Financial Wellbeing...Budgeting What is Financial Wellbeing 1 Financial Wellbeing is… 08/07/2020 4...
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Financial Wellbeing Monaghan Women in Business Classification : Green
Transcript of Financial Wellbeing...Budgeting What is Financial Wellbeing 1 Financial Wellbeing is… 08/07/2020 4...
Financial Wellbeing
Monaghan Women in Business
Classification : Green
Why are we here today?
Share information and tips to help you build, secure and enhance your Financial Wellbeing.
Look at how life impacts long term Financial Wellbeing
Money Facts of Life
Key pillars to Financial Wellbeing for small business owners
Budgeting
What is
Financial
Wellbeing 1
Financial Wellbeing is…
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Financial Wellbeing is about what you do with your pot of money, not the size of it.
Its about making sure that you can cover day-to-day
expenses, plan for the future, and cope with the unexpected, enabling you to do the most with what you
have!
Why Financial Wellbeing?
Financial Wellbeing is a behaviour and not an income!
‘everyone eats but nutrition is complex’
True Financial Wellbeing looks at today, tomorrow and some day….
Spend, Save, Borrow, Plan
EVERY DAY Managing your day-
to-day finances
RAINY DAY Being ready for the
unexpected
ONE DAY Making your long-term
goals a reality
How we spend, save borrow and plan either builds towards or detracts from our resilience and Financial Wellbeing.
So you’re well positioned for the…
Remember ……….
You could be on the right track financially but then something changes….
1. Loss of Income
(personal & business)
2. Loss of Health
(inability to work, medical cost)
3. Relationship breakdown
(business & personal)
Suddenly your Financial Wellbeing is vulnerable to
But, being prepared can minimise the impact…..
Small Business owners are under constant pressure to generate revenue, grow their business, hire, train and motivate employees, and drive economic growth in their local communities while protecting their personal finances and family.
The Demands of a Business owner
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Financial
Security pillars
for small
business
owners 2
4 Basic Financial Security Pillars
Make personal and
business income & expenses
visible separately
Protect Personal Savings
Protect personal and
business credit profile
Plan for the unexpected
Coming out of lockdown and your finances…
Be Vigilant : phase your way out of your sending lockdown
Prioritise your expenses
Keep up to date with what lenders are planning
Free up extra money where you can
Budgeting …
Personal V
Business 3
Sources of Income Making your personal income visible
Making your personal expenses visible and the NET situation
Making business Income and Expenses visible
Key Actions
1. Set your financial goal (personal & business)
2. Make your personal & business finances visible (Income & Expenses)
3. Manage personal & business separately (pay yourself)
4. Protect credit profiles (personal & business)
5. Build cash fund
6. Understand risks and plan for them
7. Review regularly and adjust accordingly!
8. Stick to the plan
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Take a free Financial Wellbeing health check
Our FREE financial health-check is an easy-to-use 2-minute self-assessment tool to get you started. Take your FREE test today and discover the many steps you can take to help you thrive! Bank of Ireland is proud to support its colleagues, customers and those in the wider community begin the journey to their financial well-being. Business – bankofireland.com/businessfinancialwellbeing Personal – personalbanking.bankofireland.com/financial-wellbeing
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Financial Wellbeing Hub & Useful links
Bank of Ireland
https://businessbanking.bankofireland.com/financial-wellbeing/
Competition & Consumer Protection Commission (CCPC.ie),
Savings deals, mortgages, rights
Citizens Information (citizensinformation.ie) – consumer
information & rights
Revenue (revenue.ie) MyAccount & Form 12 / Form 11 / ROS
HIA – (hia.ie) Health Information Authority
Personal & Business Credit Data (Permissible purpose
account review)
Central Credit Register - centralcreditregister.ie – One FREE
copy per year
Irish Credit Bureau - icb.ie – Fee applies for copy of personal
report
Business & Credit Data (report on your business and check on
other businesses)
SoloCheck - solocheck.ie – fee based service
Stubbs – stubbs.ie - fee based service
Strategic Bank Corporation Ireland – sbci.gov.ie – loans of
€25K - €1.5 million
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Team Cavan / Monaghan
Monaghan Annamarie McCaul Email: [email protected] Phone : +353 87 0994493
Carrickmacross/Castleblayney Emma Martin Email: [email protected] Phone: +353 87 1909955
Cavan Mary Smith Email: [email protected] Phone : +353 87 6041397
Bailiborough Siobhan McManus Email: [email protected] Phone: +353 87 0686163
This document has been prepared by Bank of Ireland for informational purposes only. Not to be reproduced , in whole or in part, without prior permission. Any information contained herein is believed by the Bank to be accurate and true but the Bank expresses no representation or warranty of such accuracy and accepts no responsibility whatsoever for any loss or damage caused by any act or omission taken as a result of the information contained in this document. You should obtain independent legal advice before making any decision. Bank of Ireland is not responsible for the information on any third part webpages in this document.
