You might think that financial planning is complicated, but it doesn’t have to be. The following step-by-step guide will explain how you can create a good financial plan. You’ll also get access to our Financial Health Check, which is a useful tool to get you started with your financial planning and wellbeing. Once you complete the Financial Health Check, you should get in contact with a Zurich Financial Planner or seek local advice from a Financial Broker. Working with an expert can be a great help as they can answer any questions or queries you might have and provide you with the personal advice you need.

So, let’s get started and figure out what areas of your personal or family finances are doing well or where there is room for improvement.


Step 1

What is a financial plan?

Manage your finances daily

Stay on track with your short and long-term financial goals

Encourage financial wellbeing

A financial plan is simply a way to help you manage your finances on a regular basis. It can include budgeting of expenditures and savings, as well as the identification of potential risks and opportunities you need to consider to achieve your short and long-term financial goals.

You can use a financial plan to make sure you are on track with your finances, or simply to better understand your financial needs and plan for your future.

Financial planning can be a complex process, but it doesn’t have to be. With the right advice, information and resources, anyone can create a plan that works for them.

Watch the following video to understand how financial planning can positively impact both short and long-term goals.



Step 2

Why is financial planning important?

Prepare for planned or unexpected events

Start your financial plan online

Request a free financial consultation

A solid financial plan can encourage financial wellbeing, which is essentially about having a good relationship with your money. It’s about feeling secure and in control of your finances, whether that’s with day-to-day money or being able to deal with something if the unexpected happens. It’s about knowing that small things can make all the difference when it comes to your overall financial wellbeing.

Whether you’re planning for your retirement, buying a house, funding your children’s education, or managing day-to-day money and debts, a financial plan can also help you navigating high inflation periods as well as an economic crisis.

You can start a financial plan online by using our Financial Health Check. Once you’ve completed our Financial Health Check, you will get a personalised report which will help you identify the areas in which you need to focus in order to achieve your long-term goals.

You could then use this report to kickstart a conversation with a qualified financial planner, who could help you put your plan in place.

1. Understand your financial situation

Understanding your financial situation is an important first step towards achieving a stable and successful financial future. By taking the time to assess your current financial position, you can gain valuable insights into your income, expenses, assets, and debts.

This knowledge can empower you to make informed decisions when it comes to budgeting, saving, investing, and planning for the future. By understanding your financial situation, you can get a clear picture of where you stand financially and identify areas for improvement.

Our Financial Health Check can help you figure out how you are currently doing with your finances. You'll go through a set of questions about your savings, life insurance and pension needs and the Financial Health Check will highlight the areas where you are doing well and where things could be improved.

2. Understand your long-term goals

Defining your financial goals is an essential step in creating an effective financial plan. These goals serve as a roadmap to guide you towards your desired financial future.

Your financial goals could be short-term such us saving for a holiday, medium-term such as saving for a wedding or a mortgage, or long-term such us saving for retirement or your children's education.

Our blog articles explain how you can set your financial goals as well as how you can start budgeting and saving to achieve them.

3. Create a financial plan

Once you’ve used our Financial Health Check, you’ll get a good understanding of your financial situation. To take it to the next stage, you should get in touch with a financial advisor as they will help you identify the best way to put a financial plan in place.

Together you can develop a financial roadmap aligned with your lifestyle and needs. You can arrange a free consultation with Zurich or find an external advisor in your area using our financial advisor finder.

4. Find the products and solutions you need

Either by using the Financial Health Check or by getting in touch with a financial planner, the next step is to identify the products you need in order to achieve your goals. 

Pension: After examining your current situation and understanding your goals, the Financial Health Check will help evaluate your pension needs and suggest the next steps to take. A pension plan could help you achieve your desired retirement income for your life after retirement. It is also a very efficient tax planning tool as there is good tax relief on pension contributions available.

  • Calculate now what you may need to put away for your retirement by using our Pension Calculator.

Savings and investments: By looking at your current situation, the Financial Health Check will estimate your future financial needs. The tool will show you how your savings could potentially grow in a Zurich investment fund over time – whether you have a lump sum available to invest or you want to save regularly, or both. You have the flexibility to choose and change investment strategies to best align to your needs as your circumstances change over time.

Life insurance: Once you’ve looked at your family and personal finances, the Financial Health Check will help identify your life insurance needs. There are different types of life insurance, but essentially it is used to protect you and your family in case of unforeseen events. At Zurich we provide mortgage protection, income protection, life insurance, serious illness and cancer cover tailored to individual needs.

Navigating the different options available can be difficult especially for beginners. You can use our life cover calculator to help you find out your life cover needs, and after using the Financial Heath Check, it’s a good idea to engage with a financial advisor who can guide your through the different options. The Zurich financial planning team can offer you a free financial consultation or use our advisor finder tool to locate an advisor in your area.

5. Implement your new strategy

Implementing a new financial plan into your routine is not always straightforward. The good news is that if you have decided to take this step you probably are motivated enough to stick to your new plan.

Whether you are building up funds towards your retirement, have embarked on a new savings plan or want life insurance for peace of mind, developing good financial habits is key as you will more than likely have to cut back on other expenditures in order to allocate funds for your new savings or protection needs.

We have created a handy budgeting calculator that could help you identify your current spending habits. This should also give you a better understanding of where the budget for your new objectives can come from. 

6. Review your financial plan regularly

Reviewing your financial strategy regularly is essential to make sure you are on track to achieve your objectives. It is also important to evaluate whether your personal circumstances have changed. You can use the Financial Health Check on a regular basis to take a snapshot of your current situation and evaluate whether it has changed, and if it has, your plan can be amended to suit your new circumstances.


Step 4

Start your financial planning journey online for free

With this guide we have given you all the information you need to start your financial plan online. Whether you decide to find the products that suit you by yourself, or get in touch with Zurich or a local financial advisor, the Financial Health Check is a helpful tool to understand your current circumstances, and when used regularly, can help guide you on your financial wellbeing journey.

Financial planning articles from the Zurich financial wellbeing blog

02/01/2024 | Zurich Ireland

Financial and savings goals: Six steps to set and achieve them

In this article we are going to provide a step-by-step guide to help you set realistic financial goals, how to adjust your saving plan accordingly, and explain how to evaluate whether you are on target to reach your savings objective.

02/01/2024 | Zurich Ireland

How to create a budget to save money

Need some help kick starting your savings habits? One of the most effective ways to start saving is to create a budget. Whether you want to save for an emergency or rainy-day fund, repay debts or track your expenses, our step-by-step guide and tools will help you budget and get on track with your savings goal. 
02/06/2023 | Zurich Ireland

What is a sinking fund and how to create one for yourself?

Sinking funds are a great way to save up for large expenses by setting aside small amounts each month. In this article we are going to explain what sinking funds are, how you can create one and how they can help with your yearly expense planning.
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This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice.

The information contained herein is based on Zurich's understanding of current Revenue practice as at 01 January 2024 and may change in the future.