Recession survival guide
Whether you are worried about redundancy, or trying to manage your money on a lower income, we have some key information to help you cope with the recession and manage your money more effectively.
It’s more important than ever to manage your money effectively, but where do you start? The first step is to carry out a financial health check. This will give you a clear picture of your current situation, so you can identify areas that you need to change.
The next step is to draw up a budget using our budget planner to manage your day-to-day spending. This will help you to control your spending and ensure that you have money set aside for unexpected expenses, like medical bills.
You should make the most of your money, by shopping around. You can potentially save hundreds of euro by using our cost comparisons to compare the costs of financial products like home and motor insurance, credit cards and personal loans.
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Coping with redundancy worries
The first thing most people think about when they are made redundant is how they will cope financially. Our redundancy information can help you make the best of this difficult situation by checking your entitlements, dealing with debts and re-evaluating your budget.
If you are worried about job security generally, you may be considering cover such as mortgage repayment protection. You should be aware that if you have good reason to suspect that you will be made redundant when you take out this cover, you may have difficulty making a claim in the event of redundancy.
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- Dealing with redundancy? Don't ignore repayment difficulties
- Worried about losing your job?
- Are you prepared for the unexpected?
Now is a good time to consider repaying debts, if you can afford to. Prioritise more expensive debts, like credit cards and overdrafts. If you are not in a position yet to start paying off your credit card, you could transfer the balance to a card that charges lower or no interest for a period of time. Use the credit card comparison to compare providers. Debt consolidation may also be an option for you.
If you are having continued difficulties, your priority should be keeping a roof over your head by making your monthly mortgage repayment and paying your utility bills. If you are struggling to cope with mortgage or loan repayments, don’t ignore the problem. Contact your lender as soon as possible to discuss your options. However, if you have a tracker mortgage, you should carefully consider any suggestion to switch from it, as lenders are obliged to pass on interest rate changes to you.
If you are having serious debt problems, you can contact the Money Advice and Budgeting Service (MABS) on 1890 283 438.
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- Having difficulty making car loan repayments?
- Worried about mortgage arrears?
- Concerned about debt problems?
Published Date: 21/04/2009