These Irish skincare gifts are the ideal Christmas present for beauty-lovers
These Irish skincare gifts are the ideal Christmas present for beauty-lovers

IMAGE

We asked 3 interiors mavens about their Christmas decorating style
We asked 3 interiors mavens about their Christmas decorating style

Megan Burns

Where to rent a dress for party season
Where to rent a dress for party season

Sarah Finnan

The best Christmas movies to stream (that aren’t Love Actually)
The best Christmas movies to stream (that aren’t Love Actually)

Sarah Finnan

Aimée: ‘It’s so important to create opportunities for the next generation of young Irish singers’
Aimée: ‘It’s so important to create opportunities for the next generation of young Irish singers’

Sarah Gill

These four skincare sets are the perfect beauty gift for youthful skin
These four skincare sets are the perfect beauty gift for youthful skin

Edaein OConnell

Step-by-step: Try this creative wrapping method to make your Christmas gifts look extra special
Step-by-step: Try this creative wrapping method to make your Christmas gifts look extra special

Megan Burns

Festive specials and new cinema releases – what to watch this week
Festive specials and new cinema releases – what to watch this week

Sarah Finnan

From weatherproof layers to classic knits, an expert shares the essentials every man should have in his wardrobe
From weatherproof layers to classic knits, an expert shares the essentials every man should have...

Megan Burns

Chef Mark Moriarty’s Christmas starter recipe for smoked salmon and prawn bites
Chef Mark Moriarty’s Christmas starter recipe for smoked salmon and prawn bites

IMAGE

Four tips for avoiding back to school debt from a financial advisor
Image / Agenda / Money

Unsplash

Four tips for avoiding back to school debt from a financial advisor


by Nick Charalambous
21st Aug 2024

Recent figures revealed that back to school expenses are a financial burden for almost two thirds of Irish parents. Here, a money expert weighs in on how best to combat these costs.

As a parent of four children in a blended family, I feel there is a real need to try to budget effectively against the rising costs. These costs, coupled with the rising cost of living and higher expectations of children with phones and other items are making it increasingly more expensive.

So what advice can I give you? Well, here are four things that you can try.

1. Budget, budget, budget

Firstly, doing a financial budget is really useful and there are loads of free apps like Alpha Wealth’s. It is really powerful and it allows you to see where you can save as a lot of us overspend on areas such as insurance and miscellaneous items. It’s only by noting these down that we can really control them.

2. Find cheaper alternatives

I recently spoke to a client who was able to buy their teenage daughter designer brands at lower cost – pre-loved clothes, for example. I wouldn’t have thought this would be a runner, but the clothes were in fantastic condition and the children believed they were brand new. There are more and more of these sites appearing where, if you plan properly, you can save a lot of money. Also, refurbished phones can be a lot cheaper, especially as teenagers see phones as essential items.

3. Savvy spending

Holidays, especially summer holidays, tend to be the catalyst to put parents into debt. A lot of the time this is on a credit card which is the most expensive and easiest debt to get into. One of the ways of tackling this is to really look into holidays that offer value, especially if you have a number of children. I was blown away recently when I booked a holiday to an all-inclusive resort in Spain and they didn’t charge for under 10s. We only had one child, but imagine the savings if you had three or four children under 10! Spending time researching these definitely helps.

4. Claim expenses

Lastly, ensure you are claiming expenses for your children. A lot of parents have health insurance for their children and forget to claim back on expenses, such as dental and outpatient expenses. Also, by using the revenue online system (ros.ie) you will find there is a lot more you can claim for such as rent and working-from-home relief (relevant during Covid) but over 50% of people still haven’t claimed for these.

Nick Charalambous

About Nick Charalambous: Managing Director, Alpha Wealth

With a Cypriot background and having been raised and educated in London, Nick has worked in investment and private banking for some of the biggest banks in the world. With over 25 years of financial services experience in Cork, primarily as a financial advisor with AIB and Ulster Bank, Nick has built up an extensive knowledge of the financial services environment, which he shares with his clients in many areas of personal finance.

alphawealth.ie