Money talks

Financial advice is everywhere these days. Literally. And with good reason too. However, with the economic downturn, many people have had to fully grasp how to manage their finance – in a cost-effective fashion.

There are many methods of keeping track of your finances, the most simple of which is to write them down. A clear summary of what you spend by month, or by week, can help you define exactly where you may be falling down when paying those bills.

However, while writing down may be the simplest, it doesn’t necessarily mean it is the best. There are several electronic ways of keeping track of your personal finance with the Credit Union’s Budget Buddy app for iPhone and Android. The app allows you to input recurring data and loan payments, along with savings and other miscellaneous items to give to an accurate account of how your money is flowing – up or down.

Various institutions offer financial advice these days on how to manage your cash, but it is important to always seek independent advice from the agencies that are out there.

The National Consumer Agency offers a one stop shop for the country to verify financial information and to know your rights. The NCA offers a series of tools that let you track your finances effectively, and free. There is also a credit card reckoner which allows you to check when your debt will clear and whether you would be better off with a different card.

Closer to home, the Money and Advice Budgeting Service (MABS) offers help and advice from its Cork offices on Penrose Wharf. On its website, mabs.ie, you will find a self-help guide along with the options to assess yourself on your financial situation. However, self-assessment can only go far, and MABS offers fair, impartial advice on how to mange your situation, independent of any financial institution.

MABS was heavily involved in the just published Bill on Insolvency by the Government this week.

The Bill’s proposals include a Debt Relief Certificate which will allow people with no assets or no income with debts of less than €20,000 to be written off, a Debt Settlement Agreement (DSA) which will cover loans with two or more creditors in the amount of €20,000 or more and a Personal Insolvency Agreement (PIA), which will apply specifically to mortgage holders for secured and unsecured debts of €20,000 to €3million. 

Borrowers will have to apply to insolvency agencies through companies such as the Money Advice and Budgeting Service (MABS).  MABS may be the new State-run insolvency service to mediate between banks and borrowers.

Whatever situation you find yourself in financially, it is always important not to let it get too much. Help is there. Help is offered. Always be sure to accept help, but do so under the right circumstances and always with an acknowledged advisor.

Check out the National Consumer Agency at www.nca.ie while the Money and Advice Budgeting Service can be found at www.mabs.ie.