1.) Winter-proof Your House

You may already have looked at some of the bigger changes you can make to help keep your home warm, such as adding more insulation or installing double glazing. Don’t forget there are also grants available for those wishing to make certain energy efficient changes to their homes. Check http://www.seai.ie/Grants/ for more information.

There are some simpler things you can do too. Eliminate all draughts, bleed your radiators for maximum efficiency, get your chimney swept and have your boiler serviced.

2.) Winter-proof  Your Car

Good tyres are essential to cope with any frost, snow and ice we may experience. Check that yours are inflated to the correct pressure and that they aren’t excessively worn. If your car is due a service, book one as soon as possible so small problems don’t become bigger (and possibly more expensive) during the winter weather. It might also be worth considering sorting out breakdown cover. There are a range of options available, so shop around to ensure you get the cover that suits you best at the right price.

Finally, it’s definitely worth taking the time to stock your car with an emergency kit. A shovel, torch, blanket, some chocolate and other essential supplies could be vital if you get stuck en route.

3.) Winter-proof at Home

Add a few extra items to your shopping each week, such as tinned food, bottled water, candles and matches. This way you will build up a store that means you won’t be stuck if you can’t make it to the shops in wintry weather.

A good way to feed your family for less at this time of year is to prepare some wholesome stews and casseroles. Slower cooking means these can be made using cheaper cuts of meat without compromising on taste. Spend an afternoon cooking in bulk and freeze some portions so all you’ll need to do is reheat for a tasty and warming meal.

By making a few simple preparations now, you can spread the expense and make sure you’re ready for the winter months this year.

Many people only have a general idea of what they’re spending on a weekly or monthly basis and this idea may turn out to be quite far from reality. It can be frustrating when money seems to fly out of your account, without anything to really show for it. Pinning down exactly what you’re spending on will mean you can review your expenditure and see which areas you can improve or cut down on.

It doesn’t have to be a complicated exercise. All you need is a diary or notebook that’s small enough to fit in your pocket or handbag. Make sure you keep it with you at all times, and make a note every time you spend something.

Don’t be tempted to leave out items that you feel are too small or insignificant. Include everything, as the small purchases add up quickly. Also make sure you include the cents, don’t fool yourself by just recording round amounts. For example, if your daily latte costs €2.49 and you were to write this in your spending diary as just €2, over 4 weeks your total cost would be recorded as €56, when the actual cost would be €69.72 – An extra €13.72.

Try to keep up your spending diary for at least a few weeks to a month. At end of the period, tot up your expenditure for a clear picture of how much you’ve spent and what you spent it on. You may be surprised by the results.

Now you can review your spending and make changes where necessary. Having to actually write it down each time you spend money can make it seem more “real”, especially if you tend to use cards rather than cash. It may also help you think twice about impulse purchasing.

Knowing exactly where your money is going can help you feel less stressed about your finances as you then have more control. Once you have a handle on exactly how much is going out of your account, you’ll find it’s much easier to make sure your money isn’t just slipping through your fingers.

1. Do I need to file a tax return?

It’s not just those who are self employed who must file a tax return. Any income you receive that isn’t taxed under the pay-as-you-earn (PAYE) system will need to be returned e.g. rental income, income from abroad, profits from share options.

2. Make sure you meet the deadline.

A late return can attract a surcharge of up to 10% of your final tax liability so don’t delay. Deadline for submitting paper returns is 31^st October. Filing your return using Revenue’s online system gives you an extra 2 weeks, with the deadline extended to 15^th November. See www.ros.ie for more details on how to register for the online service.

3. Don’t forget your preliminary tax

As well as the balance of tax for 2010, Preliminary Tax for 2011 is also now due.  The issue of preliminary tax is trickier this year, with the introduction of the new Universal Social Charge and restriction on certain types of tax relief claims to consider. Take a look at the Revenue’s guide to self assessment at www.revenue.ie/en/tax/it/leaflets/it10.html for further details on calculation of preliminary tax and to help avoid an underpayment of tax.

4. Consider your pension contribution

This is your last opportunity to make a pension contribution which can be offset against your tax liability for 2010 and used to reduce your tax bill. If you are in a position to do so, it’s worth considering making a contribution to your pension this year as there are concerns that tax relief on such contributions is set to reduce. Currently tax relief on pension contributions is granted at your marginal rate, subject to caps based on your earned income and age. Contact us here at Horizon Financial for more details on pension tax relief limits.

5. Claim all your entitlements

Make sure you are availing of all the tax reliefs and credits you are entitled to. Some of the more common ones to consider are:

• Health Expenses
• Rent Relief
• Refuse Charges
• Third Level Tuition Fees
• Age Credit
• Home Carer’s Credit

More details on reliefs and credits can be found at: http://www.revenue.ie/en/tax/it/leaflets/it1.html

6. Don’t ignore your tax liabilities

If you are struggling financially, don’t ignore the situation. File your return on time and try to stay tax compliant. If you find yourself in financial difficulty, make contact with the Revenue Commissioners to explain your situation. They look at such matters on a case by case basis and you may be able to agree an instalment arrangement with them.

