I was recently told my hours are going to be temporarily cut and am worried about how I am going to manage.
I am just coping from one pay packet to the next, and I often have to dip into my overdraft to see me through to payday.
With fewer hours, and less money, I'll need to get a handle on my expenses or else I am going to sink further and further into debt. How can I manage my money better?
T here are many tools available to help you identify exactly what you are spending your money on and where changes can be made, including a dedicated budget planner on consumerhelp.ie.
It is helpful to look at the money you have coming in and going out across a whole year. But, if it is easier, you can work out a budget over a shorter time period.
Add in all the money that you receive or are paid over the time period, including salary and any social welfare allowances, if applicable.
Then consider what regular payments you are making, such as your rent or mortgage payments, phone, heating, electricity, car or public transport costs and so on.
Don't forget less regular annual payments such as mortgage protection costs, house maintenance, home insurance, health insurance and car insurance premiums.
Your bank statements, bills, credit-card statements and receipts will help you to work out all your expenses.
There are a range of household expenditure tips on consumerhelp.ie
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