Saving is a crucial part of financial planning and it is an area that we receive a variety of questions about. Here Anne O’Doherty looks at the top 5 questions about savings that we frequently receive from clients and the answers we guide them through

What is the difference between investing and saving?

Saving and investing are two different ways to handle your money. Saving is generally when you put a set amount of money aside on a regular basis for a particular period of time. Savings tend to be low risk, easily accessible and shorter term. Investing on the other hand is the term generally used when you have a lump sum that you can put away for a medium to long term. It is more geared towards wealth accumulation and achieving longer term financial goals.

How do I decide how much to save?

One of the most common questions we are asked is how much an individual should save each month. The answer often depends on an person’s financial situation and their goals. A general rule of thumb is to follow the 50/30/20 rule. This means allocating 50% of your income to necessities, 30% to discretionary spending, and 20% to savings and debt repayment. This 20% can be further divided into short-term savings, like an emergency fund, and long-term goals, such as retirement. This will of course vary depending on a person’s financial priorities.

Should I pay off debt before starting to save?

This is a common question especially with clients who may have high-interest debt. While we would always suggest prioritising paying off high-interest debt, we do also believe that it is important to have some money put aside that is easily accessible, in case of emergencies.  We all know how unpredictable life can be and a financial plan should include provision for an emergency fund to avoid accumulating debt should unforeseen circumstances arise. It is possible to balance debt repayment and savings by allocating a portion of your budget to both simultaneously.

What is an emergency fund?

An emergency fund is a financial safety net and is essential for handling unexpected expenses. Having savings of 3 to 6 month’s worth of living expenses put aside is a good goal. This can be done over a period of time by starting small, making this goal more achievable. Simply setting up an automatic payment to your chosen savings account can ensure that this happens.

What should I take into consideration when choosing a savings account?

There are lots of variables to consider when choosing the right account for you. The answer depends on your own specific circumstances and you need to take into account things like what your goal is, how much you will be putting aside, how long you will be doing this, how quickly you may want to be able to access the funds and of course your attitude to risk. You also don’t have to pick just one product. You may have more than one goal and find that mixing products is the best option for you.

Whether you’re just starting out with your savings journey or would like to ensure you’re on the right path, we’re here to help you. Discussing your savings and understanding the various options available to you is a critical part of any financial plan. We’ll work with you to understand how much to save, where to save, building an emergency fund, managing savings on a tight budget, and balancing debt repayment with saving can empower individuals to take control of their financial future.

Building your savings can be simple and an effective way to achieve your longer term financial goals. We’re here to help with all your questions about saving. So if you’d like to take a closer look at saving and what kind of plan is right for your circumstances, just get in touch with us at Quintas Wealth Management, because we know what counts.

25 June 2024

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What our clients say about Quintas

  • 1

    "I would like to express my thanks for the work you have done for me over the past years. The expertise and attention to detail with which you have handled my financial affairs could not be faulted. Particularly reassuring to me is the feeling of c..." Read more

    - John Riordan | Director of Support | Shopify

  • 2

    "I have been dealing with Anne O’Doherty in Quintas Wealth Management for over 10 years, i would strongly recommend their services based on professionalism , friendly manner and a strong track record on investment performance."

    - Helen Down | Ballincollig

  • 3

    "Having dealt with Quintas Wealth Management over 6 years for protection, Investments and Pensions I would have no problem in recommending them based on their professional and efficient service."

    - Derek Goggin | Chief Financial Officer | Teamwork

  • 4

    "I have dealt with Anne O’Doherty in Quintas Wealth Management for the last 6 years and I would strongly recommend them based on their professional, efficient and friendly service and most importantly their track record with our investment portfolio." Read more

    - Brian Robinson | CTO | Dataworks Limited

  • 5

    "I and clients of mine have availed of the excellent services of Quintas Wealth Management, led by Anne O’Doherty. I have no hesitation in recommending Quintas Wealth Management."

    - John Boylan | Partner BDM Boylan Solicitors

  • 6

    "I have been dealing with Anne and her team in Quintas Wealth Management for the last 10 years . I would recommend Quintas Wealth Management because of their transparency on a range of investment ideas within my pension fund .i would have no hesita..." Read more

    - Dr Rose Curtin | Elmwood Medical Centre

  • 7

    "I have been a client of Quintas Wealth Management since its establishment in 2005 and over the last 16 years the team have provided me with invaluable advice in a very efficient and professional manner."

