Managing Your Affairs: Managing Your Money

Being unemployed can bring huge financial challenges with it.  

Most people that experience redundancy or job loss focus on regaining employment as soon as possible but in a recession this could take some time as opportunities are less available. Therefore it is worthwhile to make sure you are managing your money effectively and adjusting your budget taking into account your situation.

The Money, Advice and Budgeting Service (MABS) provide advice and practical help such as money management and negotiation with creditors.  MABS have a 4-step plan which will help you to reassess your financial situation and avoid falling into debt while you are seeking employment:

Step 1: Assessing your Situation

·                     Identify your priority debts; identify your secondary debts; write down this information in a ‘debt assessment’ sheet

Step 2: Budgeting

·                     Work out a personal budget; keep a spending diary; maximize income; reduce out-goings

Step 3: Dealing with Debt

·                     Negotiating tips on how to make offers to creditors; how to make that offer; what to do if offer is/is not accepted

Step 4: Managing Payments

·                     How to make a payment; if you miss a payment; if your circumstances change.

What if I get into difficulty with my finances?

If you are in difficulties with your finances you should seek advice from MABS as soon as possible.

If you find that you can’t afford to pay certain bills or to pay back loans, or your mortgage it is important to contact the company, bank or institutions to whom you owe the money to at an early stage.

By contacting them early about the situation they may be able to organise deferments in payment or reduced payments for a period of time. This may be easier than if you wait and fail to make payments.   Ignoring the situation is not an option.

Which organisations can help?

St Vincent de Paul

·                     This organisation provides support for individuals and families experiencing hardship.

·                     They offer a range of services in including direct assistance, visits and holiday breaks for people experiencing poverty.

·                     The main office for the North East region which includes Meath is called Oriel and is based in Drogheda. The phone number is 041 9873331 and email This email address is being protected from spambots. You need JavaScript enabled to view it. . The national website is www.svp.ie.

MABS – Money Advice and Budget Service

·                     The Monetary Advice and Budgeting Service provide advice and practical help such as money management and negotiation with creditors.

·                     They also provide free and easy to use budgeting tools such as household budget templates and shopping list templates, as well as offering a convenient one-to-one consultation service for families and individuals facing financial hardship.

·                     For more information on this service please visit their website at www.mabs.ie, or call in to their Meath office in Brews Hill, Navan.

Citizen’s Information Centre

·                     Citizen’s Information provides information, advice and advocacy on public services and all local civil and social rights and entitlements.

·                     Through this service, families and individuals with financial worries can call in to speak to an adviser who will give them information on all of their entitlements including available income supplement payments, social welfare benefits, available grants as well as contact details for relevant support centres and help lines.

·                     For more information or to speak to someone about your situation, please visit www.citizeninformation.ie, or visit the Meath branch of the Citizen’s Information Service in Canon Row, Navan.

Legal Advice

You may require advice on legal matters, for example if one of the companies you owe money to decides to take legal action against you.   In this case you should consult MABS and also seek legal advice as soon as possible. If you are on low income, you can apply to the Legal Aid Board for legal advice and/or legal representation. to qualify for legal aid you will have to pass a means test and you will also be required to pay some contribution for the service.   You can also access basic legal advice from one of the centres run by FLAC (Free Legal Advice Centres). This service is free. In Meath, FLAC is based in Navan (1st and 3rd Wednesday Every Month) and Ashbourne (1st Thursday every month), and should be contacted through the Citizens Information Service on 046 9074086.