{"id":19889,"date":"2024-01-12T12:12:29","date_gmt":"2024-01-12T12:12:29","guid":{"rendered":"https:\/\/www.ccpc.ie\/consumers\/?p=19889"},"modified":"2024-01-25T14:20:59","modified_gmt":"2024-01-25T14:20:59","slug":"new-year-new-budget-get-financially-fit-in-2024","status":"publish","type":"post","link":"https:\/\/ccpc.inventise.ie\/consumers\/2024\/01\/12\/new-year-new-budget-get-financially-fit-in-2024\/","title":{"rendered":"New year, new budget \u2013 get financially fit in 2024!"},"content":{"rendered":"

We are well into January yet you may still be reeling from the annual Christmas splurge! Don\u2019t worry it\u2019s still the perfect time to get your money management in order by trimming that excess spend . Here are our main steps to help get your financial health into tip top shape.<\/p>\n

Create a budget<\/h2>\n

As simple as it sounds, your first step should be to start a budget for the year ahead. Examine the amount of money you have coming in and what you\u2019re spending it on. Our budget planner Money Tool<\/a> can help you do this across a week, month or year, depending on your needs, such as how often you get paid etc.<\/p>\n

Work out your household outgoings. These may include rent or mortgage payments, heating costs, house, life, car and health insurance, electricity, phone and broadband charges, grocery shopping and subscriptions. You might be surprised at how much it all adds up to.<\/p>\n

Track your daily spending<\/h2>\n

As well as the bigger ticket items, it\u2019s important to track your day to day spend. All those small things we spend on daily without thinking twice, builds up quickly and eats into our income. For example, lunches, coffees, magazines or that bottle of wine perhaps!<\/p>\n

\n

Top Tip<\/h3>\n

Use our spending calculator<\/a> to see what you\u2019re spending money on regularly. It works out how much these everyday items amount to and how much you\u2019re spending on them monthly or yearly.<\/p>\n<\/div>\n

Maximise your income<\/h2>\n

There may be certain entitlements you can claim. For example, if you worked from home last year you may be able to claim some of your tax back. Or if you contributed to a pension or paid for medical expenses. If renting a property, you can claim back some of the tax you paid on your rent. This is known as a rent tax credit. You may be able to claim other tax credits or certain social welfare entitlements you\u2019re unaware of.<\/p>\n

File your tax return online<\/a>.<\/p>\n

Shop around for better value<\/h2>\n

Many of us renew policies in January. There may be cheaper options available. Always shop around to see if you can pay less. Car insurance, home insurance and health insurance can all be switched and renegotiated every year.<\/p>\n

Don\u2019t be shy to approach your current provider to see if they can reduce your bill. Many businesses are open to discussing your price plan with you with a view to saving you money. Set aside some time to go online and compare prices.<\/p>\n

Tackle your credit card<\/h2>\n

Did you know that interest rates on credit cards range from 13.8% to 22.9%? The higher the rate, the more you pay. You will pay interest on your balance unless you pay it off in full every month \u2013 not justpaying the monthly minimum.<\/p>\n

You could save money on your credit card if you can switch to a lower rate. Our credit card comparison tool<\/a> shows you the rates that are available. You could also contact your existing provider to see if they can move you on to a lower interest rate.<\/p>\n

Learn more about budgeting<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

We are well into January yet you may still be reeling from the annual Christmas splurge! Don\u2019t worry it\u2019s still the perfect time to get your money management in order by trimming that excess spend . 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