Managing Your Finances for a Secure Future

1. Planning for your later life Current income Salary Overtime Allowances Retirement Income State pension Occupational pension Savings/Investments

2. Contents Sorting out your money Borrowing money Saving and Investing Dealing with debt Insurance For more information

3. Topic Sorting out your money

4. Sorting out your money – Why make a budget? Pace your spending Writing it down makes it real Plan ahead Identify potential savings Measure your progress

5. Sorting out your money – 5-steps to success! Step 1 Spending diary Step 2 Income & expense check Step 3 Money goals

6. Sorting out your money – 5-steps to success! Step 4 Plan ahead & make a budget Step 5 Keep your finances under review

7. Sorting out your money – 5-steps to success! All 5 Steps – Summary • Record Your Spending • Check Your Income • Decide Your Money Goals • Make Your Budget • Keep it under Review Now you’re in charge….

8. Sorting out your money – Money Saving Tips • Shop around for: • Insurance • Credit cards • Bank accounts • Utilities • Groceries • Petrol Ask for discounts Unused Subscriptions • Helpful online tools: • Financial Product Comparisons • www.ccpc.ie Tax reliefs/ refunds/ entitlements

9. Sorting out your money – Scams Watch out for scams ‘Phishing’ for your bank details Fake ads Phone scams – premium numbers or What’s App scams Computer repairs/anti-virus software If it sounds too good to be true it probably is!

10. Current Accounts on www.ccpc.ie

11. Topic Saving and Investing

12. Saving and Investing Saving –v- investing What is the difference? Savings typically are with : Banks, credit unions, Building societies, post office, NTMA Investments typically are with: Stockbrokers, insurance companies, investment firms banks, UCITS, some credit unions The legal protections are different between both

13. Saving and Investing Understand risk –v- security What if you can’t get your money back Protect your money Know what protections are available Deposit Protection Scheme Investor Protection Scheme Take advice beforehand www.centralbank.ie Section 31 Register of Investment Product Intermediaries

14. Saving and Investing • Review your budget • Pay off loans • Do like for like comparisons • Compare options

15. Lump Sum Deposit Accounts on www.ccpc.ie

16. Topic Insurance

17. Protecting your family and belongings What do you need: House insurance Loss or damage to buildings Contents Insurance Loss or damage to possessions Motor Insurance 3rd party/ 3rd party F & T/Comprehensive Travel Insurance Holiday cover Life (Which covers death) Illness/Accident

18. Protecting your family and belongings • Plan for when things go wrong • Review your needs and policies • Insure for the correct amountSee www.scsi.ie for rebuilding cost • Shop around for good deals

19. Topic Borrowing money

20. Borrowing Money - Questions to ask yourself • Could you save up for it? • What type of credit suits your needs? • What providers are available? • How long should you borrow for? • Can you afford the repayments? • What’s the impact on your credit rating if you miss a payment?

21. Borrowing Money - Comparing Loans Loan €5,000 Term 3 years APR 12.7% Monthly Repayment €166.11 Total Cost of Credit €979.92 Loan €5,000 Longer Term 5 years APR 12.7% Monthly Repayment €111.26 Total Cost of Credit €1,675.71 €695.79 more with longer term

22. Borrowing Money - Comparing Loans Loan €5,000 Term 3 years APR 12.7% Monthly Repayment €166.11 Total Cost of Credit €979.92 Loan €5,000 Term 3 years Higher APR 14.9% Monthly Repayment €170.82 Total Cost of Credit €1,149.34 €169.42 more with higher APR

23. Borrowing Money - Comparing Loans Loan €5,000 Term 3 years APR 12.7% Monthly Repayment €166.11 Total Cost of Credit €979.92 Loan €5,000 Longer Term 5 years Higher APR 14.9% Monthly Repayment €116.26 Total Cost of Credit €1,975.79 €995.87 more with longer term and higher APR

24. Borrowing Money - Reviewing your mortgage Increasing Repayments & Reducing the Term of your Mortgage Current Mortgage €250,000 Shorter Term c. 25 years APR 4.45% New Monthly Repayment €1,370.03 Total Cost of Credit €161,010.42 €37,642.59 less with shorter term Current Mortgage €250,000 Term 30 years APR 4.45% Monthly Repayment €1,246.26 Total Cost of Credit €198,653.01

25. Borrowing Money - Reviewing your mortgage Lower Interest Rate Current Mortgage €250,000 Term 30 years New lower APR 4.05% New Monthly Repayment €1,190.18 Total Cost of Credit €178,466.29 €20,186.72 less with lower APR Current Mortgage €250,000 Term 30 years APR 4.45% Monthly Repayment €1,246.26 Total Cost of Credit €198,653.01

26. Topic Dealing with debt

27. Dealing with debt • Prioritise your debt • List priority and secondary debt • Revise your budget • Budget planner • Contact lenders/MABS asap • Keep records of all contact • Manage new repayments • Pay the right amount, on time • Keep up to date • Review finances as things change

28. Dealing with debt - Reviewing your mortgage

29. Planning for later life For more information: • Pensions section • www.ccpc.ie • www.pensionsauthority.ie • CCPC Consumer Helpline 1890 432 432 • Get advice if you need it

30. To Sum Up Sorting out your money Borrowing money Saving and Investing Dealing with debt Insurance For more information

31. Evaluation Survey • Enter a draw for a €100 one 4 all voucher by completing attendee survey. • This will only take a few minutes to complete and all feedback is important to us. • If you wish to complete the survey and enter the draw please send an email to financialeducation@ccpc.ie and we will reply with a link.

32. Evaluation Survey Alternatively to find the survey you can search for “attendee survey” in the search bar of ccpc.ie and find the page called “Feedback surveys”.