{"id":268097,"date":"2026-01-28T09:42:13","date_gmt":"2026-01-28T09:42:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/268097\/"},"modified":"2026-01-28T09:42:13","modified_gmt":"2026-01-28T09:42:13","slug":"know-your-values-when-it-comes-to-managing-your-money-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/268097\/","title":{"rendered":"Know your values when it comes to managing your money \u2013 The Irish Times"},"content":{"rendered":"

What\u2019s your approach to money<\/a>? If it\u2019s only about the numbers, you might be missing out.<\/p>\n

Values-based financial planning<\/a> is an approach to money that prioritises your values, beliefs or long-term vision for your life above wealth accumulation. Instead of only focusing on the figures, it\u2019s about meaning, it\u2019s about maximising life satisfaction rather than returns.<\/p>\n

But how does it work, do you have to be rich to do it and could you end up better off?<\/p>\n

Values-based financial planning<\/p>\n

At its core, values-based financial planning is about \u201cknowing how much is enough, versus just having more,\u201d says Cian O\u2019Callaghan director of private clients at Metis Ireland<\/a>. He advises clients to think of money as a tool in their lives, not a goal in itself.<\/p>\n

\u201cIf someone doesn\u2019t have a financial plan, the goal can become to earn as much money as they can, and retire as early as they can \u2013 but that doesn\u2019t answer the question, \u2018What is the money for\u2019?\u201d says Callaghan. \u201cThe idea of retiring early, for example, can be, \u2018I don\u2019t want to do this job any more\u2019 \u2013 but that\u2019s not answering the question, what is it that you do want to do?\u201d<\/p>\n

\"\"Old order \u2018not coming back\u2019 as Trump overshadows World Economic Forum<\/p>\n

So before blindly going after that next big promotion or better paid job, individuals could ask themselves the simple question, \u2018What do I value most?\u2019 he says. <\/p>\n

Values are important to financial planning and life-plan satisfaction, says Ralph Benson of MoneyCube<\/a>. <\/p>\n

\u201cThere are millions of people out there who are about making as much money as possible, as quickly as possible \u2013 and then when they retire, they think, well what was that for? I barely know my family. So I think your values do become important,\u201d says Benson.<\/p>\n

Working all hours for years to save or invest for the future can feel like a Pyrrhic victory. <\/p>\n

\u201cGetting the best investment return possible \u2013 that might be lovely, and you can end up with a lot of money \u2013 but are you getting the best return on your life?,\u201d says Callaghan.<\/p>\n

Hitting the biggest number isn\u2019t the main goal, or the only metric of success for those using values-based financial planning. It\u2019s about being satisfied that you are getting a good overall return on life, and not just your money. <\/p>\n

Explore your values<\/p>\n

The first step to values-based financial planning is to clarify your values, or think about what is most important to you. Possible values could be time with loved ones, security, freedom, contributing to your community or sustainability. People don\u2019t go to a financial planner expecting a therapy session, says Benson. Their reason for coming is often functional, such as redoing the mortgage or making a will, but a good financial advisor can prompt some thinking.<\/p>\n

\u201cParticularly when someone comes with a partner or spouse, you can get some interesting conversations going about the household,\u201d he says. <\/p>\n

A financial advisor can end up prompting a useful discussion that a couple might otherwise not have. <\/p>\n

\u201cThere aren\u2019t many couples I know that say we are going to discuss this on Saturday night \u2013 instead of opening a bottle of wine, we are going to sit around with our spreadsheets.\u201d <\/p>\n

A values-based approach is about exploring what they want to achieve, he says. <\/p>\n

\u201cIs it about maximising the amount of money in the bank? It\u2019s about asking, if you came back here in five years time, what would things look like? Money is useless unless you put it to work doing something else. It gives you options,\u201d says Benson. <\/p>\n

We\u2019ve all seen the Lottery ads where the winner gets to quit work and live at the beach. But you don\u2019t have to be a millionaire to prioritise your values. <\/p>\n

\u201cWe always ask people, if money wasn\u2019t an issue, would you be doing anything differently?\u201d says Callaghan. \u201cOf course people need a job to pay the bills. But if you get to the root of what they value most, you can sometimes show them how money may not be as much of a barrier as they think.\u201d <\/p>\n

If spending more time with loved ones is a priority for you, it could mean cutting back on other things you decide are less important to you. There will be trade-offs. <\/p>\n

Values-based financial planning can sound a bit worthy, as though it entails prioritising only \u201cgood\u201d things over making money \u2013 but your values don\u2019t have to be all \u201cPollyanna\u201d. If you value security more than working in a field you love, this could be a value that shapes your life. <\/p>\n

Someone could decide to knuckle down for some core earning years before transitioning to something more interesting to them, making a more self-directed career choice in their early 50s, for example, says Benson. <\/p>\n

