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Money Mindset

01/04/2025

Money Mindset – How Your Attitude Toward Money Shapes Your Financial Success, managing your savings

5 Simple Tricks to Save Money by the End of the Month

1️⃣ Use the 50/30/20 Rule

🔹 50% for fixed costs (rent, insurance, etc.)
🔹 30% for fun (shopping, entertainment, etc.)
🔹 20% for savings or debt repayment

Sticking to this plan ensures you always save something!

2️⃣ "Pay Yourself First" – Automate Your Savings

Set up an automatic transfer right after payday to your savings account. If the money isn't in your main account, you won't be tempted to spend it.

3️⃣ Check for Subscription Traps & Cut Unnecessary Expenses

Go through your subscriptions and memberships:
❌ Unused streaming services? Cancel them!
❌ Gym membership, but never go? Get rid of it!
❌ Expensive phone plan? Switch to a cheaper provider!

4️⃣ Use Cash Instead of Cards

Set a weekly budget for variable expenses and withdraw that amount in cash. Once it's gone, it's gone – no impulse purchases!

5️⃣ Smart Shopping & Meal Prepping

Plan your meals for the week and shop smart:
✅ Write a shopping list (and stick to it!)
✅ Compare prices & use discounts
✅ Cook at home instead of buying expensive takeout

Try these tricks and you'll have more money left at the end of the month! 😉💰

Taxes Made Simple 

Many women feel intimidated by investing because they think it's too complicated – especially when it comes to taxes. But don't worry! You don't need to be a financial expert to invest wisely. In this article, we'll explain everything in a simple and easy-to-understand way – no complicated jargon!

Do I Even Have to Pay Taxes as an Investor?

Yes, but only on profits – and there is a tax-free allowance you can use! 🎉

In Ireland, there are two main types of investment taxes:

✅ Capital Gains Tax (CGT – 33%)
→ You only pay this when you sell stocks or ETFs for a profit.

✅ Income Tax on Dividends (up to 40%)
→ If you own stocks or ETFs that pay regular dividends, these are taxed as income.

💡 But don't worry! You don't have to pay tax on everything. Every person in Ireland has a yearly tax-free allowance of €1,270 on capital gains.

How Does the Tax-Free Allowance Work?

Each year, you can earn up to €1,270 in profits tax-free. You only pay tax if your profit is higher than that.

Example:

  • You buy stocks for €10,000.
  • Later, you sell them for €15,000 → Profit: €5,000.
  • Tax-free amount: €1,270 → Only €3,730 is taxable.
  • Tax (33% of €3,730): €1,230.90.

💡 Tip: If you make smaller profits each year, you can use your tax-free allowance and often pay no tax at all!

Special Rules for Irland

ETFs and the 8-Year Rule – What Is It?

If you invest in ETFs, there's a special tax rule you need to know.

📌 If your ETF automatically reinvests dividends (accumulating ETFs), you must pay tax after 8 years, even if you don't sell it.
📌 The tax rate is 41% on the profit.

Example:

  • You buy an ETF for €10,000.
  • After 8 years, it's worth €15,000 (profit: €5,000).
  • You have to pay 41% tax on €5,000 = €2,050 – even if you didn't sell it.
    •

💡 Tip: Irish ETFs can have tax advantages! When choosing an ETF, check if the ISIN starts with "IE" – these are often more tax-efficient.

Final Thoughts !

Don't Let taxes scare you away from Investing!

Yes, taxes are part of investing – but they're not a reason to be afraid or avoid investing altogether! The worst mistake would be never starting at all because you think it's too complicated.

💡 The key things to remember:
✅ Use your €1,270 tax-free allowance per year.
✅ Paying tax means you're making profits – which is a good thing!
✅ ETFs have special rules, but you can start with small amounts and learn as you go.