www.military.ie the defence forces magazine
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QUICK GUIDE TO MANAGING DEbT
Debt can affects us all at some stage in our lives
especially at this time of year. Check out the
Personnel Support Services (PSS) quick guide to
managing debt.
I'm in financial difficulty. What can I do?
The first thing to do is understand your financial situation by reviewing your financial circumstances, for example with the
free budget planner located on the website www.consumerhelp.ie. Secondly, check if you have insurance (such as pay-
ment protection insurance) and, if you do, check your policy to see if you can make a claim.
How can I reduce my spending?
The first step is to create a budget and stick to it. Most bills are paid monthly so budgeting monthly is often wise too. To
create a budget, work out how much you spend a month and compare it to how much you earn a month. The goal is to
identify ways to reduce or eliminate altogether non-essential spending. Here are a few tips:
• Set up direct debits. This way you won't forget to make any regular payments, and you'll have a clearer picture of what
you have left to spend each month.
• Plan your shopping list and stick to it.
• Don't make large purchases spontaneously.
• Review your service providers. Can you reduce your household bills or car insurance, for instance? Check out a price
comparison website and see if you can get the same services for less than you're currently paying.
• Budget for ad hoc expenses. Set aside money for things like insurance payments, holidays or charity donations that
come round once in a while.
• Save for the unexpected – for example, car or home repair bills, healthcare and other emergencies.
• It's worth considering additional insurance protection for you and your family.
Are there any resources available to help me
reduce my spending?
There are several price comparison websites like www.
bonkers.ie and www.compareireland.ie that can help
you save money. They offer a free comparison service
on household bills (gas, electricity, home and mobile
phone, broadband and mortgage) quickly, easily and
without hassle.
How can I reduce what I already owe?
Once you have a monthly budget and start reducing your
current spending, contact your lenders and creditors.
There are lots of ways we can help you tackle your debts.
Impartial advice is available from the PSS and websites
such as www.consumerhelp.ie or the Money Advice and
Budgeting Service (MABS) www.mabs.ie offer valuable
information and advice on saving money and
tackling debt.
Remember, it's
never too late
to start
