Working for Work : Chapter 2 : Coping with Poverty

Managing Your Money

When you have a limited income it is important that you know how to check on where your money is going and what to do if you are having trouble paying back debts.

Getting Help

The Money Advice and Budgeting Service (MABS) is a free and confidential service for people with debt and money management problems. There are 53 MABS services in Ireland, staffed by trained Money Advisers. Money Advisers will:

• Help you deal with your debts and make out a budget
• Examine your income to ensure you are not missing out on your entitlements
• Contact/liase with your creditors with offers of payment on your behalf.
• Help you decide on the best way to make the payments.

You can contact the MABS Helpline, on 1890 283 438 Monday to Friday, 9.00 am - 8.00 pm. Visit their website www.mabs.ie for more information.

Some Personal Budget Tips:

• Start by doing your budget weekly and then do it monthly.
• Get all members of the family involved.
• Work out how much you spend weekly on Gas, ESB, rent, telephone, etc.
• Work out how much money you will need to put aside to meet future expenses, e.g. communion, confirmation, holidays or car insurance.
• Don't forget to include items such as clothing, childcare, household items, medical expenses, sports, gifts, etc.
• Try to put some money aside every week or every month, even if it is only a very small amount.
• When buying things on credit or borrowing money don't be tempted to sign any contracts until you have read them fully and thought them over carefully.

 

Last Updated: 31/08/2011 ^ back to top