13 January 2025
New Year New Possibilities
Let's Talk About Cash...
(Mid!) January is here, and although most of us are playing catch up on the New Year Resolutions because of the recent weather, there’s no better time to sit down and make a plan for your money. Whether you’re saving for a holiday, tackling a loan, or just trying to stay on top of your bills, the New Year gives us all a chance to hit reset.
If you’re living or working in Mountmellick, Rathangan, or Clonaslee, Mountmellick Credit Union is here to help with straightforward advice, local support, and services that fit around your busy life.
Start with a Clear Goal
When it comes to managing your finances, the first step is knowing what you’re working towards. Are you planning a big purchase, like a new car or home improvements? Maybe it’s more about building a safety net in case the washing machine gives up or the car needs a new clutch. Whatever it is, write it down and give yourself a timeline. It doesn’t need to be fancy—just clear enough to keep you focused.
Budgeting Without the Headache
The word "budget" tends to make people clench a bit, but it doesn’t have to be that way.
Here’s a simple way to start:
- Write down your net income (after tax).
- List out your expenses—everything from the mortgage or rent to the weekly grocery shop and takeaways.
- Subtract your expenses from your income to see what’s left over.
If the numbers don’t add up, don’t panic. That’s where a bit of planning can make all the difference. Cutting back on small non-essentials (like too many coffees on the go) or looking for cheaper alternatives to your usuals can make a big difference. And if you’re finding it tough to get on top of it, here are a few additional tips that might help.
Review Your Bills:
Take a few minutes to look at your utility, phone, and broadband bills. You might find you’re paying for services you don’t use or don't really need or maybe you could switch to a cheaper provider.
Automate Your Savings:
Set up a standing order to your Mountmellick Credit Union savings account so you can forget about it.
Track Your Spending:
A free app or even a notebook can help you see where your money’s going and spot areas to reduce costs.
Make a Plan for Debt:
If you have multiple loans or credit cards, consider consolidating them into one manageable payment. Regularly paying a bit extra off whatever loan or card has the highest interest rate is also a good place to start and will save you a decent chunk of interest. Remember to check your credit terms before you do this to make sure there are no charges for early repayment.
Set a Financial Goal:
Whether it’s saving for Christmas or paying off a car loan (or both!), having goals will keep you motivated and give you a reward to work towards.
How to Make Your Savings Work Harder
If increasing your savings are on your list for 2025, here's a few quick tricks to make it easier:
1. Set Up a Standing Order: Treat your savings like a bill you have to pay every month. By transferring a set amount to your savings account as soon as you’re paid, you’ll build your nest egg without even thinking about it.
2. Compartmentalise: Your shares account is your main savings spot, but you can set up extra sub-accounts, like Access Savings 1 or 2, to keep things organised. Lots of our members use these for short-term goals like saving for a holiday or covering regular costs like tuition or property management fees. It’s a handy way to stay on top of your savings!
You can also set up a Christmas Savings Account to make festive planning easier! It’s super flexible—you decide how much to save each week or month. The best part? Your savings stay tucked away until Christmas rolls around, so you’re not tempted to use it for other things during the year. When Christmas is just a few weeks away, you’ll have access to everything you’ve saved, ready to make the season magical! Check our FAQs for more information.
3. Round It Up: Some people find it helpful to round up their purchases to the nearest euro and save the difference. This small habit can help you grow your savings without feeling the pinch.
4. Set Yourself a Monthly Challenge: Challenge yourself to find a little extra to save each month. It could be as simple as putting your weekly pocket change aside or finding one small expense to trim.
Making the Most of Loans
Taking out a loan can feel like a big decision, but with the right plan, it can help you get where you want to go without unnecessary stress.
- Use Our Loan Calculator: Not sure how much a loan will cost you? Use our handy loan calculator on the website to get an idea of what your repayments would look like. Check it out here.
- Only Borrow What You Need: It’s tempting to borrow a bit extra but build it into your budget and only take what you can comfortably repay.
- Understand the Terms: Before signing anything, make sure you understand the interest rate and repayment schedule. With us, everything’s upfront, so there’s no hidden terms to worry about but if you’re not sure of anything, ask.
- Keep in Touch: Stuff happens. If at any point you’re struggling to make repayments, let us know. We’re here to help, not to judge, and we’ll work with you to find a solution.
We know you have options…
...from big banks to the latest fintech apps. But there are a few things that set us apart:
- Local Expertise: We’re not just a faceless company. We’re your neighbours, and we understand the challenges and opportunities of living and working in the Midlands.
- Digital when you want it, human when you need it: Whether you prefer to manage your finances online or face-to-face, we’ve got you covered. We are always ready to help, whether it’s over the counter or through our website and app.
- Convenient Hours: We’re open until 6pm on Fridays and on Saturday mornings, making it easier for you to get things sorted outside of the usual 9-to-5 (or 10-3!).
- Transparent and Fair: With us, the rate you're offered will never differ from the advertised rate. We also don’t use ‘up to’ or ‘from’ to describe our interest rates. We keep it simple and straightforward, so you know exactly where you stand.
Credit Unions vs. Fintechs: What You Should Know
Nowadays, there are loads of fintech companies advertising super quick loans, budgeting apps, rewards and flashy financial products like crypto accounts.
But let’s break down some of the big promises they make and how Mountmellick Credit Union stacks up:
Fintechs often boast about their interest rates, but have you checked out ours? We have a wide range of borrowing options that are designed to be affordable and fair, with no hidden fees or nasty surprises. Our student loan has a variable interest rate of just 4.08% APR, the lowest rate available in Laois and Kildare at the moment! We also offer a Secured Loan with a variable rate of 5.65% APR and a First Time Loan rate of just 7.76% APR (variable)*.
Sure, fintechs are fast. But so are we! You can apply for a loan online, through our app, by email or by phone or pop into one of our branches for a chat. We will always advise you on the best option for your personal circumstances. And the best thing is when you call us, you’re talking to US - not a chatbot or a call centre in another country.
One size doesn’t always fit. Need to adjust your repayment schedule? No problem. We’re as flexible as you need us to be.
Fintechs are global giants. We’re here, rooted in the Midlands, and we know our members by name. When you borrow from us, you’re supporting a local service that’s invested in your community.
24/7 Access. Many fintechs promote their round-the-clock services. Did you know we offer online banking too? Plus, we are here until 6pm on Fridays and on Saturday mornings, so you can pop in when it suits you.
The Rewards: Fintechs often lure customers with flashy rewards or cashback schemes. Mountmellick Credit Union has just launched its own pilot Partner Programme, giving members access to exclusive local deals and discounts all the while supporting businesses in the community. It’s a win-win for everyone.
Fee-Fi-Fo-Fum: We think it’s a bit mad to expect people to pay a subscription fee to access certain banking services. We don’t charge subscription fees, we don’t have different ‘levels’ of service and we don’t believe support is a ‘perk’. We love all of our members equally and we treat them all like the VIPs they are!
Let’s Make 2025 Your Best Financial Year Yet
At Mountmellick Credit Union, we’re here to support you every step of the way. Whether it’s saving for something special, sorting out a loan, or just getting your finances in order, we’ve got the tools and expertise to help.
Call in, give us a ring, or browse our website – our FAQ section is a great place to start!
*Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future. For full terms, conditions and representative examples for all of our loan products please go to https://mountmellickcu.com/borrow
