Tommy and Trudy are 2 private sector employees, aged in their early forties, with 2 young children. Like many of our clients, they find that life is so busy, especially with small children, that they simply do not have enough time to keep on top of every aspect of their finances. While from time to time they may get a chance to review one or two areas, such as when their Car Insurance renewal notices land, they are also well aware that they may be overspending in certain areas of their finances and that they may have neglected to claim some of the tax credits and reliefs available to them. Having heard about our services from other family members, they engaged our help and became members of our Eolas Money Academy with a view to getting on top of their affairs and of drafting a plan for their financial future, with a particular emphasis on getting the mortgage paid off sooner.
As members of our Eolas Money Academy, we set about examining every single aspect of Tommy and Trudy’s financial affairs, with a view to identifying in what areas there may be leaks or inefficiencies or scope for improvement. After all, if we could find savings in one or more of those areas, that would leave more funds available for mortgage acceleration which was, as outlined above, their top priority. What we found was that while they were performing well in some areas, such as retirement planning and income generation, like so many of our clients they were also overlooking many areas where small and sometimes large savings could be made. In the report and financial plan we prepared for them therefore, which is one of the key benefits of membership of the Eolas Academy, we highlighted these areas and set out the changes that could be made and the potential impact of same. Once Tommy and Trudy saw what could be done, they were understandably more than happy for us to go ahead and make the necessary changes.
Result: For the first time in many years, Tommy and Trudy are now safe in the knowledge that they are making the right decisions when it comes to all 10 elements of their finances, rather than just one or two. Furthermore, they know that they can access our advice at any time to help them continue to make more smart decisions. Significant tax refunds have been obtained for them, as well as notable savings in Protection and on their regular savings plan, all of which have been re-diverted towards shortening their mortgage. Not alone have they peace of mind about their finances therefore, they also now have almost 4 years less left on their mortgage than when our work together commenced.