If you are in doubt about any aspect of your tax situation, make sure to contact a professional. Speak to your accountant or tax advisor, who can guide you through every step of the pay and file process and make 31^st October a little less scary this year.

Do you currently have a pension in place? If so you may be concerned about the safety of your fund given the recent volatility in the markets. Or perhaps you’ve had a change in circumstances which means you need to look at your regular contributions. The best thing about pensions is that they are flexible. You can start, stop, reduce or increase your contributions at any time. You can also change the way your pension fund is invested. This means that your pension can be tailored to fit your needs.

What if you don’t have a pension yet? Have you thought about what will happen when you retire? Currently State pension is paid at a rate of €230 per week. Could you maintain your current standard of living on this amount? The age you become entitled to a State pension is on the rise too. By 2028, the average retirement age before receiving a State pension will be 68. To put it another way, someone turning 50 this year will still have at least another 18 years of work before they’ll receive a pension from the State.

You may feel you’re too young to start a pension. But the earlier you start, the better shape your retirement fund will be in by the time you need it. Take the example of Jedward & Brian O’Driscoll. We’ll assume Jedward are aged 20 and Brian is aged 30. If they both put €500 a month into a pension fund and we assume investment growth of 6%, retirement at 65 and ignore tax relief – what will their pension funds be at retirement age?

Jedward:                        Fund of €1.4 million and annual pension of €61,000

Brian O’Driscoll:         Fund of €730,000 and annual pension of €33,000

So you see, the lesson here is to start your pension as early as possible.

Conversely, you may be worried that it’s too late to start a pension. Granted, the younger you start planning for retirement the lower the ongoing cost will be but that doesn’t mean that you can’t still make pension provisions later in life.  Saving and investing for your retirement gives you control over your own future, rather than letting somebody else make decisions with your retirement funds.

If you are concerned about your pension arrangements why not give us a call and arrange to talk to one of our advisors today? We can go through all the options available to you, whether you need to start from scratch or review your existing pension arrangements.

You may be wondering if you can afford to be thinking about a pension. Given the alternative, i.e. being solely dependent on just a State Pension in retirement – can you afford not to?

1. Brushing it Under the Carpet…

“I’ll sort it out next month, I’m just so busy at the moment”, “Why do I need life insurance? I’m only 25!”, “I don’t have time to make all those phone calls”

These are all common “reasons” why so many people still have no arrangements for life cover in place. Nobody likes to think about death, but unfortunately, it’s an eventuality we will all have to face. If the worst happened, wouldn’t you like to be sure that your loved ones would be well provided for? Arranging life insurance is something to think about today, not next week, next month or next year. Rates for cover increase with age, so doesn’t it make sense to get your cover in place now?

2. Never Reviewing Your Cover…

Don’t fall into the trap of getting your life cover in place then forgetting about it completely
except to ensure that your monthly premium is being paid. Everyone’s circumstances will change over time and it’s important to make sure that your life insurance reflects this.

For example:  Tom and Jane are a young couple who take out a life policy when they are buying their first home. Both want to be sure that their partner won’t be left to deal with paying off the mortgage in the event of either of their deaths. A few years on, Tom and Jane have a son. Now they need to think about things a little differently. Apart from making sure their mortgage would be paid off, they’d also like to leave a little extra for their son – for school costs, a first car, college fees etc. So they need to think about increasing their life cover.

We will contact you each year to see if you’d like to review your policies in light of any changes in your circumstances. That way you can be sure that the cover you have in place best suits your family’s current needs.

3. Cancelling Your Life Policy…

Money is tight for everyone at present and every cent counts. So it’s very tempting to cancel your life insurance policy to save a few Euro each month. Before you take this step, stop and think for a moment.

Things are difficult now, but how would your loved ones cope if both you and your salary were gone? Would they be able to cope with the bills? Maintain their lifestyle? Life insurance may be needed more than ever when finances are tight.  If you are struggling to pay your premiums, don’t ignore the problem. Contact us without delay for a chat about the options that may be available to you to help keep your cover in place.

If you’re not in, you can’t win, right? Let’s consider for a minute the cost. If you play a simple “Quick Pick” twice a week you’ll be spending almost €35 a month on lotto tickets. Did you know that your chances of winning the lottery are approximately 1 in 8 million? And that’s just the Irish National Lottery – your odds of hitting the Euromillions jackpot are just 1 in 105 million!

Your chances of dying as a result of food poisoning however, are approximately 1 in 3 million. You also have a 1 in 43,000 chance of being killed following a work place accident or 1 in 8000 from a road accident. Perhaps most frightening of all though, according to Irish Life claim figures from 2009, 1 in 10 Irish adults will die as a result of a serious illness before they reach retirement age.

Two thirds of Irish adults reportedly play the lotto. However, a recent survey carried out by Amarach revealed that over 45% of those questioned had no life insurance cover whatsoever in place. It seems as if we’re happy to gamble on winning the lotto, but put off arranging life insurance when in fact, death is one of the unfortunate guarantees in life.

