With the cost of living in Ireland continuing to rise, there has never been a better time to start managing your money and getting some real control on your finances.

For many people, this means trying to get a savings pot together, for others this can mean tackling debts that they may have, so in the long run, they can put their money towards things that really matter to them.

Plan and budget

Sitting down with a pen and paper (or an Excel sheet) and writing down your income(s) and outgoings is the first and most important step. Doing this will show you how much you have coming in and going out. It will also highlight any areas that you might be overspending in.

Having full knowledge and visibility of your finances is so important when it comes to saving money or trying to clear your debts. (Check out the free personal budget planner on www.askpaul.ie).

Cut back on spending

This is simple, yet effective. Cut back on spending, reduce your outgoings and use the money you save to put towards clearing your debts. Here are some easy ways that you can start to do this:

  • Make your morning coffee at home. Those takeaway cappuccinos add up.
  • Take your lunch to work with you. Buying your lunch every day will end up costing well over €1,000 over the period of one year.
  • Cut out the bottled water. Buy a reusable water bottle. Save the environment and save yourself money.
  • Host a dinner party. Don’t eat out every week.
  • Switch your gas and electricity providers. This can save you hundreds of euros.
  • Review your entertainment packages and apps. Are you using them all? Can you downgrade your Sky or Virgin package if, for example, you are not making use of the movie channels?
  • Shop around for insurance. Do this every year and save money on your premium.
  • Compare mobile phone provider deals. There may be a cheaper offer out there.
  • Plan your weekly shop. Make a list and stick to it. Plan your dinners and don’t impulse buy.
  • Use a separate account for spending

    When it comes to saving money and clearing your debts, having a separate account for spending will really help.

    Give yourself a weekly budget, at the start of the week, transfer this money to another account, such as your Revolut or N26 account, and try to make it last until the end of the week.

    This is an easy way to see how much you are spending, and you will spend less money as a result.

    Setting up vaults for things like petrol, shopping etc and adding a small bit to them each week is also a smart way to manage money.

    Say goodbye to credit cards

    Want to get out of debt? It’s time to cut the credit cards. Browse the market for credit cards that offer 0% balance transfer.

    This is a good way to pay off your credit cards quickly, as long as you can pay them off within the 0% interest time frame.

    Ask for a raise

    Schedule a meeting with your employer and ask for a raise. They might say no … but they might also say yes!

    Sell anything you no longer need

    Take stock at home to see if you have anything you can sell on Facebook Marketplace or DoneDeal.

    What can you part with to make some quick cash? Do you have a wardrobe full of old clothes that you no longer wear? Check out apps like Depop or Ebay where you can sell your unwanted clothing.

    Learn to say “No”

    The word “No” is the most powerful word in the dictionary. Start using it. Say no to nights out. Say no to the kids. Say no more often and save yourself money.

    Make sure the kids know that you’re on a budget

    Sit down with the kids and have an honest conversation with them about money. Tell them what you do and don’t have room for in the new budget.

    Teaching them about budgeting, at an early age, is a great life lesson which will stand to them in years to come.

    Hit the secondhand shops

    Do your bit for the environment, and for your wallet, by shopping in secondhand stores. You would be surprised at the number of hidden gems you can find in some preloved shops.

    These stores are especially good for baby clothes and older kids clothes, so get browsing!

    These tips should help you to get on the road to saving and clearing your debt. Implement one tip at a time and be patient with yourself.

    And don’t forget, each time you make a saving, make sure you are putting it back into paying off your overdraft, loan or credit card.

    askpaul is a place for everyone to get advice on all money matters that’s jargon-free, easy to follow and easy to implement. For more information please visit www.askpaul.ie

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