Trying to manage your finances?
Why not call in and set up a Budget Account. A budget account with Cois Sionna Desmond Credit Union can help you actively manage your money.
Benefits to managing your money:
- You will know where your money is going and if you are spending more then you can afford
- It will give you peace of mind and a sense of control
- It can help you avoid debt problems, prepare for emergencies, save money and achieve your future goals
This can be difficult, follow our 4 step guide to help you manage your money better!
- Complete a financial health check
- Identify your goals
- Make a budget
- Shop around, switch & save
1. Complete a financial check:
This will give you a clear picture and identify areas you need to make changes. You should try do this on an annual basis, if your income changes or you are going through a new stage in your life.
Calculate your total income:
To get a clear picture of your finances you need to include all sources of income.
Calculate your total outgoings:
Keeping track of your outgoings is more difficult, try organise them under the following:
- Everyday Expenses: coffee, lunches, taxi, cinema, pubs, phone credit, etc. Try keep a diary to see exactly where your funds are going!!
- On-going Expenses: Rent, gas, electricity, TV, phone, broadband, petrol, insurance. Use your bank statements and regular bills to get an idea on what your spending.
- Loans & debts: Write down your weekly/monthly repayments but also how much you still owe in total and how long is left on the term.
- Savings: Have you a regular savings account? What is your balance?
- Occasional Expenses: Medical Costs, holidays, birthdays, TV Licence.
2. Identify goals:
Saving for a holiday next year? Want to clear off that credit card. Everyone has something different. Outline yours, you will find it easier to stick to a budget once you have something to aim for. Goals can be short term (0 to 3 years) Medium term (3 to 10 years) Long Term (10 years plus)
Where do you see yourself? What is it you want?
3. Make a budget & stick to it:
Who is this budget for? You personally, you and your family don’t forget to include all your commitments and all income. If you have a partner and want your own budget. Consider a joint budget for your household and make a separate one to include your goals & dreams.
Be honest about your figures. Don’t over or under estimate your income & spending.
4. Shop around, switch & save:
Shopping around for financial products before you buy can save you money. Use cost comparisons and shop around for current accounts, savings accounts, credit cards car, home & life insurance. this will help you compare the costs and benefits of products.
Use our FREE Budget Account to your advantage.
Remember, small changes can make a big difference.