Finances

The CSEAS are delighted to introduce a series of Financial Wellbeing webinars taking place throughout 2024
The focus is on harnessing the ability to manage day to day finance as well as being able to deal with the unexpected.

Three online events in this series with Employee Financial Wellness have taken place so far:
14th March “How to be Financially Well”
12th June “Securing your Financial Future”
3rd September “Behavioural Finances”

Upcoming Webinar:
‘MC 2 Savings & Investments’ – 19th of November 2024 at 10am

Update 30/10/2024: This webinar has reached full capacity and registration is now closed

More and more employees want to understand how the world of savings and investments work.

• This session will teach you what investments are, how to use an investment to grow your money over time and the type of life event you should consider using an investment to target. How funds work and what risk really means will also be discussed.

Employee Financial Wellness is a company contracted to deliver information webinars on general financial wellbeing as part of the CSEAS wellbeing offering only. Should you enter into individual one to one services with EFW you do so solely on the basis of the advice provided by EFW. The CSEAS is not party to this advice or contract.

Finances

Financial knowledge is power. And it is never too early or late to start improving your financial knowledge and behaviour. If considering making any major financial decisions, it may be advisable to seek the advice of an impartial advisor.

What supports can the CSEAS offer me regarding finances?

• The CSEAS can provide a non-judgemental objective support if you are feeling stressed about finances

• The CSEAS can assist with assessing the situation as it is at present, making a plan and setting goals, as well as providing some basic pointers for saving money or spending less

• The CSEAS can act as a connection to other services such as the Money Advice and Budgeting Service (MABS), the Public Service Friendly Society (PSFS), the Public Service Credit Union (PSCU), and CANA Credit Union which is available to staff of the Revenue Commissioners

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• Losing money you can’t afford: whether spending, investing or gambling, it is crucial to be able to absorb the potential loss of an outlay – no matter how small the amount

• Credit card debt: may be best avoided as there may be high interest rates, and difficulty paying debts may impact negatively on credit ratings

• Get rich quick schemes: It may be tempting to be drawn into ‘get rich quick schemes’ but patience is key to long-term financial stability

• Cryptocurrencies: seem here to stay but are less regulated and potentially hazardous. Beware of scams and fraud

• Gambling: If money is tight or if gambling is becoming problematic, it can help to develop an awareness of triggers, and to avoid these

• Big decisions: If you are feeling stressed or panicked about your financial situation it is possibly not the optimum time to make any significant decisions that may have future consequences

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Money Advice and Bugeting Service (MABS)
MABS money advisers work with people who may have difficulties with a wide range of personal debt and can help clients by reviewing their budgets, negotiating with their creditors and looking at opportunities to maximise their income. MABS helpline is open Monday to Friday 9am- 8pm and the contact number is 0818 07 2000. MABS website www.mabs.ie has lots of practical information and tools to help you improve your finances, avoid future debt and adopt good money habits.
Abhaile
Operating under MABS, Abhaile helps people who are behind on their mortgage payments. Their advisers provide financial, insolvency and legal services to people who are at risk of losing their home. Further details on this service can be found on MABS website or by calling the MABS helpline.
Public Service Friendly Society
The Public Service Friendly Society (PSFS) is a non-profit organisation which operates within the Civil Service providing potential financial supports to members. You can apply online at www.psfs.ie or by calling 1800 778787. There is more information on the Public Service Friendly Society at the bottom of this page.
Government initiatives to help with inflation
Due to the increased cost of energy bills, interest rates and day-to-day expenses, the government announced a number of measures that are to be implemented to reduce financial pressure on individuals and households. Some of these measures include an energy credit of €200 including VAT to be paid to anyone who is the holder of an electricity account. To reduce the burden on people returning to the workplace and people using public transport, there will be a temporary reduction in fares of 20% from the end of April to the end of the year.

