Will 2018 Be The Year You Reach Financial Freedom?

As seen in Image Magazine, April 2018






Money. We all need it, most of us want more of it, and during most of our waking hours, we’re either earning it or spending it! So why are we uncomfortable talking about it?


What feelings do you have when someone mentions the word budget… or savings, pensions or investments? Do you start to squirm a little in your seat, do you believe it’s someone else’s responsibility, or do you feel a warm satisfaction that you’ve got it all under control?


Whatever your reaction, understanding your money personality could be the first step you take in helping achieve your own financial freedom. Read on to see where you fit in the money personality spectrum. Get some ideas on what you could do to improve things and find out who your celebrity money muse is!


The Money Activist


Most people know what their household’s monthly income/salary is, but what about all those pesky expenditures? Do you know exactly where all that money gets re-directed, e.g. €X goes to the mortgage,  €Y goes to savings, €Z feeds my Charlotte Tilbury obsession, etc.? If the answer is YES, then allow yourself a smug grin because you’re a money activist!


Money activists aren’t complacent about their money, they’ve worked hard for their dosh and in turn, they want it to work hard for them! They maintain a balance between what they earn, save and spend and do all the ‘right’ things. In fact they’re so in tune to their money management that they probably count their financial advisor as a friend.


If you fall into this category, well done you! Keep doing what you’re already doing with one notable addition – don’t forget to have fun! Quite often, money activists get so caught up building their financial security that they forget about the joy that comes with financial independence.


Going forward, remember to channel your inner Oprah Winfrey more! Like Oprah, create your own list of ‘favourite things’ and allow yourself the odd indulgence. Budget for those Chanel earrings (they’re an heirloom anyway), book that wine tour, start that Salsa class. That way, your great money management skills will not only make you smug and secure, they’ll also lead you to find passions you never knew you had!


The Money Pacifist


On the other end of the scale is the money pacifist, someone that doesn’t take an active role in her own money management.


If you’re a money pacifist then you believe that cash management is someone else’s job, e.g. “it’s my employer’s / husband’s/ partner’s / parents’ job, to make sure that money is in my account and take care of all the ‘boring’ stuff (like paying bills, making sure I’ve got a pension, etc.)”.


If you fall into this category, let me say this in the nicest way possible – cop yourself on! You cannot leave your personal finances in someone else’s hands. Grab your financial situation by the purse strings and start by taking steps to make sure that you’re sticking to the most basic money rule of them all - earn more than you spend!


Take some inspiration from the renowned photographer Annie Leibovitz, whose excessive spending came to light when her partner died and she couldn’t afford to pay the taxes. Annie was sued and nearly fell into bankruptcy, but thankfully with good advice and less spending she’s well on her way to financial recovery.


The Money Magician


If you can spot a bargain at 100 paces, if you shop around for the best deals whenever your insurance, phone or electricity contract expires, if you’re allocating something (no matter how small) to the FUNDamental four (emergency, savings, retirement & education fund if you’ve got kids), then count yourself as a money magician!


Money magicians know how to make every cent count for something. They do the best with what they’ve got and they weave a spell with household finances by being organised, informed and thrifty.


If you’re a magician, you’re doing great, but it’s likely that always feel like you could be earning more, saving more, doing more! If that’s the case then follow this simple rule – put a minimum of 10% of your earnings into savings and you’ll always be secure in the knowledge that you’ll have money.


In addition, look to Megan Merkle whenever things get a little tough. She’s living a fairy-tale life now but even she used to supplement her income as an actress by doing calligraphy for weddings and events. Could your talent earn you extra cash?


The Money Misfit


The easiest way to know if you fall into our final money personality category is to give your money a voice. If your money could talk, would it shout, “I’m not here for a long time, I’m here for a good time”? If the answer is yes, then you’re a money misfit!


Like the money pacifist, money misfits often spend more than they earn because they believe that money management is something they’ll start doing next month, next year, or when their first grey hair appears!


Don’t yawn, but money misfits can only improve their money situation by getting a handle on their Cashflow and sticking to the ‘don’t spend more than you earn’ rule. Start by downloading (and using!) a budgeting app such as Spendee, which is super. It helps you track your balance, spending and regular monthly bills and is really user friendly compared to other apps I’ve reviewed.


Channel your inner Queen B and forget the notion that money management is boring and dull. Knowing where you spend your money (and if it was worth it), is the first step to financial freedom. So be your own Beyoncé…


Be fierce. Be independent. Be financially free.







Lorraine Donegan

CEO & Founder

Donegan Financial Services


Donegan Financial Services is regulated by the Central Bank of Ireland as a member of Brokers Ireland.

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