Getting your finances in order for the New Year

Now that the festive lights and decorations are packed away, many households find that January brings a sharp dose of reality. Credit card bills arrive, energy costs rise, and the true cost of Christmas begins to sink in. For many families, it’s the time of year when financial worries come to the surface. Here we look at the key questions we are asked at this time of year.

I’m a little overwhelmed with my bills and finances at the moment, what can I do?

The best place to begin is with a financial health check. Think of it like your annual visit to the dentist.  It’s not about scaring you, it’s about understanding where you stand. Take stock of your income, regular household bills, outstanding loans or credit cards, and any savings you might have, even small ones.

A lot of stress comes from uncertainty. So getting the full picture on paper can be a real relief. Once you see it clearly, you can make simple adjustments. These can include prioritising bills, managing repayments, and setting small, realistic savings goals.

I’ve run up several debts, what can I do to help tackle these?

The key is to tackle high-interest debts first. These typically credit cards, overdrafts, or short-term loans. These are the ones that can spiral quickly if left unmanaged.

If you’re juggling several repayments, talk to your local credit union early. Sometimes, a debt consolidation loan can bring multiple payments together into one affordable monthly amount. It gives you breathing room and helps you focus on regaining control. This can help you manage your financial stress.

I want to simplify my finances, how do I start to do that?

January is the perfect time to simplify your financial life. Many of us let insurance or utility contracts roll over automatically, which often means paying more than we need to. Review renewal dates for your car, home, and health insurance, as well as broadband, gas, and electricity.

Loyalty doesn’t always pay. Shopping around can save you hundreds over the year. It’s about trimming unnecessary costs, not cutting out the things that matter.

I never feel that I can afford to save, how do I start?

Saving isn’t about big amounts. It’s about building a habit. Even €10 or €20 a week adds up over time. Having a separate savings account with your credit union makes it easier to keep that money aside.

The real value isn’t just in the balance. It’s in the peace of mind that comes with knowing you’re building a cushion for the future.

How can I plan now so I don’t worry about expenses later on this year?

One simple but powerful step is to look ahead at the calendar. Note down the costs you already know are coming. These would include insurance, school expenses, birthdays, car tax and family events. Once you see them set out, you can start putting aside small amounts each month.

It’s often not the unexpected costs that catch us out, but the ones we knew were coming but didn’t plan for. Spreading the load across the year makes everything more manageable.

How can I be more prepared for unexpected expenses like car repairs, vet bills, or medical costs?

That’s where a rainy-day fund is essential. Even a small regular contribution builds a safety net that lets you handle life’s surprises calmly, without turning to credit. The goal is about balance.  meeting your essentials, managing debt, and building savings at a sustainable pace.

I really feel I’m struggling with my financial situation, what can I do?

The most important thing is not to struggle alone. Many people face financial difficulties at some stage, and help is available. Your local credit union is here to support you. We’re not-for-profit and focused on helping people, not shareholders.

And for free, independent guidance, there’s MABS, the Money Advice and Budgeting Service, at mabs.ie. The sooner you reach out, the sooner you can start to take back control.