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Money Matters more at Christmas
 It can be difficult, on a low income, to make ends meet every week. This difficulty is increased greatly where children and their needs and demands are involved. Managing your money can become a juggling act day in, day out. When occasions like birthdays, Christmas, first communion or just the replacement of a broken window has to be funded then even the greatest effort to stretch a limited income will not be enough. For families on low income Christmas is the time when their situation is most stark. The temptation to take advantage of borrowings to meet the needs and wants of children can be intense. Expensive borrowing may be the only option.
Over 60% of the people who come to the Money Advice and Budgeting Service (MABS) are on a low income. There are many reasons why people get into financial difficulty and MABS is there to help them to cope with the problem if they are unable to or lack the confidence to sort out the problem themselves.
MABS
The Money Advice and Budgeting Service (MABS), funded by the Department of Social and Family Affairs, is a free, confidential, independent and non-judgemental service for people in debt or at risk of getting into debt. There are over 60 offices nationwide staffed by professional money advisers and administrative staff who provide a confidential, independent and free money advice and budgeting service, mainly to low income families who are in debt or who are at risk of getting into debt.
The money adviser is skilled to work with people in:
• making out a budget and establishing priorities
• researching their rights and entitlements
• contacting and negotiating with creditors on their behalf
• establishing affordable offers to creditors
• setting up appropriate payment systems
• monitoring the new budgeting arrangements
• empowering, supporting and reassuring them
People often seek our help when:
• there are extra bills to pay because something has happened, such as illness in the family, separation, bereavement or an accident
• there is no money left over to pay everyday bills
• the money coming into the household is less than it used to be and loan repayments have fallen behind
• they have been living on a low income for a long time and are getting further and further behind because of the cost of medicines, childcare, travel or rent etc.
• there is financial problems arising from poor numeracy and literacy skills
• at the last minute to resolve a crisis
Tips for Christmas Spending
| 1. |
Set yourself a budget and stick to it. |
| 2. |
Pay cash if you can. Leave your credit card at home. |
| 3. |
Shop early and give yourself time to shop around for the best bargains. |
| 4. |
Make a list of those you need to buy gifts for and a spending limit for each one. |
| 5. |
When purchasing food and drink, remember shops will open again in a day or two after Christmas. |
| 6. |
Remember good friends do not need expensive gifts. Set a limit with family and friends on what each will spend on each other. |
| 7. |
Create your own gifts or recycle and repackage gifts received and not used. It’s the thought that counts. |
| 8. |
Encourage your children to choose early what they want from Santa Claus before the advertisers decide for them. |
| 9. |
If you are on low income and are under pressure to borrow for Christmas do contact your Local MABS before doing so to see what options for affordable credit are available to you. |
| 10. |
Do remember that January follows December. You do not want the ghost of Christmas spending to haunt you in the New Year. |
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Visit www.mabs.ie
©MABSndl
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