Spring Clean your Finances
Financial Wellness is a concept many of us have heard of but somehow it gets shoved to the back of most people’s minds. In many cases, when people hear the term financial wellness, the mind often wanders to riches and wealth.
Being ‘financially well’ is as important a part of your health as being physically healthy. Here are nine tips to get you started on your journey to financial wellness.
1. Financial health is health
If a doctor warned you about your health, you would listen. Financial advice backed by facts is no different. A yearly financial spring clean helps you stay in control.
- Stick to a defined budget – if you can’t afford it, don’t allow yourself to fall into lifestyle creep.
- Track spending habits, break it down, and readjust where your money is going if you feel it’s not working. Money is like water, it needs to flow.
- Expect the best but plan for the worst – have an emergency fund in place.
2. Hope for the best, prepare for the worst
Bad things happen in life and being financially prepared for such events can just make it a bit easier. Make sure you have the right insurance and protection in place so your family is looked after if something happens to you.
And please, insure your income. If you’d insure your phone or your car, it makes sense to insure the income that pays for them.
3. Fix the leaks and shop around
Review and adapt as needed. Track your income and spending, identify gaps and stop money leaking where it shouldn’t be. Review habits, policies and premiums regularly to ensure you’re getting the best value — from health, home and car insurance to mortgage rates.
4. Debt isn’t the enemy
Don’t be afraid of debt if you need it, but don’t let it control you. Regularly review loans and credit cards and avoid being trapped in highinterest cycles unnecessarily.
5. Plan for a long life
Tax efficiency is one of the most powerful tools when planning for the future. Think about the lifestyle you want in retirement and be proactive about saving towards it. The reality is that most of us will need to provide for ourselves in retirement, and relying on the State alone shouldn’t be option number one.
People are also living much longer than ever before. Life expectancy in Ireland has risen to around 83 years, compared to 77 in the early 2000s. In fact, financial planning courses now regularly reference The 100Year Life by Lynda Gratton and Andrew Scott — a reminder that retirement could last decades, not years.
6. Relying on the State Pension may not be enough
The State Pension is unlikely to remain in its current format indefinitely, with longterm funding pressures already evident. Individuals should consider how to bridge the gap between their working income and retirement needs, particularly as inflation continues to erode purchasing power over time.
7. Autoenrolment may not go far enough
The government has introduced the autoenrolment pension scheme to help reduce the risk of people reaching retirement without adequate savings. This has put an onus on employees, employers and the state to contribute towards their long term future. The rollout has been broadly welcomed but has been criticised for the small starting contribution levels and the absence of tax relief on premiums.
Many employers already offer more generous schemes with higher contributions and tax advantages — which can significantly improve longterm outcomes.
8. Making pensions work harder for you
As brokers a big part of our job is advising on these schemes for staff members or group schemes and ensuring they are happy with the type of funds and the risk levels they are taking on with their investment.
Common questions we are asked are will my family inherit my pension in the event of my passing and what a realistic retirement target should be.
Most pensions today are Defined Contribution arrangements, meaning pension funds can be passed to beneficiaries. With the right structure, this can be done taxefficiently.
There’s no single “correct” retirement figure, but a common planning benchmark is €800,000, allowing access to the maximum €200,000 taxfree lump sum. Every plan should be personalised to individual needs.
9. Ask the experts
You would go to the doctor for a medical issue. Go to a financial advisor to help build a plan. Utilise the expertise and make sure you’re getting the best advice possible. Don’t miss out on opportunities and be open minded to the idea that there are tips and tricks you don’t know. Book a meeting here: https://www.lhkgroup.ie/book-a-meeting/
By Turlough Gray ACA QFA and Eva Kane MSc QFA, LHK Group
About LHK
LHK Group is an Irish, independently owned insurance brokerage and financial services advisory firm supporting individuals and businesses across pensions, insurance, mortgages and employee benefits. With roots dating back to 1938, the firm has won multiple awards including Best Professional Services & Business Support Solutions at the Guaranteed Irish Business Awards 2026, reflecting its strong values and clientfocused ethos.
LHK Insurance Ltd t/a LHK Insurance and LHK Group is regulated by the Central Bank of Ireland. Registered in Ireland, Company No. 515970. LHK Kelleher Insurance Ltd t/a LHK Kelleher Insurance and LHK Group is regulated by the Central Bank of Ireland. Registered in Ireland, Company No. 34377. Finance One Ltd T/A Finance One, MortgageOne, and LHK Group is regulated by the Central Bank of Ireland. Registered in Ireland, Company No. 409757.
