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The Journal
6 days ago
- Business
- The Journal
Planning a home renovation? Here's everything you need to know
WHILE HOME RENOVATIONS are often a great source of excitement, we all know that such a major financial outlay is never a decision to be taken lightly. We want to get the most out of our homes, whether that means an extension, an attic conversion, or transforming any of the rooms where we spend so much of our quality time. If you're currently considering putting a significant chunk of money towards a home renovation, you'll know that there are plenty of factors to consider before you feel comfortable with your decision. One way to go about financing home renovations is with an An Post Money Home Improvement Loan, which offers customers Ireland's best fixed rate on loans from €20k-€30k*. Paul Merriman, the financial advisor behind Ask Paul , also has some essential tips for how you can finance your dream home while maintaining healthy spending and budgeting habits. Financial advisor Paul Merriman What is the smartest way to go about budgeting for home improvement, such as renovations? Start with your 'must-haves' and 'nice-to-haves.' Be realistic about what your budget will actually cover. That means getting at least three quotes and factoring in hidden costs like skips and permits. Always build in a contingency buffer of at least 10–15%. Don't make guesses: use a proper budgeting spreadsheet or app that breaks down materials, labour, and timelines. If it doesn't fit on paper, then it won't work in reality. What are the advantages of a Home Improvement Loan from An Post Money, compared to a loan from a bank or credit union? An Post Money Home Improvement Loans are unsecured personal loans, meaning you don't need to put up your home as security like a remortgage might. They're also very transparent with fixed rates, making it easier to budget your repayments. Plus, the application process is simple and fast, ideal if you've got contractors lined up. It's peace of mind without the red tape. What are the pitfalls that homeowners need to be most wary of when paying money for significant work being done on the house? Scope creep is a killer. That's when you start off replacing the kitchen cabinets and suddenly you're rewiring the whole house. Advertisement Also, beware of not having a written contract. It should clearly outline costs, timelines, and payment terms. Never pay large amounts upfront. What sort of questions should homeowners be asking themselves before seeking a loan for doing up the house? Is this renovation adding value or just adding cost? Can I realistically afford the repayments over the full loan term? Will this work improve how I live in the home every day? Have I explored all options like savings, grants, supports? Am I taking on debt for lifestyle reasons or actual home improvement? How can our readers keep their budget on track during a big home renovation? What tracking methods? Use a simple Excel or Google Sheet tracker and log every expense, no matter how small. Group them by category (materials, labour, tools, fees). Review weekly and cross-check against your original budget. Is it easy to find out how much more my house will be worth after the works are completed? Talk to a local estate agent before you begin. They'll give you a ballpark figure on what similar upgraded homes in your area are selling for. Focus on kitchens, bathrooms, energy upgrades, and extra living space as these tend to give the best return. Remember, some works are about lifestyle value not resale value, and that's okay too, if it makes your home work better for you. Is there a best practice when it comes to paying contractors? Yes, always agree a payment schedule in writing before any work starts. Typical stages are deposit (no more than 10%), mid-point payment(s), and final payment after work is completed and snagged. Avoid cash payments where possible. Use a bank transfer or card for traceability. And don't pay the final instalment until you're 100% satisfied. That's your leverage if anything needs fixing. Enjoy Ireland's best fixed rate on Personal Loans from €20k-€30k with An Post Money*. *Information correct as of 14 May, 2025 (source excluding green loans). Lending criteria T&Cs apply. Rate is dependent on your financial profile and credit history. An Post acts as a credit intermediary on behalf of Bankinter S.A., who provide loan and credit card services and facilities. An Post trading as An Post Money is authorised as a credit intermediary by the CCPC. Bankinter S.A., trading as Avant Money, is authorised by the Banco de España in Spain and is regulated by the Central Bank of Ireland for conduct of business rules.
The Journal
23-04-2025
- Business
- The Journal
Managing communion and confirmation cash: How to give your kids a strong financial foundation
DECIDING WHAT TO spend your communion and confirmation money on is a rite of passage for many Irish children, and the gifting of money remains a strong cultural tradition to this day. While clothes, video games and smartphones will certainly be a major temptation for most kids, sacrament season is also an opportunity for them to start saving and building strong financial habits from an early age. A child's first communion or confirmation might also be the perfect time to set up an An Post Money Mate account , which is a current account, debit card and app specifically for kids aged 7-15. The An Post Money Mate account allows parents to see how much money is in the account, where it is being spent and set spending limits. The An Post Money Mate app is also there to help kids under 16 get used to managing their money, and allows parents to block ATM, shop or online use. Paul Merriman, the financial adviser behind Ask Paul , has some other essential tips for how parents can use communion or confirmation cash as an opportunity to help teach their kids essential skills, including financial literacy and making smart choices when it comes to spending their money. Paul Merriman of Financial Advice by AskPaul Why is it important for children to learn the value of money early in life? Learning financial lessons early in life helps children understand that every euro has a purpose. It builds a foundation of discipline, responsibility, and appreciation for hard-earned money. When kids grasp that money isn't limitless, they develop a respect for budgeting and saving, which sets them up for sound financial decisions throughout their lives. Advertisement What are good financial habits to start your kids off with? Start simple: encourage saving a small portion of any money they receive and explain the idea of budgeting through weekly or monthly allowance. Using tools like the An Post Money Mate can help them visualise where their money is going. Teach them to divide their money into different pockets for spending and saving. These habits foster confidence and instils practical financial management skills early on. Is it a good idea to introduce financial goals to children? Absolutely. Setting even small financial goals teaches children the value of planning and delayed gratification. Whether it's saving for a toy or a special outing, putting a goal in place encourages kids to think ahead and make thoughtful choices. This practice not only makes saving fun but also builds a mindset that balances short term desires with long-term benefits. What should I do if my child wants to spend all their communion money in one go? It's natural for kids to want immediate gratification, so discuss the benefits of saving some money for future needs or even for a special treat down the line. You might suggest splitting the money into portions. For example, some of the money could be used for instant fun while the remainder is fenced off for saving. This approach shows them that managing money isn't all about restriction, but about making choices that provide long term rewards. Is bringing my kids shopping with me to explain price tags etc a good option, how should we go about this? Yes, taking your kids shopping is a fantastic hands-on learning experience. Use real world scenarios to explain how price tags work, compare costs, and discuss what makes one product a better value than another. Let them handle small transactions under your supervision. This practical exposure makes abstract concepts tangible and by asking questions and exploring choices together your kids will gain a deeper intuitive understanding of money management. To learn more about an An Post Money Mate account, visit the An Post Money website . Terms & Conditions apply. An Post is authorised by the Minister for Finance to provide payment services and is regulated by the Central Bank of Ireland in the provision of such services
