MABS is the Irish Money Advice Service and has been supporting people with money advice, budgeting and problem debt for over 30 years.
The service is free, confidential and available for everyone, regardless of their financial circumstances.
In 1998 Cork MABS (West), Dunmanway, opened its doors, recognising a need at community level for an independent money advice service.
To this day MABS is rooted in the community it serves providing outreach and community education services across West Cork.
Dunmanway MABS is one of six offices in the south Munster region.
South Munster Money Advice & Budgeting Service is a registered charity lead by a Regional Manager, reporting to a voluntary board of Directors.
Other office locations are Cork City, Mallow, Charleville, Tralee and Killarney.
MABS advisers provide advice on managing money and help people deal with a wide range of debts.
Common queries include mortgage and rent arrears, credit card and personal loan debt and utility arrears.
Our advisers assist clients in drawing up sustainable budgets and give advice on income maximisation.
Dedicated mortgage arrears advisers support clients in serious mortgage arrears.
MABS is a gateway to the Abhaile Scheme which gives access to financial, legal and insolvency advice.
CONTACT
Cork MABS (West) Dunmanway, Unit 11, Underhill Commercial Park, Dunmanway, P47 XD71
Phone: 0818 07 2450 Email: [email protected]
MABS Helpline: 0818 07 2000
Funded and supported by the Citizens Information Board
Managing money with the help of MABS
Making a Budget Plan
There are three key steps to making a budget plan:
1. Get a clear picture of your finances
2. Make a plan that works for you
3. Review the plan regularly
Everyone’s budget plan is different.
It will be personal to you and your family because you know what works best for you.
1. Get a clear picture of your finances / How much money do I have?
First you need to know how much money is coming into the household, and how much money is going out.
Add up all the money coming into the household.
This might include wages, welfare, and any money given by other adults in the household.
If you receive your income weekly do a weekly budget or do a monthly budget if your income is monthly.
Next write down all your bills.
Include the bills that are annual or monthly, like the TV licence or electricity bill.
Now work out what these cost either weekly or monthly, depending on your budget plan.
To change a monthly bill to weekly multiply by 12 and divide by 52.
To change a weekly bill to monthly multiply by 52 and divide by 12.
2. Make a plan that works for you
You should now have a picture of how much money is coming in and going out.
The next step is to make a budget plan that works for you.
Decide for yourself how to manage different payments.
Is the total amount of money going out bigger than the total amount coming in?
If so, look for places that you can reduce spending.
Consider what you need as opposed to what you want.
Put a mark beside the bills you cannot change – there may be bills you could spend less on by switching to another provider.
If you can’t pay all of a bill, make sure you pay something off it.
This is especially important for things like your gas and electricity bills.
Food spending Everyone manages food budgets differently.
It depends on what we like, our family size, and how we can prepare or store food.
It is important to prepare a shopping list.
Making a daily food plan for the week will help with your shopping list.
You can download a recipe book called 101 Square Meals from the MABS website www.mabs.ie.
It’s great for cooking healthy meals on a budget.
3. Check the plan regularly
Do your best to stick to the plan.
Check it regularly to help you stay on track.
Keep track of what you have spent so far and compare it to your budget.
Remember to call MABS if you need support.
Approved Intermediary
If you are in serious debt and cannot meet your repayments when they are due, a formal debt solution could be the best option to tackle your debt.
A Debt Relief Notice (DRN) is a personal insolvency solution that can help you to become debt-free within 3 years.
There is no fee to obtain a DRN and you can see if you are eligible and apply for a DRN with the help of a MABS Approved Intermediary.
Testimonial from clients: ‘Thank you for help, support and kindness. It has changed my life greatly for the better’.
MABS Money Advisers
Belinda O’Sullivan Approved Intermediary and Jessie Anthony Money Advice Co-Ordinator. (Photo: Andy Gibson)
MABS Money Advisers work with clients who may have difficulties with a wide range of personal debts including personal loans, mortgages, credit card debt, catalogue debts, debts to legal moneylenders and hire purchases.
Money Advisers assist clients by reviewing budgets, negotiate with creditors and look at opportunities to maximise income.
