-
Organise your financial life
Start by gathering your key documents - payslips, bank statements, bills, pension details and life or serious illness policy details. Having everything in one place makes it easier to see the big picture and spot areas that need attention. Think of it as decluttering your financial wardrobe. Understand your starting point, what you have to work with, so you can map out where to go next.
-
Break down your debt
Debt can feel daunting, but clarity is power. List your debts (small and large), noting the interest rates. Tackle high-interest debts first, as they cost you the most over time. An alternative is to pay off smaller debts first. Remember, debt isn’t always created equal - some, like mortgages or student loans, can be investments in your future, while others (like credit card debt or overdrafts, may hold you back.
-
Manage debt with a plan
If you feel you are not in control of your debt, it's important to take that first step and speak to your bank. At Bank of Ireland, we will do our best to get you back on track. Whether you need short-term relief or a long-term plan, we’ll help you regain control of your finances. Don’t hesitate to get free independent advice from organisations such as MABS (Money Advice and Budgeting Services), Abhaile etc. Click here to learn more about how we can help at Bank of Ireland. Taking the first step is always the hardest, but support is out there.
-
Rethink your spending habits
Track your spending for the past three months. Divide everything into essentials (housing, utilities, groceries, and transportation) and non-essentials (dining out, streaming subscriptions, or impulse purchases). Spot any patterns or areas where you could cut back without feeling deprived - it’s amazing how much those little changes can add up. If you are a Bank of Ireland customer, don’t forget your Money Insights in your banking app that can help spot those patterns too.
-
Build an emergency fund
An emergency fund is your financial safety net. Aim for 3 to 6 months’ worth of living expenses, but don’t let that number intimidate you. Start small, saving what you can, and watch it grow. Every little bit adds up over time.
-
Look for quick wins
Subscriptions you forgot about? Unused gym memberships? Cancel them now. Bring your own lunch to work a couple of times a week, or try a 'no-spend day' once a week. These small changes are simple and surprisingly effective.
-
Automate your savings
Make saving effortless by setting up a standing order to move a portion of your income into savings each payday. Even if it’s a small amount, automation helps you stay consistent without having to think about it.
-
Create a plan you can stick to
The 50/30/20 rule is a great way to organise your budget: spend 50% of your income on needs, 30% on wants, and save or pay off debt with the remaining 20%. Adjust the percentages to suit your situation - it’s your plan, after all.
-
Celebrate the wins
Paid off a credit card? Saved your first €500? Celebrate it! Treat yourself (within reason) to something that feels rewarding. Recognising your progress keeps you motivated and reminds you why you’re doing this in the first place.
Takeaway: Managing your money doesn’t have to be complicated. Start small, stay consistent, and make tweaks as needed. With the right approach, you can take control of your finances and build a secure future.
