in order to register. Once organised the company will purchase the ticket on your behalf (payment method to be agreed upon) and this will be delivered direct to your workplace so you can start saving for those cappuccinos or rainy days.

Additionally, there is a choice of travel options available as you can choose bus, rail or a combination of the two depending on your most used mode of transport.

With such large savings at the fingertips of both employers and employees, it is no surprise that this has already proven to be a popular choice, and is sure to grow.

Should you have any concerns, queries or require further information on these or any other business and financial matters please don’t hesitate to contact us we are always available to help.

 

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY