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Contents

Contents. Sorting out your money. Borrowing money. Saving and Investing. Dealing with debt. Insurance. Planning for later life. Topic. Sorting out your money. Sorting out your money – Why make a budget?. Pace your spending. Writing it down makes it real. Plan ahead.

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Contents

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  1. Contents Sorting out your money Borrowing money Saving and Investing Dealing with debt Insurance Planning for later life

  2. Topic Sorting out your money

  3. Sorting out your money – Why make a budget? Pace your spending Writing it down makes it real Plan ahead Identify potential savings Measure your progress

  4. Sorting out your money – 5-steps to success! Step 1 Spending diary Step 2 Income & expense check Step 3 Money goals

  5. Sorting out your money – 5-steps to success! Step 4 Plan ahead & make a budget Step 5 Keep your finances under review

  6. Sorting out your money – Money Saving Tips Ask for discounts • Shop around for: • Insurance • Credit cards • Bank accounts • Utilities • Groceries • Petrol Unused Subscriptions • Helpful online tools: • www.ccpc.ie • Financial Product Comparisons Tax reliefs/ refunds/ entitlements

  7. Sorting out your money – Scams Watch out for scams ‘Phishing’ for your bank details Fake ads Phone scams – premium numbers or What’s App scams Computer repairs/anti-virus software If it sounds too good to be true it probably is!

  8. Topic Saving and Investing

  9. Saving and Investing • Review your budget • Pay off loans • Do like for like comparisons • Compare options

  10. Saving and Investing • Understand risk • Consider security • Protect your money • Get advice • (Section 31 Register Investment Product intermediaries www.centralbank.ie)

  11. Topic Insurance

  12. Insurance – Protecting your family & belongings Minimise the impact: Damage to house/goods (house insurance – building / contents ) Motor Illness, injury or disability Accident Death (life assurance)

  13. Insurance – Protecting your family & belongings • Plan for when things go wrong • Shop around for good deals • Insure for the correct amount • Review your needs and policies

  14. Topic Borrowing money

  15. Borrowing Money - Questions to ask yourself • Could you save up for it? • What type of credit suits your needs? • What providers are available? • How long should you borrow for? • Can you afford the repayments? • What about my credit report?

  16. Borrowing Money - Comparing Loans Loan €5,000 Term 3 years APR 12.7% Monthly Repayment €166.11 Total Cost of Credit €979.92 Loan €5,000 Longer Term 5 years APR 12.7% Monthly Repayment €111.26 Total Cost of Credit €1,675.71 €695.79 more with longer term

  17. Borrowing Money - Comparing Loans Loan €5,000 Term 3 years APR 12.7% Monthly Repayment €166.11 Total Cost of Credit €979.92 Loan €5,000 Term 3 years Higher APR 14.9% Monthly Repayment €170.82 Total Cost of Credit €1,149.34 €169.42 more with higher APR

  18. Borrowing Money - Comparing Loans Loan €5,000 Term 3 years APR 12.7% Monthly Repayment €166.11 Total Cost of Credit €979.92 Loan €5,000 Longer Term 5 years Higher APR 14.9% Monthly Repayment €116.26 Total Cost of Credit €1,975.79 €995.87 more with longer term and higher APR

  19. Borrowing Money - Getting a Mortgage First Time Step 1 - Save Step 2 - Shop Around Step 3 - Approval Consider – Short-term offers vs long-term costs

  20. Borrowing Money - Reviewing your mortgage Increasing Repayments & Reducing the Term of your Mortgage Current Mortgage €250,000 Shorter Term c. 25 years APR 4.45% New Monthly Repayment €1,370.03 Total Cost of Credit €161,010.42 €37,642.59 less with shorter term Current Mortgage €250,000 Term 30 years APR 4.45% Monthly Repayment €1,246.26 Total Cost of Credit €198,653.01

  21. Borrowing Money - Reviewing your mortgage Lower Interest Rate Current Mortgage €250,000 Term 30 years New lower APR 4.05% New Monthly Repayment €1,190.18 Total Cost of Credit €178,466.29 €20,186.72 less with lower APR Current Mortgage €250,000 Term 30 years APR 4.45% Monthly Repayment €1,246.26 Total Cost of Credit €198,653.01

  22. Topic Dealing with debt

  23. Dealing with debt- Reviewing your mortgage

  24. Dealing with debt • Prioritise your debt List priority and secondary debt • Revise your budget Budget planner • Contact lenders/MABS asap Keep records of all contact Renegotiate repayments

  25. Dealing with debt • Manage new repayments • Pay the right amount, on time • Keep up to date • Review finances as things change

  26. Topic Planning for later life

  27. Planning for later life – Mind the Gap! Current income Salary Wages Overtime Bonus Retirement Income State pension Employer pension Private pension Savings Pensions Authority Calculator

  28. Planning for later life – Career stages Starting out 10 years before retirement At retirement Tax relief on pensions

  29. Planning for later life For more information: • Contact your HR department • Check out www.ccpc.ie and www.pensionsauthority.ie • CCPC Consumer Helpline 1890 432 432 / 01 402 5555 • Get advice if you need it

  30. To Sum Up Sorting out your money Borrowing money Saving and Investing Dealing with debt Insurance Planning for later life

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