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.