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Budget Planning – Budgeting your Mortgage and Pension

04 Apr 2017

Full Circle Financial Services Limited – Website / Blogs

Budget planning is a crucial aspect of any life changing plans you are going to take. Whether it be a mortgage or a pension, planning a budget that is going to allow you to know exactly how much money you will have access to at different times is a great way to embark on working out what you can achieve with your current finances.

Mortgage Budget Planning

The most effective way to plan your budget when it comes to a mortgage is to add up all your monthly earnings and then subtract all the essentials and luxury items you are going to be spending money on such as utility bills/dinner dates/clothes etc. for example. Try and be realistic (i.e. don’t work on the basis that you will remain home every night once you secure your mortgage!).  This will leave you with a total that is going to be higher or lower than what you are legally required to pay monthly which you can then adjust accordingly.

The number of factors to consider are truly endless ranging from utility bills to miscellaneous items and it is impossible to perfectly plan a month since life is full of surprises. You never know when you may need to make an emergency payment, therefore it is absolutely essential to plan a budget that is methodical and factors in all of life’s little surprises – including where possible some level of savings which you can access immediately.

A key part of mortgage planning now is to budget for any potential increases in interest rates that would have the result of increasing your mortgage payments. Any new mortgage applications will be assessed on the basis that if the interest rates increased could you continue to afford the repayments, and as such when budgeting for mortgages it is important to consider what would happen if this event occurred.

Pension Budget Planning

Retirement is a daunting prospect since you’re trading in your regular income for a set amount of money that you have saved over your career and an income that is provided by the State – i.e. the contributory pension.  No-one can ever truly afford to start a pension (i.e. there are always going be other priorities or nicer events to spend your money on!) butt the truth is that it is never too early to start pension planning. Once you’ve retired all you have to fall back on is your pension and the expectations that you have of what your income may be after you retire may be significantly different to the reality of the situation.

There are a significant number of different pension schemes and even more details that go with them. Pensions can be provided by the government, your employer and even from your own private arrangements, however, taking good pension advice at an early stage is key to ensuring that your future plans are well catered for.

Why Choose Full Circle Financial Services Limited?

A pension is a very good way to save for the long term – with tax relief on your payments.

Visiting our products and services page is a great start for learning some more about pensions.  We can offer specialist advice in setting up the right plan for you and once you approach retirement about how best you can use the monies you have accrued in your pension plans.

We can also review all other legacy pension plans at any time and give you advice in relation to any benefits you accrued with previous employers.

Get in Touch

If you’re curious about either pension planning or mortgage planning and need some specialist help don’t hesitate to visit our contact page.

Full Circle Financial Services Limited is regulated by the Central Bank of Ireland – C130136