Many people avoid life cover because they mistakenly think it’s more expensive than it actually is. You might be surprised at what you can get for your money. For example, a healthy, 30 year old female non smoker can pay as little as €15 a month for €260,000 of life cover. Compare that with the cost of your bi-weekly quick pick and the likely benefits from both.

That doesn’t mean you should shelve your lotto dreams altogether of course. Sometimes we all need a break from reality. But sometimes, we also need to plan for it.

However, this could prove to be a costly swap, with increased charges retailers face for using the cards potentially being passed on to consumers in the form of higher prices:

http://www.herald.ie/news/finance-well-pay-more-using-visa-cards-2846663.html

Lately it feels as though every day brings yet another reason for us to put our hands further into our pockets.

Here at Horizon, we’re determined to go against the trend. Our price match promise means that our valued customers always get the best price available, without compromising on their cover.

Even in these turbulent times there are still some areas where you can make a saving!

Protecting your loved ones by having life cover in place is one of the most important financial decisions you can make. This means your family could receive a lump sum if you die or become seriously ill or a regular income if you cannot work due to illness or injury. This will help maintain their standard of living and allow your children to have all the
opportunities you would want for them, like going to college, travelling….etc.

2.) It Won’t Cost As Much As You Think..

Many of us believe that life insurance is more expensive than it actually is – you might be surprised at just how low the costof cover can be.

For example, a healthy, 30 year old female non smoker could pay as little as €15 a month for €260,000 of life cover. Life insurance does get more expensive as you get older though, so it make sense not to put it off, but to organise as much cover as you need while you’re young and healthy.

3.) Your Mortgage Protection Pays Just One Bill..

But what about the others? Electricity, Petrol,Groceries, Childcare, Car Maintenance, Heating….the list goes on and on. Your mortgage is often your biggest monthly expense and mortgage protection will ease the burden on your family should you die. But consider all the other household expenses that need to be met, especially if there are young children at home. What provisions do you have in place for your family to help them with these
costs if you are no longer around?

4.) Some Life Insurance is Better Than No Life Insurance..

Don’t discount the idea of life cover completely because you feel you can’t afford all the cover that you need. We can help you get some cover in place based on a monthly premium that you can comfortably manage. That way you can provide something of a safety net for your loved ones should the worst happen.

5.) Your Family Protection Needs Change Over Time..

Changes in your circumstances such as new family members, college costs, and mortgage costs all mean that your protection needs change over time. It’s vital to review your financial situation with your financial advisor regularly to make sure you are not over or under covered.

TAKING ACTION to protect your family is an important part of your lifetime financial plan. The more you know aboutfamily protection, the more control you have over deciding what’s right for you.

You insure your house, your car, your holiday…..but what about what matters most to your family? YOU!

But what about your finances? When was the last time you sat down and reviewed all your financial products to make sure everything is in order?  If it was more than 12 months ago, or you just aren’t too sure what’s happening, or if you have the right level of cover in place, it’s time to take action!

You’d be surprised at how quickly you can make a difference to your plans. In just 45 minutes you can sit down with a financial adviser and get a proper financial review. You can even do it on your lunch break (and still have timeto get a sandwich!)

Best of all, it’s free to have a financial review and until you do, you never really know what savings you could make on your Life Cover, Income Protection Plan, Mortgage Protection etc.

Why not give us a call today and get the ball rolling? It’s 45 minutes well spent!

Horizon Financial donated €1,000 and sponsored Pub Quiz prizes

Gorey firm Horizon Financial has helped raise €7,000 for The Red Door School for Autistic Children. The company, founded by Hughie Doyle and Michael McGovern, donated €1,000 to the charity, as well as sponsoring two raffle prizes which dramatically drove ticket sales for a charitable pub quiz that raised over €6,000 for The Red Door.

The Red Door school for autistic children is a registered charity (CHY 14457) and is run by the Learning Centre for Autistic Children Ltd. The Red Door is the Learning Centre’s first project, and it started in 2001 with four children. It now operates out of Sandyford, where 12 children attend on a full-time basis.

Teaching is on a one-to-one basis under an Individual Educational Programme (IEP) and centres around the science of Applied Behavioural Analysis (ABA) where children learn by intensive behavioural reinforcement. The IEP also includes Speech and Language therapy, ocupational therapy and communications systems.

“This approach, while very effective, is not cheap and Department of Education funding only covers approx 60% of the schools costs. Fund raising is vital to the survival of the school and particularly corporate patronage like that offered by Horizon, central to ensuring that the kids receive the kind of support they need to give them any hope of progressing into mainstream settings and living any kind of independent life,” said Nicholas Baird, from The Red Door.

For more information on the School, ABA and Autism please see www.thereddoorschool.com

Horizon Financial was initially approached to sponsor The Red Door’s annual golf outing in 2006 and has continued to support the charity ever since.

“We feel it is more important to offer our support to The Red Door in the current economic climate than it has ever been, we always sponsored The Red Door’s annual golf outing but this year we decided to get more involved and give a more generous donation to this worthwhile cause,” says Hughie, from Horizon Financial.

“The committee of The Red Door has worked very hard to make this school such a success. At Horizon we look forward to helping The Red Door for many years to come.”