Sample Budget - Housing 25%
- Food 25%
- Household Expenses 15%
- Education/Childcare 10%
- Travel 5%
- Clothing 5%
- Medical 5%
- Savings 5%
- Entertainment 5%
Sample budget €400 per week - Housing € 100
- Food € 100
- Household expenses € 60
- Education/childcare € 40
- Travel € 10
- Clothing € 10
- Medical € 10
- Savings € 10
- Entertainment € 10
Advantages of Budgeting - Overspending avoided
- Impulse buying avoided
- Luxury spending reduced/avoided
- More security, less worries
- Maximum use made of income
- Bills & seasonal expenses highlighted
- Good example to children
- Living on a Low Income
- Very difficult – particularly if there are children.
- Good budgeting practises - essential
- Help from:
- M.A.B.S. – Money, Advice and Budgeting Service
- F.I.S. – Family Income Supplement
- M.A.B.S. managed by Dept. of Social, Community and Family Affairs
- Help with budgeting
- Help with clearing debt – advice
- Negotiates with creditors
- Account with Credit Union
- On-going support
Family Income Support - To qualify for FIS :-
- Be in full-time employment working at least 19 hrs a week
- Have at least 1 dependent child
- Earn weekly income falling below a set amount for family size
| | - If you have Your weekly family income is less than €
- 1 child €506
- 2 children €602
- 3 children €703
- 4 children €824
| Family Income Support - The FIS received is 60%
- of the difference between the net family income and the income limit that applies to the family
- FIS income limit – family net income = difference
- difference x 60% = FIS payment
| | - Income limit (Jan. 2010) €703
| | | | | - FIS payment €211.80 (60% of 353)
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