While managing your money effectively may seem difficult, there are lots of benefits to staying in control of your finances:
Read our four-step guide to help you manage your money better.
A financial health check will give you a clear picture of your finances and helps you work out where you need to make changes. You should complete this step at least once a year, particularly if your income or circumstances change. To get started, download our financial health check (pdf) and follow these steps.
To get a clear picture of your finances, you should set out all your sources of income.
Keeping track of your outgoings can be difficult. It can help to categorise them as follows:
If you have any money left over after reviewing your income and outgoings, think about how you can use it effectively. For example, think about paying off your loans early (pay off high-interest loans first) or opening a savings account to help you reach your goals. If you are spending more than your income, think about how you could reduce your expenses. Use our budget planner to figure out where you can cut back.
If you find you cannot keep up with your loan repayments, you should contact your lender immediately. Read our debt action plan and start a debt checklist.
Whether it is saving for a holiday next year, paying off your credit card debt or starting an emergency fund, we all have different goals. And when you have a goal, you will find it easier to stick to a budget. Once you identify your goal and how much it costs, you need to work out you will put money aside to get there. See an example of how planning can help you achieve your goals with our sample goals worksheet.
zero to three years
three to 10 years
10 years and over
If you share your home with a partner, it is likely that you will have some shared expenses such as paying bills, but you may still wish to budget separately for yourself. In this case, you could consider opening a joint account to manage your shared household expenses and make a budget separately yourself.
Use our budget planner to capture all your details. Tie it in with your wages – so for example, if you get paid monthly, input monthly figures.
Be honest about the figures in your budget – don’t overestimate or underestimate your income or spending. Don’t include money from your savings as income – use regular income only.
If you don’t keep to your budget, don’t be discouraged. Start again. It can take time to adjust to a new spending pattern. The most important thing is to be realistic.
It’s often possible to save money on your bills and other regular expenses. Shopping around before you buy can save you money, and that even applies to thing like banking and insurance. Use our comparisons to shop around for current accounts, savings accounts, credit cards and loans to help you compare the costs and benefits.
If you would like to switch your current account, read our section on switching accounts.
Look at how you manage your bills. We have plenty of information on transferring money and paying bills.
Remember, small changes can amount to big savings.
At the Money Clinic, one guest asked Eoin how to start saving for a mortgage. You can find out the best ways to start saving in our Money Hub.
Are you considering investing in crypto? Read more about what crypto is and learn about the risks involved. Your kids may be getting older and you’d like to put some money away for them, read about the investing options open to you.
We brought the Money Clinic all around Ireland. You asked the questions, financial planner and TV presenter, Eoin McGee, has the answers.
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