Gerry Dowling (MABS) - Student Talk In UCD, Oct 25th 2007

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The presentation delivered by Gerry Dowling of MABS to UCD Students as part of UCDSU Employment Rights Week, on October 25th 2007.

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Gerry Dowling (MABS) - Student Talk In UCD, Oct 25th 2007

  1. 1. MABS The Money Advice & Budgeting Service FREE & CONFIDENTIAL HELP TO MANAGE YOUR MONEY Funded by The Department of Social & Family Affairs
  2. 2. ABOUT MABS <ul><li>FREE </li></ul><ul><li>CONFIDENTIAL </li></ul><ul><li>INDEPENDENT </li></ul><ul><li>NON JUDGEMENTAL </li></ul><ul><li>IMPARTIAL </li></ul>
  3. 3. POSITIVE MONEY PLANNING <ul><li>NORMAL VIEW </li></ul><ul><li>Boring!!!!!!!!! </li></ul><ul><li>Time Consuming </li></ul><ul><li>Depressing </li></ul><ul><li>BUT……REAL WORLD QUESTION!! </li></ul><ul><li>WHAT HAPPENS TO OUR MONEY???? </li></ul>
  4. 4. POSITIVE MONEY PLANNING <ul><li>APPROACH: THINK OF GOOD THINGS </li></ul><ul><li>YOU DO WITH MONEY </li></ul><ul><li>Family Birthdays, Weddings, Christenings </li></ul><ul><li>Holidays </li></ul><ul><li>Christmas </li></ul><ul><li>PLAN HOW TO ENJOY THEM </li></ul><ul><li>List your Needs for the Occasion </li></ul><ul><li>Calculate the Total Cost </li></ul><ul><li>Think “How much will I have to spend?” </li></ul><ul><li>DO NOT THINK OF SPENDING AS NEGATIVE </li></ul><ul><li>PLAN FOR IT!! </li></ul>
  5. 5. GOOD THINGS YOU DO WITH YOUR MONEY <ul><li>Keep the Roof over your Head = PAY RENT </li></ul><ul><li>Buy Food </li></ul><ul><li>Keep Warm </li></ul><ul><li>Buy Clothes & Shoes </li></ul><ul><li>Provide for Education </li></ul><ul><li>Provide Transport </li></ul><ul><li>Have Fun = SOCIAL LIFE </li></ul><ul><li>YOU DO THESE IN A PLANNED WAY, </li></ul><ul><li>PROBABLY WITHOUT REALISING IT </li></ul>
  6. 6. POSITIVE MONEY PLANNING <ul><li>REVIEW YOUR MONEY PLAN </li></ul><ul><li>Grant Money Part Time Job Parents Handout </li></ul><ul><li>Necessary Spending- Priorities as Listed </li></ul><ul><li>Committed Payments – Loan Repayments </li></ul><ul><li>What is Left? </li></ul><ul><li>Choices - - Save? </li></ul><ul><li>Plan for the Good Times Ahead </li></ul><ul><li>- Spend? </li></ul><ul><li>Have the Good Time Now </li></ul>
  7. 7. Managing Limited Income <ul><li>Make your Money Plan </li></ul><ul><li>Shop around for Best Value </li></ul><ul><li>Mobile Phone Services </li></ul><ul><li>Cheap Food </li></ul><ul><li>Lost Cost Travel </li></ul><ul><li>Use Vouchers </li></ul><ul><li>Save for the Rainy Day/ Holiday </li></ul><ul><li>– Credit Union </li></ul>
  8. 8. POSITIVE MONEY PLANNING <ul><li>BORROWING </li></ul><ul><li>A means of providing for a present want or need from future income. </li></ul><ul><li>Types of Borrowing: </li></ul><ul><li>Term Loan Bank/Credit Union cheapest </li></ul><ul><li>Credit Card easy to get expensive </li></ul><ul><li>Hire Purchase Finance tied to goods </li></ul><ul><li>conditions </li></ul><ul><li>Personal Credit / Sub Prime Lending very expensive </li></ul>
  9. 9. DEALING WITH DEBT <ul><ul><li>8 STEP PLAN </li></ul></ul><ul><ul><li>Prepare a Money Plan (Budget) as set out earlier. </li></ul></ul><ul><ul><li>Decide how much is available to meet your debts. </li></ul></ul><ul><ul><li>Talk to the lenders and negotiate a change in terms. </li></ul></ul><ul><ul><li>Only promise payments you can keep to. </li></ul></ul><ul><ul><li>If you can change to a less expensive lender do so (especially for Credit Cards & Personal Credit) </li></ul></ul><ul><ul><li>Cut up the Credit and Store Cards. </li></ul></ul><ul><ul><li>Revise your Money Plan to take account of the changes in payment amounts. </li></ul></ul>
  10. 10. POSITIVE MONEY PLANNING <ul><li>SAVING </li></ul><ul><li>Cash </li></ul><ul><li>Short / Medium Term </li></ul><ul><li>Immediately Available </li></ul><ul><li>Low / No Income </li></ul><ul><li>No Risk (Inflation) </li></ul><ul><li>INVESTMENT </li></ul><ul><li>Product </li></ul><ul><li>Medium / Long Term </li></ul><ul><li>Delay in Access </li></ul><ul><li>Income </li></ul><ul><li>Risk (Guarantees) </li></ul>Debt repayment is a committed expenditure and must be taken into account in any Money Plan. It is a priority over Saving & Investment.
  11. 11. MABS SERVICES IN DUNLAOGHAIRE RATHDOWN <ul><li>DUNDRUM / RATHFARNHAM </li></ul><ul><li>1A Upper Kilmacud Road </li></ul><ul><li>Phone No. 2990360 </li></ul><ul><li>DUN LAOGHAIRE </li></ul><ul><li>70b Patrick Street </li></ul><ul><li>Phone No. 2302002 </li></ul><ul><li>BRAY </li></ul><ul><li>2 Eglinton Road </li></ul><ul><li>Phone No. 2760411 </li></ul>
  12. 12. MABS INFORMATION <ul><li>Available from any MABS Advice Centre </li></ul><ul><li>By Phone </li></ul><ul><li>By E mail </li></ul><ul><li>“ office name”@mabs.ie </li></ul><ul><li>Internet Website www.mabs.ie </li></ul><ul><li>Step by Step Guide to Money Planning </li></ul><ul><li>Information Leaflets </li></ul><ul><li>Phone Helpline 1890 283438 (1890 BUDGET) </li></ul><ul><li>9.00 a.m to 8.00 p.m Monday to Friday </li></ul>
  13. 13. MABS INFORMATION <ul><li>DUNDRUM / RATHFARNHAM MABS </li></ul><ul><li>1A Upper Kilmacud Road, </li></ul><ul><li>Dundrum, Dublin 14 </li></ul><ul><li>Phone No. 01 2990360 Fax No. 01 2964027 </li></ul><ul><li>E mail [email_address] </li></ul><ul><li>Gerry Dowling </li></ul><ul><li>Ruth Killeen Dick Veale </li></ul><ul><li>Mairead McHugh Mary Keys </li></ul>

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