A year is a long time in the financial life of any individual or family - 12 whole months of balancing a budget, 365 days of keeping shopaholic tendencies at bay, all while a range of necessities threaten to stretch family finances in countless directions, writes Laura Slattery
It is often unexpected events that succeed in bringing people to financial breaking point, however. Family circumstances change, and while money is often the last thing on people's minds, it can help to know where to turn to get financial advice and information.
Getting married
Once all the confetti has been cleared away, you may need to contact the Revenue Commissioners to advise them of the fact that you have exchanged rings.
Your combined income tax bill could go down if you and your spouse are taxed at different rates. If one spouse earns less than €28,000 - known as the standard rate cut-off point - and only pays tax at the standard rate of 20 per cent and the other spouse earns more than €28,000, paying tax at the marginal rate of 42 per cent on the balance, then tax savings could prove to be the icing on the wedding cake.
Couples in this situation are eligible for a tax refund for the year of marriage and can apply at the end of the year.
Married couples can then choose to be either jointly or separately assessed or, in rare cases, opt for what is known as assessment as a single person.
Joint assessment is the default option given by the tax office. It is the most common tax treatment and the only practical option if just one spouse has a taxable income.
If both spouses have a taxable income, they can decide which person is to be the assessable spouse. If no nomination is made, the tax office will decide that the assessable spouse will be the person with the highest income for the latest year for which details of both incomes are known.
To claim separate assessment, you or your spouse must write to the tax office between October 1st and March 31st - the period three months before and after the start of the tax year.
For further information, see the FAQs page on the Revenue's website at www.revenue.ie or contact the Revenue on 01-873 6100 for general information or at 01-865 5002 to request a copy of its Taxation of Married Persons booklet.
Having a child
Parents who have just received a credit card bill documenting each frenzied December afternoon spent barging their way through a toystore will know that giving birth to little bundles of joy can open up a galaxy of black holes down which your income will disappear.
Immediately after the birth, the mother's income, and thus the family income, is likely to dip.
Statutory maternity benefit is payable for 18 weeks, but the maximum weekly payment is just €232.40 a week.
Your employer may improve on this amount, but the total will be less than your normal earnings, which may put a strain on finances just as you have to start stockpiling nappies.
You should apply for the benefit six weeks before you intend to start your maternity leave, or 16 weeks in advance if you are self-employed.
There are several social welfare payments available to parents that can be used to help pay for everything from baby formula to creche fees to education costs, or simply supplement the family income.
All parents are entitled to receive a monthly child benefit payment, which is usually paid to the mother for each qualified child living at home.
The benefit must be claimed within six months of the birth of the baby, the date on which the family came to reside in Ireland, or the date on which the child became a member of the family, in order to receive payment for each of the months.
If it is not claimed in time, the child benefit will be paid only from the month after the claim is received.
The current rates of pay are €125.60 a month for the first and second child and €157.30 for the third and subsequent children. These rates will increase to €131.60 and €165.30 in April, as announced in the Budget. Special grants are available for multiple births.
If you are a lone parent, you may be eligible for One-Parent Family Payment if your weekly income is €293 or less and you are not cohabiting.
If you are separated or divorced, you must have been separated for at least three months and have made efforts to get maintenance from your spouse.
If you are not married, you will be required to seek maintenance from the other parent of the child.
For advice and information from other parents, visit www.rollercoaster.ie, a website "for the ups and downs of parenting".
Getting divorced
Although separating or divorcing couples are not legally required to hire a solicitor, complicated issues surrounding custody and access to children, maintenance, tax and the family home frequently arise, meaning both partners will need a separate family law solicitor.
Solicitors' fees can increase the costs of a divorce significantly.
People with a disposable income of less than €13,000 and disposable capital of less than €320,000 are entitled to low-cost legal advice and representation from the Legal Aid Board in certain cases.
If your only source of income is social welfare payments, you will only have to pay the minimum contributions of €6 for legal advice and €35 for legal aid.
The maximum contributions are €100 for advice and €1,210 for legal aid.
When applying for a divorce, you must submit certain documents to the Circuit Court. These include a sworn statement of means, setting out your assets, income, debts, liabilities and outgoings.
You must also submit a sworn statement relating to the welfare of any children, documenting arrangements for their care, education and health, as well as custody, maintenance and access.
Generally, the partners must have been living apart from one another for a period of four out of the previous five years before a decree of divorce can be obtained.
For further information, see www.oasis.gov.ie or contact the Free Legal Advice Centre (FLAC) at 01 874 5690 or email info @flac.ie.
