Irish budgeting mum Caz Mooney shares tips for addressing cost of living

One in three parents report struggling to stretch their household budget to cover the cost-of-living increases. Picture: iStock 

Almost nine in 10 parents say their income, or household costs, have been affected by the rising cost of living.

And one in three parents report struggling to stretch their household budget to cover the additional cost-of-living increases.

This is according to the 2022 annual survey by the Irish League of Credit Unions. So it’s no surprise mum-of-three Caz Mooney began seeing a big rise in hits on her Instagram page around March this year.

Offaly-based Mooney, whose children are aged 12, 10 and one, was a gym manager before going on career break following the birth of her youngest. “We couldn’t afford childcare, but then we were suddenly down to one income. Things started to get expensive. I began the Insta page in December, mainly to keep myself accountable but also to share our budgeting tips.”

Interest in Irishbudgeting took off in spring. “The war had started. Oil prices were increasing. People were really noticing the difference in their pockets.”

Mooney says messages come from a spectrum of economic profiles. “They range from people on quite good incomes who’ve never before had to worry about budgeting, to those who can’t see a way out of the cycle of going from pay-check to pay-check where it doesn’t even cover everything, so they’re turning to debt to pay for food.”

Caz Mooney from @irishbudgeting on Instagram.

Parents’ top child-related money query is how to explain the current crisis to children. Mooney advises giving clear information but keeping the discussion age-appropriate. “I would say to them that, as a country, we go through tough times and easy times. And just at the moment, we’re going through a tough time when things are a bit more expensive.

“I’d explain it costs a bit more for our shopping, fuel for our car, and we now have to make some choices not to spend money in ways we would have before.”

With their older two children, Mooney and husband Seamus sat down and explained what the summer would look like — that they wouldn’t be going on holiday abroad. “Instead we’d be saving to go on one next year, so we’re getting a compromise. And we’ll go on holiday in Ireland this year — we’re lucky to be able to stay at a friend’s house, which will keep costs down.”

Mooney sees parents struggling to say ‘no’ to kids. “Give power to kids,” she advises. “Budget a certain weekly amount they can earn by doing chores. Tell them they’re going to start budgeting — dividing money into ‘spend’, ‘save’ and ‘future’. That way you — the parent — aren’t being asked all the time.”

Tips from Caz Mooney

• Money can be a taboo subject. Get comfortable talking about it, so your kids will too. Share (appropriately) money mistakes you’ve made, and lessons you’ve learned.
• Frame budgeting in positive terms. Instead of ‘we’re doing it to make ends meet’, say: ‘we’re putting money aside so we can go on that trip’.
• Kids are hands-on. Give them every opportunity to earn and budget their own money.
• Incentivise them to save for stuff they want — if it costs €50, say: ‘if you save €45, I’ll contribute the last €5’.