Budgeting need not result in stress and debt. Looking at your finances will help you to see exactly where your money is going and put you on the path to managing your money more effectively.

Most of us find budgeting boring, but it is absolutely essential. To put it simply, a budget is a plan of the money you expect to receive and how you expect to spend it.

A proper budget should show you three things:

1.       How much money you have coming in
2.       How much money you are spending
3.       How much money you can afford to repay to those you owe

With these three points in mind, you can now focus on a plan for how to manage your future spending.

Skibbereen Credit Union has put together some tips for Managing Your Money in 2015.

Track

Keep track of your spending. Use our Budget App to record all your spending and income. It will show you where your money is going and help you keep up-to-date with your spending habits.

Budget

After using our Budget App to record your income and expenditure for a short time, a personalised budget will be created for you. You can adjust this budget each month if needed, but remember to be realistic and include everything.

Save

Get into the habit of saving. Try to save some of your income for any unexpected spending.

Be Prudent

Shop around to get the best deals. Use cost comparison websites like chill.ie to get the best deal on your insurance.

Borrow

Everyone runs a little short sometimes. If you do have to take out a loan, you should only borrow what you can afford to repay. Best advice is to stay away from credit cards and definitely avoid moneylenders. There are many benefits to a loan from Skibbereen Credit Union. Speak to a member of our staff if you have any questions and we’ll help you make the best decision.

If you have credit card debt and are only making the minimum monthly repayment, it can feel never ending. This is because the minimum repayment you make might be only a little higher than the interest each month so the amount you owe will reduce very slowly. Here are some tips on tackling your credit card debts.

Tips on tackling your credit card debt

• Stop using your card. You can’t clear your debt if you keep adding to it. Leave your card at home to avoid temptation.

• Pay off as much as you can each month, so that you reduce your debt as soon as possible. If you are only making the minimum repayment each month, it will take you a long time to pay off your balance. Paying as much as you can above the minimum payment could help you reach debt-free status quicker.

• Ask your credit card provider if they will consider reducing the interest rate. This will reduce the repayment amount of your credit card debt each month.

• Consider reducing the credit limit to an amount you can actually afford to spend each month so you are not able to run up debt you cannot repay.

• Don’t miss repayments or pay later than the due date or you incur late payment fees. To avoid theses late payments, you can set up a monthly standing order or direct debit for the minimum monthly repayments.

• Choose a credit card that you can access online. This will help you to track your spending and your credit card balance.

• Avoid using your card to withdraw cash, as interest can be higher than the interest rate for purchases. There is also a cash advance fee.

• Consider whether a debit card would be a better option for you in the long term. Or you can consider getting a prepaid card that can be used for purchases wherever a credit card is accepted.

If you are experiencing trouble making your repayments and don’t know what to do and need advice, get in touch with Skibbereen Credit Union and a member of our experienced staff will discuss the options available to you. For any further inquiries contact us on 028 21883 or online at www.skibbereencu.ie. 

Most dealers offer hire purchase agreements as their car finance loans. Hire purchase differs from a loan in that you won’t own your car until you make the final repayment. With a loan, you own your car from day one.
Dealers who offer hire purchase tend to do so as agents for finance companies in return for a commission. These finance companies provide the loan, not the dealer. The finance company then rents the car to you in return for a regular repayment over a number of years. Once the last repayment is made, the ownership of the car passes from the finance company to you.
Hire purchase agreements are one of the least flexible forms of finance. The interest rate is fixed for the term of the agreement, so there is no option to increase repayments, and increasing the term of the agreement may result in a rescheduling fee. If you want to pay the full hire purchase price early, you can do so. You won’t have to pay the full interest amount owed, but you will end up paying more than you would in a less restrictive loan. Missed repayments can also result in interest surcharges and penalty fees.

Typical fees and costs on a hire purchase agreement

The fees and charges on hire purchase agreements can vary, but may include:
• Documentation fees – a fee for setting up the hire purchase agreement
• Interest surcharge for missed repayments – an additional interest charge on any missed repayments
• Penalty fees – for missed or late payments, in addition to interest surcharge
• Completion fee – to facilitate transfer of ownership of the car to you
• Repossession charge – a fee for repossessing the car
• Rescheduling charge – a fee for changing the loan terms
• Balloon payment – a large repayment at the end of some hire purchase agreements

Skibbereen Credit Union Car Finance

• You own your car from day one
• You can sell your car at any time.
• You can borrow for the full amount, or borrow more to cover insurance, tax, etc.
• There are no hidden fees, admin charges, transaction charges, set up costs or balloon payments.
• Repayments are calculated on your reducing balance, so you pay less interest with each repayment
• If you pay off your loan early, there are no fees or charges
• Increased repayments will result in less interest being charged
• If you need to reschedule your loan, we will work with you to adjust your repayments
• Your loan is insured in the event of your death at no direct cost to you.

We are delighted to launch our new loan product "Tweny Is Plenty".

We understand that finding that extra bit of cash for a special purchase when every cent of your budget is already earmarked is a very difficult task.

With this mind we  developed Twnty is Plenty to enable you keep control over the repayment amount. You will only ever pay up to €20 a week.

This means you can borrow up to €4,000 over 5 years for as little as €20 a week.

For further details :
http://www.skibbereencu.ie/content.asp?section=249

Our May Loan Special at 6.99% is the cheapest small loan in the market place.

Skibbereen Credit Union is keeping the cost of borrowing low. We are providing you with up to €4000 in cash to spend any way you see fit helping you to avoid raking up big credit card debts.

1. Borrow up €4,000
2. Up 3 years repayment options
3. Pay as little as €2 a week in interest

Apply now. Limited time – offer ends May 31 2012

                                                             7.22% apr. Terms & conditions apply

Now you can have your money paid directly into your Credit Union Account. You may do this by using our National Sort Code 99-10-91 Facility. We have a host of new features to facilitate this and these are Automated Deductions, Electronic Fund Transfers (EFT), Direct Debit. 

For further details on these click here or call to the offices of Skibbereen Credit Union. if you prefer, give us a ring on 028 21883 and we'll be happy to discuss your options with you.