contents topic sorting out your money step 1 know what you spend keep a spending diary use the...

Contents

Topic

Sorting out your money

Step 1

Know what you spend

Keep a spending diary

Use the spending calculator

Sorting out your money

Step 2

Know what you have coming in

Do an income and expense check

Sorting out your money

Step 3

Identify your financial goals

Make a money goal plan

Sorting out your money

Step 4

Future planning

Use the 12 month budget planner and expense tracker

Use the Economiser

Sorting out your money

Step 5

Reviewing (on-going)

•Online

•Calculators

•Expense Sheets

•Shopping Checklists

•Economiser

•Budget Planner

Sorting out your money

Money Saving Tips1. Utility bills2. Shop around3. Tax reliefs/Refunds?4. Entitlements?5. Credit card6. Supplement your income7. Unwanted subscriptions8. Insurance policies9. Financial product comparisons

Topic

Saving and investing

Issues to consider:

Review your budget

Pay off loans

Saving and investing

Issues to consider:

Do like for like comparisons of returns

Compare options

Get advice

Saving and investing

Issues to consider:

Understand risk

Consider security

Protect your money

Saving and investing

Short Term

Saving and investing

Medium Term

Saving and investing

Long Term

Saving and investing

Watch out for scams

Topic

Protecting your family & belongings

Bad things happen:

Burglars steal

Accidents happen

People get sick

Protecting your family & belongings

Minimise the impact:

Insurance can cover

Illness, injury or disability

Redundancy

Accident

Death

Damage or loss of goods

Protecting your family & belongings

1. Plan for when things go wrong

2. Shop around for good deals

3. Review your needs and policies

Topic

Borrowing Money

Issues to considerDo you really need it?Can you save up for it?What type of credit suits your needs? What providers / deals are available?How long should you borrow for?Can you afford the repayments?What happens if things go wrong?What’s the impact on your credit rating?

Borrowing Money

Loan €5,000

Term 5 years

APR 9%

Monthly Repayment €102.94

Total Cost of Credit €1,176.49

Comparing Loans with Different Terms

Loan €5,000

Longer Term 10 years

APR 9%

Monthly Repayment €62.39

Total Cost of Credit €2,486.97

€1,310.48 more with longer term

Comparing Loans with Different APRs

Loan €5,000

Term 5 years

APR 9%

Monthly Repayment €102.94

Total Cost of Credit €1,176.49

Loan €5,000

Term 5 years

Higher APR 13%

Monthly Repayment €111.94

Total Cost of Credit €1,716.50

€540.01 more with higher APR

Borrowing Money

Getting a Mortgage First Time

Save

Research

Shop Around

Approval

Borrowing Money

Getting a Mortgage First Time

Terms

Keep all Documentation

Tax Relief

Review

Borrowing money : Reviewing your mortgage

Why?

How?

Borrowing Money

Current Mortgage €250,000

Term 30 years

APR 4.45%

Monthly Repayment €1,246.26

Total Cost of Credit €198,653.01

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

Switching Mortgage Lenders for a 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

Topic

Dealing with debt

1. Prioritise your debt

List priority and secondary debt

2. Revise your budget

Budget planner

3. Contact lenders/MABS asap

Keep records of all contact

Renegotiate repayments

Dealing with debt

4. Manage new repayments

Pay the right amount, on time

5. Keep up to date

Review finances as things change

Review your budget regularly

Topic

Planning for later life

Your Pension Contributions

Your Employers Contributions (if they make any)

Government Support (by tax

relief)

Planning for later life

Starting out

Planning for later life

Early-mid career

8-10 years before retirement

At retirement

Planning for your later life

Current income

Salary

Wages

Overtime

Bonus

Retirement Income

State pension

Employer pension

Private pension

Savings

Pensions Board Calculator

Sum up slide