MONEY Turn your finances around

Turn your finances around


Money Matters
Brid Conroy

Motivating the macro
In 776 BC, the warring Greeks united to compete in the first-ever Olympic Games. All wars were suspended for the month of preparation and from then on, once every four years, Greece was united. I was there on holiday recently, and I couldn’t help but ponder, what can Greece do in these times to unite once again and return their country to prosperity? Indeed what can we in Ireland do, as we struggle with the same issues?
Pretend it’s not happening! If this were the Celtic Tiger times and all things were equal, we would be spending our money.
Central Bank statistics from earlier in the year state households had €94 billion on deposit. Household debt outstanding on the other hand, excluding mortgages comes to only €30 billion.
There is money out there. So spend more – but spend wisely. Whereas before we seemed to be consumed by having more, now we are returning to being savvy spenders. This was summed up perfectly in an article in Newsweek Magazine: “Luxury lies not in how much stuff we have but in how well it’s made and how highly we value it.”

Minding the micro
But that’s the economy. The big picture. What about your own life, your own smaller financial picture. No oil painting? Try doing something – anything different.
What we often forget is that doing the same will produce the same results. If these results are not to your liking then it is time to try something different. Take yourself out of your comfort zone and act on an impulse.
We all have ideas. Now is a good time to act. Have you heard of ‘Innovation vouchers’? I’ve seen them in action recently, and I think they are amazing. Do you have a brilliant idea for a product that you think there is a demand for? If so, you can apply online at www.innovationvouchers.ie.
Applications are invited at the moment for vouchers between September 1 and September 30.
Applications are sent to the various educational institutions for example Trinity College where the PHD students get an opportunity to work on developing those ideas into products. Each voucher is worth a maximum of €5,000. You may have to register as a small company. It’s not complicated, and an accountant can help if need be.
It might sound selfish, but think of yourself, and the rest will follow. It goes against everything we seemed to be taught when we were growing up. However, the truth I believe is that you – and only you – are responsible for yourself, and if you can’t change the circumstances you find yourself in, change the way you think about them. 
As a nation, we are still blessed with so many good things. Perhaps if we unite in giving thanks for what we have and more good things will come our way… If the ancient Greeks can lay down their arms to compete in sport, we too can come together in our own little way to get this country back on track. Let the games begin.

Brid Conroy FCCA is a Chartered Certified Accountant with a practice in Louisburgh. She works on improving personal finances and the profitability of small and medium-sized businesses. To contact Brid, call 098 66870 or theoldschool@iolfree.ie.