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Keep track of your spending
Learning to budget and understanding where your money goes is one of the most important things you can do to take control of your finances. By calculating all your outgoings (including discretionary spending) and seeing how they compare to your income, will help you identify areas that need attention and see where adjustments are needed going forward. There are lots of budgeting tools and templates that can be found online to help you with this.
Get better deals for your household bills
Shop around to save on your mortgage, car insurance, gas, electricity, TV and broadband. Many providers offer incentives and savings to switch. Keep a note of when your existing contract is due to end and start the process of shopping around a month or so before the renewal date. The Competition and Consumer Protection Commission (CCPC) is a great resource for helping consumers save on household expenses. Please See www.ccpc.ie/consumers/money/budgeting/money-saving-tips for details.
Spread out the cost
Check which of your annual bills can be spread out over 12 months so that you don’t have to pay out a big expense in one go. For example your TV Licence, Local Property Tax, boiler service etc. may have the option of being paid in monthly instalments.
Grocery shopping and meal planning
Most of us are seeing our grocery bills steadily increase and are looking for ways to cut costs where we can. Here are some useful tips to make that grocery shop a little less expensive:

• Make sure you have a loyalty club card for your chosen grocery shop and are availing of their discounts.

• Write a shopping list! Try to meal plan, check what ingredients you already have and only buy what else you need.

• Keep track of what you are spending as you shop by availing of the self-scan option that some shops offer. Alternatively, you can use Click and Collect which is free and also allows you to see what you’re spending.

• Only grocery shop once per week if you can. You are more likely to spend more if you go shopping more than once a week.

Reduce your bin charges
The introduction of Pay by Weight in July 2017, means that some households pay for every kilo of waste collected in their bins. General waste incurs a higher price per kilo, while there is a lower price for organic waste and recycling. Organic waste tends to weigh a lot and keeping this heavy waste out of your general rubbish bin can significantly reduce your bin charges.
Tax relief and refunds
It’s a good idea to register for an online Revenue account at www.revenue.ie if you don’t already have one. Some of the things that you can get tax relief or claim back tax on are:

• Medical Expenses
You can claim for 20% of medical expenses that you have had over the past 4 years, provided you have kept the receipts for these. www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions.

• Working from Home
If you have been working from home and your employer does not pay you an allowance for this, you can claim remote working tax relief for 30% of the cost of heating, electricity and broadband for the days you spent working from home. www.revenue.ie/en/jobs-and-pensions/eworking.

• Income Tax and USC
You may be due a tax refund if you have overpaid on income tax and/or USC. For more information, please see www.revenue.ie/en/online-services/services/common/request-or-view-your-statement-of-liability.

• TaxSaver Commuter Ticket Scheme
This is designed to help reduce the cost for workers using public transport. According to Dublin Bus and Irish Rail, employees can save between 31% and 52% of travel costs as a result of tax, PRSI and USC savings by using a TaxSaver ticket.

• Cycle to Work Scheme
The scheme is a tax incentive scheme to encourage employees to cycle to work. Under the scheme an employer can pay for a new bicycle (including bicycle accessories) and the employee then repays the cost in regular instalments from their gross salary. You are not liable for tax, PRSI or USC on your repayments.

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Planning ahead with your finances can reduce stress, help you achieve your financial goals and ensure that you will be financially secure if something unexpected occurs or a big life event takes place.
Start a Sinking Fund
A sinking fund is a strategic way to save for a future expense by setting aside a little bit each month. Life events like Christmas, Back to School, etc. can cause a lot of financial stress if they are not planned for. You determine how much you will need to have saved and divide it by the number of months you have to save for it. A sinking fund is entirely separate from a savings account or emergency fund and is instead ‘intentional saving’ whereby you know exactly what the money is for and when you’ll use it. Once you have determined how much you need to put away in your sinking fund each month, incorporate it into your monthly budget. The advantages of having a sinking fund is that you avoid those expensive times of year where you are under a lot of financial pressure.
Income Protection
Income protection is an insurance policy that provides an income to members who are unable to work due to illness or accident. Union members can avail of discounted Income Protection policies. Please contact your Union for more details.
Specified Illness Cover
Specified Illness Cover pays its member a lump sum if they suffer from an illness that’s covered by the plan e.g. cancer, organ transplant, heart attack, stroke etc.

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The CSEAS was delighted that Declan O’Brien, of the Public Service Friendly Society (PSFS) agreed to deliver a presentation on how the society helps to support civil servants financially and the benefits of joining the society. The CSEAS enjoys a long working relationship with the society. About the Public Service Friendly Society (PSFS).

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