    - Dr Sean Mc Carthy | Dentist

  • 8

    "I have been a client of Quintas Wealth Management since 2013 and have always found their process and approach to clients very professional As an accountant I feel this is of utmost importance when referring my clients to Quintas Wealth Management. "

    - Aidan Mc Avinue | Accountant

  • 9

    "Protecting our family was at the forefront of our mind when we engaged with Quintas Wealth Management. What we came away with is a far more robust financial plan based on a complete analysis of our financial situation. We cannot thank the team eno..." Read more

    - Gino & Nicola Lee | Director | Parbo Limited

  • 10

    "I originally engaged Anne and her team to assist with setting up my pension and retirement planning. However, I received far more than that and now have a much broader, well-thought out and organised financial plan that really gives me peace of mind."

    - Monica Holland | Director | Cloghroe Pharmacy

  • 11

    "We have had the pleasure of dealing with Quintas Wealth Management over the past year. Without doubt we feel we have benefitted from the most astute financial advice combined with exceptional customer service."

    - Pat Mullins | Partner | BDM Boylan Solicitors LLP

  • 12

    "Anne O’Doherty has been our financial advisor for the past 6 years . she listens to our requirements and our long-term goals and has provided us with a comprehensive plan of action. Anne has always offered sound financial advice based on our inv..." Read more

    - Peter Murphy | Director & General Manager | Apple Operations Limited

1

John Riordan | Director of Support | Shopify

I would like to express my thanks for the work you have done for me over the past years. The expertise and attention to detail with which you have handled my financial affairs could not be faulted. Particularly reassuring to me is the feeling of certainty in the absolute integrity of your dealings with us.

2

Helen Down | Ballincollig

I have been dealing with Anne O’Doherty in Quintas Wealth Management for over 10 years, i would strongly recommend their services based on professionalism , friendly manner and a strong track record on investment performance.

3

Derek Goggin | Chief Financial Officer | Teamwork

Having dealt with Quintas Wealth Management over 6 years for protection, Investments and Pensions I would have no problem in recommending them based on their professional and efficient service.

4

Brian Robinson | CTO | Dataworks Limited

I have dealt with Anne O’Doherty in Quintas Wealth Management for the last 6 years and I would strongly recommend them based on their professional, efficient and friendly service and most importantly their track record with our investment portfolio.

5

John Boylan | Partner BDM Boylan Solicitors

I and clients of mine have availed of the excellent services of Quintas Wealth Management, led by Anne O’Doherty.

I have no hesitation in recommending Quintas Wealth Management.

6

Dr Rose Curtin | Elmwood Medical Centre

I have been dealing with Anne and her team in Quintas Wealth Management for the last 10 years . I would recommend Quintas Wealth Management because of their transparency on a range of investment ideas within my pension fund .i would have no hesitation in recommending their services.

7

Dr Sean Mc Carthy | Dentist

I have been a client of Quintas Wealth Management since its establishment in 2005 and over the last 16 years the team have provided me with invaluable advice in a very efficient and professional manner.

8

Aidan Mc Avinue | Accountant

I have been a client of Quintas Wealth Management since 2013 and have always found their process and approach to clients very professional
As an accountant I feel this is of utmost importance when referring my clients to Quintas Wealth Management.

9

Gino & Nicola Lee | Director | Parbo Limited

Protecting our family was at the forefront of our mind when we engaged with Quintas Wealth Management. What we came away with is a far more robust financial plan based on a complete analysis of our financial situation. We cannot thank the team enough for making this so easily to understand and complete.

10

Monica Holland | Director | Cloghroe Pharmacy

I originally engaged Anne and her team to assist with setting up my pension and retirement planning. However, I received far more than that and now have a much broader, well-thought out and organised financial plan that really gives me peace of mind.

11

Pat Mullins | Partner | BDM Boylan Solicitors LLP

We have had the pleasure of dealing with Quintas Wealth Management over the past year. Without doubt we feel we have benefitted from the most astute financial advice combined with exceptional customer service.

12

Peter Murphy | Director & General Manager | Apple Operations Limited

Anne O’Doherty has been our financial advisor for the past 6 years . she listens to our requirements and our long-term goals and has provided us with a comprehensive plan of action. Anne has always offered sound financial advice based on our investment objectives as well as our personal needs.

Quintas Wealth Management is one of the leading wealth management companies in Ireland. We specialise in providing financial planning and wealth management services to clients looking to plan and achieve their personal and financial goals.

Established in 2017 and based in Cork, we aim to enhance our client’s financial health by working together with them every step of the way. We guide them expertly through understanding their individual needs to helping them find the right solutions for those needs.

Each client is unique and we tailor our approach to provide the highest standards of excellence to deliver on their wealth management goals.

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