Tom’s Top Tips to a Thrifty 2018
St. Canice’s were invited up to KCLR last week to talk about our tips on budgeting for the New Year. I’ve compiled some simple and hopefully sensible ideas that you can put to use to ease the January Blues on the financial front at least!
- Don’t put your head in the sand. It’s not easy and no-one likes doing it but getting on top of your bills and household finances in January will reduce your stress levels for the rest of the year. There is a sense of satisfaction to be got from tackling a problem head on so don’t hide the phone bill under the couch cushions or delete the emails from your TV provider.
- KISS!! Yes KEEP IT SIMPLE STUPID! A simple budget is what’s needed. If you’re not the type of person who enjoys looking at your finances – and lets face it, who does? Then don’t depress yourself by highlighting every tiny outgoing because if you do you’ll probably give up. Put all the major incomings on a sheet and beside them just the major and important expenses… Light, heat, food etc. Once you have those on paper and know you can meet them it makes it much easier to plan for what’s left.
- Tackle that Credit Card. The Minimum payment amount is just that a MINIMUM – Credit Cards are a useful and convenient form of credit but if you’ve got a big monthly balance and are only making small payments then you have a big problem and it won’t go away by itself. Make a plan, talk to a financial adviser if you need to or call to St. Canice’s Credit Union and ask about our new Conquer Loan to consolidate all your existing debt into one manageable repayment.
- Try to time your most important bills to go out just after your income hits your account. It sounds simple but if you have bills that have to be paid then try change the payment date so they get looked after as soon as you get paid. That way they’re sorted before you get to spend the money on yourself. If you’re paid weekly then look at paying a weekly amount off your bills so you’re matching the incoming with the outgoing.
- Get saving – Keeping it regular is the key so don’t try to move mountains in January! St. Canice’s Credit Union now has a BIC and IBAN for all accounts so you can use your online banking to set up a regular payment to your Credit Union Account. Then you’ll have a nice fund saved for next Christmas to make it all easier! Check out our new Christmas Cracker saving scheme in any branch to learn more.
To learn more about what your credit union can offer you just check us out at www.stcanicescu.ie or call into any of our 10 branches. Remember if your finances are getting on top of you there is always help out there. MABS can be contacted at https://www.mabs.ie/en/