Your Money: A review of her finances forced Linda to face up to money matters
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Having a review done of her financial situation proved invaluable for Montessori teacher Linda Kiernan.
After undergoing the review, which was carried out by Irish Life, she now feels financially more secure.
The review prompted Ms Kiernan to double the monthly amount she is putting into her pension and to set up a long-term savings plan for her children.
She is in her 30s and has three children -- Sean (5), Tara (2) and Peter (1). She runs a Montessori in Walkinstown, Dublin 12.
"The review made me have a look at my pension and I realised I was not putting enough into it. I was putting €250 in a month and I have now doubled that," she said.
Savings
The Celbridge, Co Kildare, resident has also started a savings plan with Irish Life where she has to put money aside for at least seven years.
She now plans to review her situation every two years to make sure her finances are in order.
Asked if she is feeling the pinch from the recession, she said it was noticeable that more and more parents now only wanted their children to have a part-time place in her Montessori school.
This reflects the fact that one of the parents has been made redundant, and the families can no longer afford a full-time place.
