AIB conforms to Industry Standards in drawing a mortgage

The AIB has implemented regulations that have started to severely lower the time that it allows potential home buyers to look from a new home. This time frame went from 12 months to half of that. The reasoning the AIB has given for this is that it increases the approval in principle.

Two weeks ago, on January 15th, AIB made up of around 33% of the mortgage market. The bank announced that it will no longer allow the individuals who received mortgage approval 12 months ago to draw down their loans. These individuals will instead have to do so within 6 months, which is the normal time frame for most other banks within the market. The change is said to only apply to new applicants and that if you were an individual that applied in the 12-month period before January 15th of this year, the 12-month period will still apply to you.

AIB has previously one of the only banks to offer an extended amount of time for consumers to draw down a mortgage, which was one of its largest …

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Red flag Financial words you should know

Your knowledge is the best defence when it comes to your money.  Therefore, you need to learn tactics and these words to best defend your finances from those who want to trick you. You know best about how you spend, save, and invest your money from the moment you laid on your first euro. These are some words that are completely RED FLAGS.

Deferred Interest

This situation pops up everywhere you go on ads like, “Buy this twenty-five thousand euro car at zero per cent interest rates for twenty-four months!”. But you need to know what type of interest they are offering customers during these situations. There are two main types, waived and deferred. Waived means zero per cent interest rates free and clear, meaning you will not need to pay any insurance on that car. While deferred means customers will still need to pay the interest. If customers do not pay off the amount by the end of twenty-four months or miss a payment …

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Comparing is making us poor.

Look at his new Rolex watch! Look at her new handbag! Everyone compares one another on things they own, wear, eat, and much more. Especially with the times right now with everyone connected through the internet, it is hard to avoid. We are constantly on Instagram, Facebook, and YouTube looking at our peers to evaluate how well we are doing in life. We decide our value based on attractiveness, wellbeing, and success as if it measures up against others.

Most of our decision making is influenced by what our friends and family spend and what you think of how they perceive us. Are your expenses really motivated by your actual needs or wants or are they trying to keep up with your peers? Many people spend money they have not earned to buy things they don’t really want just to impress the people they do not like. Do you really want it? Buying things that are not useful or have purpose collects dust and makes our money fly out the window just as well as our value. We know if …

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GameStop stock and what’s happening with it

What happened this past week with GameStop’s stock was unprecedented. And markets show that the three largest shareholders in GameStop’s stock have made nearly 2 billion dollars (1.65 billion euro) from the company’s stock rising this past week. The stock hit its high this past Wednesday at $354.83 and rose again on Thursday.

As the largest stockholder of GameStop, Mr Cohen’s now worth a staggering 1.4 billion dollars. In the last two weeks, with the rising of the stock, we calculated his net worth to increase an aver of around 90 million dollars a day. The GameStop Stock has increased more than 1,550% this year.

This sudden increase in the stock has never been seen before. Sure, we saw Tesla grow a hundred times over in the past year, but never has a stock increased so fast continuously in the timespan of a matter of days. On the social media platform Reddit, many small investors have started boasting about their gains from beating Wall Street and the amount of revenue they were able to generate if they caught wind of …

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How will the Government deal with the national debt

According to a recent study done, the Ireland government will be estimated to be able to absorb around 17% of the spike in the State’s level of debt predicted to occur with the pandemic. There is estimated to be a growth of €239 billion within the next two years as the economy continues to battle with COVID’s repercussions. This will not only affect government actions and reach into markets and industries but may mean that there will be uncertainties with regulations regarding COVID restrictions.

Overall, this means that there will be nearly €47,000 being owned by the government to international creditors for every citizen within the state by the end of 2020. This accumulates to billions of debt inherited by the government. This is not just Ireland, but many countries across Europe, driven mostly by the European Central Bank in its bond-buying programs.

