Episode 8:
Although they are strong earners, with savings, this couple rely on credit. Most of the borrowing is for work to their home.
Having just taken a €60k loan from family they are about to embark on more work to the house – a new roof and kitchen extension. They hope the budget will stretch to the job, but have no idea if they’ll need some contingency.
While the build and renovation is constantly on their minds, there is a much bigger consideration for this couple – a potential third child. They are determined to give their children every opportunity in life and want to know if their financial decisions will support their ambitions for their girls. Bluntly, they want to know, from a purely financial position, should they have a third child?
Eamonn has the option to retire in three years time, and they wonder would it make financial sense for him to do this and become a stay at home Dad, thereby negating childcare costs.
Eoin does the maths and, given their financial situation and the standard of living they want to maintain as a family, is faced with telling them their baby hopes are not financially realistic – as things stand.
But he throws them a lifeline; with a lot of work, a lot of sacrifice and commitment to a carefully crafted plan, their money problems might be resolved …. and then along comes Covid to throw a spanner in the works ….
Series Overview:
In this eight part series Eoin McGee works closely with a diverse range of people with very different financial goals.
The current pandemic has created financial uncertainty for many but has also seen savings rise significantly. Now, more than ever, financial advice, planning and knowhow are vital.
Through the series Eoin meets: a small business owner who is struggling to stay afloat in the pandemic; a couple in the process of downsizing their home as they head for retirement; a young couple who dream of getting married and owning their own home; a couple worried about the financial fallout from a recent health event; a single Mum struggling with debt; a couple who want to grow their family and remain financially secure; a family of four who long for their own space; and a couple planning to finance a self-build.
Eoin delves into their finances carrying out a full financial audit, investigating their money habits. He then presents each household with a tailored financial plan addressing both the short and the long term. Over the course of the series he will work closely with each household supporting them to implement the plan, but not without some struggles and unforeseen events along the way.
We are living in uncertain times and some of the households and Eoin have to deal with many uncertainties as they navigate their way to ultimately being good with money.
How To Be Good With Money aims to make the nation more financially savvy through Eoin’s no nonsense, accessible advice. Throughout the series, Eoin will provide viewers with solid takeaway advice – personal finance information to help manage day to day finances – while also looking to build future financial resilience.
How To Be Good With Money is made by Indiepics for RTÉ and is sponsored by CCPC, the Competition and Consumer Protection Commission.