Mallow-based financial planner Gavin O’Sullivan has highlighted some of the most common financial challenges facing households, along with practical advice for managing money and planning ahead, in a series of recent contributions to the Irish Independent.
O’Sullivan, who works with Barry-John Ryan Financial Planning, told the Irish Independent that a lack of financial education remains one of the biggest issues he encounters with clients.
“Financial education is rarely taught in schools, even though it absolutely should be,” he said. “As a result, many people have limited understanding of key areas such as protection, pensions, savings, investments, budgeting and debt management.”
According to O’Sullivan, this knowledge gap often leads people to manage their finances without a clear structure, making it harder to plan for long-term goals.
Another recurring issue he highlighted is the absence of an emergency fund. He recommends building savings equivalent to three to five times net monthly income to protect against unexpected costs.
“For someone earning €3,000 net per month, that means setting aside between €9,000 and €15,000 specifically for emergencies,” he said. “A practical way to do this is to automate a transfer into a savings account on payday, starting small and increasing it over time.”
O’Sullivan also warned against over-reliance on credit cards, loans and overdrafts, particularly when high-interest debt is involved.
“Carrying unnecessary debt can significantly hinder long-term financial progress,” he told the Irish Independent. “Where clients have multiple debts, I typically recommend clearing the most expensive debt first using a ‘debt ladder’ approach.”
When it comes to day-to-day spending, O’Sullivan supports the 50/30/20 budgeting rule but stressed that it only works if people actively track where their money is going.
“If you don’t monitor your spending, you’re really only guessing,” he said. “Personal circumstances vary widely depending on income, cost of living, debt and financial goals.”
Looking ahead to 2026, O’Sullivan revealed that buying his first home is his own top financial priority.
“To put myself in the right position, my partner and I need to continue saving consistently so that lenders can clearly see our repayment capacity when the time comes,” he said.
In advice he is sharing with clients across Mallow and the wider region, O’Sullivan said the focus for 2026 should be on building emergency savings, reviewing income protection, maximising pension contributions and starting to invest where possible.
He described income protection as “the bedrock of any financial plan” and encouraged long-term, disciplined investing.
“You can start investing with as little as €100 per month,” he said. “The key is to diversify, invest consistently and avoid reactionary decisions based on headlines.”