Ever since the beginning of the pandemic, the Irish government has responded to its economic and social environment quickly in relation to countries globally and have set aside large series of supports to lessen its impacts on …

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Tax Relief methods that you may be looking for

Taxes have and always will be the stress of most people’s adult life. And there are two sides of the same coin in terms of feelings you may receive when getting your Revenue yearly about your taxes. And last weeks, there are many people who are either ecstatic and relieved and then there are others who are scrambling around to find some way in order to lessen their tax liability.

Either way, you have most likely in one way or another been affected by the wage subsidies that the pandemic has caused. But there are still some things you can do to lessen that tax bill just a little. Of the following hints, if you have not claimed any of them since 2017, you can still be eligible for that period of time.

1: Tuition Fees

With children in third-level education, tuition can cost a fortune. But you can also benefit from tax relief on fees paid for undergraduate programs, postgraduate, IT, and foreign language courses. The relief starts at 20%, meaning that 20% will be returned to your pockets.

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Financial steps you can take in quarantine

As quarantine drags on into 2021, and there is no certainty when restrictions will start to lift as the COVID vaccines roll out, there are still many actions you can take just to less your bills and spending a little. With how volatile the market and economy is currently, as countries scramble to create and distribute the vaccine. You can create just a little bit of order in your everyday lives by seeing if any of these tips will help your financial situation.

1: Check up on your insurances

If you are one of nearly two million citizens in Ireland that are about to enter your renewal period for your private health insurance, this tip is just for you. Of that two million people, around 75% just allow their policies to be renewed without looking over the fine print or asking their provider any questions. And if you have been doing exactly that for over the last three years, you can almost certainly save some money by looking at alternative options currently. It will require a bit of research and …

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How will Vaccines demand and supply affect our global financial stability?

The IMF has released reports on how the increasing demand for COVID vaccines and lagging behind supply may lead to some financial instability. Shortages in the vaccine could lead to lower-income countries to drag on economic recoveries as they are unable to obtain the necessary amount of vaccines. The IMF states that they believe having an inequitable distribution of the vaccine’s risks creating financial vulnerabilities in economies that are unable to match the demand for the vaccine.

This contributes to how emerging market assets have inflated the first weeks of the year, and that there will be a risk of the infections increasing number and size in emerging markets as the vaccines are not distributed as quickly as planned. Emerging markets are also vulnerable in the sense that there has been a shift in the appetite for global risk. Investors currently are very “risk hungry” and that may post threats to these economies if there is not a period of “risk satisfied” by said investors. These markets have increased 8% since the start of 2021 in cost, in addition to …

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How to manage your finances

2020 has been a hit or miss for many. Financially, there have been many downs and not so many ups. Understanding that we’re comprised a shortlist of things you can do help lessen your financial dependencies.

1: Save on idle spending

Whether this is saving on superfoods, and opting for water instead of those goji berries and chia seeds, or curbing the amount of alcohol you’re purchasing. There are always ways to curb the amount you’re spending at the store. Choosing to buy the products on sale and not the thing you “have” to have. In addition to that, not stocking up due to the pandemic and making sure to shop sensibly. Look at your savings and create an audit of how much you spend weekly and see where you can potentially save a bit.

2: Energy

You can also save big on energy. If you haven’t changed energy providers in the last couple of years, you’re most likely being overcharged. Around 60% of Ireland’s consumers are predicted to never even consider changing their electricity or gas provider. In addition …

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The nasty cycle of high-interest rate loans

Many of us had started from the bottom, working day and nights, and depending on government assistance to pull them through. Many individuals and families are stuck in a vicious cycle unable to break free of their chains. If you are stuck in this situation right now, it is crucial to learn the mistakes other low-income individuals have made and try to avoid them. Not only avoid them but to also improve your money mistakes.

You may be wondering what is causing these people to be stuck in the low-income bracket? The main culprit is your community Payday Loans centres and pawnbrokers. Although there may not be many payday loans in Ireland, they have grown to have a bad reputation in the UK already.

Debt never sounds good, but there are the good and bad. Of course, if an individual is investing in a new restaurant or new company there will start off with debt. With time they can potentially pay it off and earn more from the situation.  But in this case, hearing high interest is one of the …

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