Whatever your circumstances are we hope that by encouraging you to look at your finances honestly it will help you highlight where your money is going and start you on the first steps of budgeting and managing your money more effectively. Budgeting is the key. While most of us find budgeting boring it is absolutely essential – a budget is a plan of money you expect to receive and how you expect to spend it. A budget is important because it will show you:
- How much money is coming into your household.
- How much money is going out.
- How much you can afford to offer to those you owe money to.
- How you can best plan your spending in the future.
The Swinford & District Credit Union Top Tips for Managing Your Money are;
- Track – Keep track of your spending. Keep your receipts or take note of what you spend your money on. It will help you understand where your money is going and it might just be an eye opener.
- Budget – Estimate your income and expenditure for a set period and budget accordingly. But be realistic and don’t underestimate!
- Save – Get into the habit of saving. Try to save at least 5% of your regular income for emergencies.
- Borrowing – There are times in our lives when we run short of funds. If you have to take out a loan, be sure you only borrow what you can comfortably afford to repay. You should match the repayment term to the purpose of the loan i.e. don’t make the mistake of paying off Christmas over a number of years. Best advice is to stay away from credit cards and not to use Money Lenders.
- Budgeting Tools – For smart phone users please download the app called My BudgetBuddy – it’s simple, it’s effective and it’s free!
Savings in your Credit Union are called shares. Each share you hold is equal to €1.00. To be a member you must have a minimum of €10.00 in your shares (Savings). The maximum funds you, a member can have with Swinford & District Credit Union Ltd is €50,000. Like all financial institutions €100,000 is guaranteed under the Government’s Deposit Guarantee Scheme.