\u201cWhen I\u2019m having a values-based financial planning conversation, it\u2019s about looking at where are you trying to orientate your life \u2013 and how your money is actually going to make that happen,\u201d he adds.<\/p>\n

Values are different from dreams, goals and aspirations, says Callaghan. <\/p>\n

Good vibes?<\/p>\n

Values-based financial planning isn\u2019t just about the vibes. There has to be some number crunching happening too. Once you\u2019ve clarified your values, hopes or aspirations for your life, the next step is to cost them out to understand how they fit with your finances. <\/p>\n

If you are planning to have a child, or more children, for example, a value might be to spend time with them while they are young. This could entail one parent taking extended parental leave or two parents alternating periods of it during school summer holidays over successive years. <\/p>\n

Knowing the cost of dropping a salary and pension payments over three months, for example, can help you weigh up how you could pursue this value. <\/p>\n

Is this something your family can afford; can you make up the shortfall by cutting spending in other areas; and can you make peace with this dent in earnings and pension? <\/p>\n

\u201cIf you\u2019re talking to people in their 30s, you might ask them, rather than planning to retire earlier, would you be happy to work longer if you could get five years off now when your kids are young?\u201d says Callaghan. <\/p>\n

Similarly, if you are lucky to be in a position to buy a home, it is worth exploring how borrowing more now might straiten your options in future. <\/p>\n

Though you have your heart set on buying a four-bed home, opting for a three-bed instead could give you the financial headroom to change to a more fulfilling career in future, or to travel more. <\/p>\n

\u201cValues-based financial planning allows you to have a discussion about trade-offs,\u201d says Callaghan. \u201cAnd there is no right or wrong answer around what someone wants. Only the individual can determine what value they put on something,\u201d says Callaghan. <\/p>\n

Generation game <\/p>\n

An approach to money management that starts with \u201cWhat matters most to you?\u201d can seem indulgent and foolish in some cultures, or to those who grew up in an era of scarcity, high unemployment or emigration. <\/p>\n

\u201cThere are some people in their 70s and you just can\u2019t get them to spend their money, they just won\u2019t do it. They are going to die with a fortune,\u201d says Callaghan.<\/p>\n

Their financial planning discussions can centre on estate planning and how they can help out the next generation, he says. \u201cThey will do that, but tell them to go on more holidays and it\u2019s very hard to get that message through.\u201d <\/p>\n

The next generation aren\u2019t necessarily adopting the values of their parents when it comes to money. <\/p>\n

So-called millennials and Gen Z can take a much more values-based approach to financial planning than their predecessors, says Callaghan. They can be much more questioning of how they are spending their time. <\/p>\n

\u201cThere is a clear shift with them,\u201d says Callaghan. \u201cThey are saying, \u2018I don\u2019t want to do this job forever.\u2019 They are more conscious that every hour they spend at work is an hour away from what they love to do, or who they love to spend time with. They want to make sure they are getting paid well for that, and I think that\u2019s a significant change with younger generations,\u201d he says. <\/p>\n

While they get a bad rap for spending on the apocryphal coffees and avocado toast, they are on to something, says Callaghan. \u201cThey don\u2019t live to work, they work to live. They are thoughtful about their time.\u201d<\/p>\n

Unlike some other approaches to money, the goal of values-based financial planning isn\u2019t to maximise income for its own sake, or to hit a big number. Instead of always trying to earn, save or invest the maximum amount at all costs, values-based financial planning starts with the question, \u201cWhat do I want my money to support?\u201d This can provide a good decision-making framework when deciding on other choices too \u2013 such as, is taking that big promotion actually necessary? The most important question it can help you answer is, \u201cWhat\u2019s the money for?\u201d<\/p>\n

Is values-based planning a luxury?<\/p>\n

Taking a values-based approach to your finances can seem impossible if you are living from one pay cheque to the next, of course \u2013 but if you have enough to cover your needs, the philosophy can be helpful. If it seems as if everyone is driving a new car and doing a kitchen extension, being clear about your own personal north star and following it can insulate you from feeling you need to keep up with the Joneses. Your earnings and spending are aligned to your own values rather than anyone else\u2019s. Being values-driven when it comes to money can mean more life satisfaction. <\/p>\n

\u201cFor people who are caught up with money \u2013 and we are in an era where the people who are idolised are the global super rich \u2013 money is keeping the score,\u201d says Ralph Benson. \u201cOthers will try to figure out what their own personal values are instead of absorbing them from the environment. They understand what\u2019s important to them long term, and that money is just there as a means to an end.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"What\u2019s your approach to money? If it\u2019s only about the numbers, you might be missing out. Values-based financial…\n","protected":false},"author":2,"featured_media":268098,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,631,61,60,5144,1612,174,175],"class_list":{"0":"post-268097","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-for-you","11":"tag-ie","12":"tag-ireland","13":"tag-money-matters","14":"tag-pension","15":"tag-personal-finance","16":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/268097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=268097"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/268097\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/268098"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=268097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=268097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=268097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}