We understand that there are many reasons why people may need extra cash from time to time. Suddenly, situations can just pop up and the unexpected expenses of life’s wear and tear require some extra money. Whatever your personal circumstances may be, we hope that some of our money tips will help make managing money a little easier.

Budgeting is one of the key practices to better money management. Although planning may seem a little time consuming sometimes, the more often it’s done the easier and quicker it becomes.

Why budgeting matters

Budgeting can show you how much money is coming in each week against how much is going out. Keeping weekly budget notes can show your spending habits. Looking back at your spending habits could show you how best you can plan your spending in the future.

Keeping track

Keep receipts if possible or make note of what it was and how much it cost. You can also download a money manager app for your phone to help keep track of all your purchases. Whether you decide to use an app or keep a written record of your spending, remember to include every purchase no matter how small. This ensures that you will give yourself an accurate account of your spending habits. By including every item you have purchased you will gain a clearer picture of where your money is going. You’ll also see how many coffees you are really buying. A €3 coffee every day before work could add up to €15 Euros a week or €720 a year!

 

Money tracker apps

For smart phone users, there are some great apps available to help you budget easily and effectively as well as apps to offer tips and advice on money management.

Toshl Finance is a free money tracker app that lets you input expenses as you purchase things. You can find more information about it or download it here.

Money Doctor is an app that has been brought out by Irish financial advisor, John Lowe. Similar to Toshl finance, it allows you to make note of all your transactions. You can find more information about it here.

My Budget Buddy is the official app of the Irish League of Credit Unions. The app is no-frills and very easy to use. It is available for apple devices here and android here.

 

Your budget

Your budget is unique to you, a plan of the money you expect to get and how you intend to spend it. To work this out, calculate how much money you receive every week or month, depending on what suits your circumstances. After you have this worked out, calculate your weekly or monthly expenses. These can change from time to time so it’s best to start writing down the ones that usually stay the same such as rent, bills and transport costs. Next, make a note of the rest of the expenses, but remember it’s important to be realistic and not to underestimate them.

 

Budgeting apps

MABS has an app that offers money advice and budgeting services. The app helps you with budgeting and takes you through an easy to follow step-by-step process. To find out more information about MABS visit their website.

Saving habits

Good saving habits are all about practice. Set yourself a weekly or monthly saving goal. It could be as little as saving just 1% of your regular income each month.

 

When to borrow

There are times when funds run short in our lives. If you have to borrow, be sure to only borrow an amount you can comfortably afford to repay. Ask yourself some questions before you borrow:

  • Can you save up or use some money already saved before borrowing?
  • How much can you afford to repay?

 

If you’re considering a loan because you are struggling with your finances, get in touch with The Money Advice and Budgeting Service (MABS) or Step Change Debt Charity Ireland for free independent advice.

WARNING: THIS IS A HIGH-COST LOAN

Representative example: €460 loan over 26 weeks. 26 payments of  €23.00 per week . Rate of interest 60.0% p.a. fixed. Representative 187.2% APR. Total amount payable €598.00.

Provident

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