Ġemma and Peppi together on debt issues

ĠEMMA Team

Beginning of December 2022 an on-line seminar took place between representatives of PEPPI and those of ĠEMMA. PEPPI is short for the Provision of a European Platform for the Prevention of Over-indebtedness by the Increase Accessibility and the Improvement of Effectivess of Debt Advice for Citizens. ĠEMMA in the Maltese language means, to save.

Organized by ECDN (European Consumer Debt Network) together with the local national campaign ĠEMMA within the Ministry for Social Policy and Children’s Rights, they organized the first ever joint meeting together in order to analyze the situation of debt within the European Countries.

ECDN as a matter of fact is the only organisation which focus on debt advice, debt counselling and debt restructuring, financial education and over-indepbtedness research across Europe. To date, ECDN has organized nine international conferences and published 18 issues of the magazine Money Matters.

What is the purpose of ECDN

Malta and Debt

From a Maltese national context, Ms Helena Holland, Leader of the ĠEMMA National Campaign presented a true picture of the situation locally as with regards to Malta and Debt.

Ms Holland said that a fifth of the Maltese population living in private households were at risk of poverty or social exclusion in 2021, according to statistics gathered by the National Statistics Office.

Presently, Malta is the only Member State without debt advisory services. There is an ad hoc service provided by Caritas Malta for usury whilst money management advice and assistance are provided by FSWS and NGOs network for assistance to fill important gaps, providing services for people who need help.

Ms Holland said that there is a need for legislation to cover personal insolvency. Currently, debt settlement agreements take a one size fits all approach and people in debt struggle to pay hefty utilities, telecoms and other bills. Often these give up and fall further into debt.

to where they can obtain assistance and guidance on a long-term basis to resolve or mitigate their debt issues.

“A debt advisory service would assist those households facing hardship due to debt so that they can be given appropriate legal advice, financial guidance to repay their debts in a reasonable way and retain personal dignity and quality of life.”

Ms Holland mentioned that people in Malta and Gozo currently do not have a place to go

Ms Holland concluded that the resources and education ĠEMMA and others provide are important to educate and equip people, however they are not enough to combat debt. The second webinar with the topic, Professional Qualifications of Debt Counsellors was held in February 2023.

Ritratt: DOI

TURNING 18?

Kickstart your financial journey!

ĠEMMA Team

You’re 18, an adult and your life and priorities are changing fast. Money is a central part of your life and so is knowing how to make and manage it. It’s easy to feel pressured to fit into spend like your friends or get stuff you’ve seen on TikTok. But hey, don’t fall prey to social pressures. And never feel ashamed of your budget.

Financial stuff tend to use fancy words which you may not understand at first but don’t feel discouraged by that. Google the words you don’t get or ask someone about them. We know how it is to manage your money by budgeting or planning short-term savings. You often think as far as your next stipend or pay cheque and no further than six months max.

Here’s a quick tip that will help you in the long run. Save at least 20% of your income every month. The temptation to tap and buy is great but try your best to avoid it! Self-control and discipline are just as important as knowledge and skill when it comes to managing money. Track your spending habits and download the budget app on your phone to help you manage your money a little better.

Make your money grow. Here are a couple of tips:

Use of credit

If you wouldn’t pay cash for it, don’t buy it on credit.

Always check the charges

Don’t fall for Buy Now – Pay Later Schemes.

Making investment choices

Understand your risk-reward appetite

Start low-risk, invest in cash Individual Savings Accounts.

Don’t invest in the unknown.

Invest in a company that follows your values.

Pay close attention to investment fees and charges that will eat into your returns.

Horizon Savings

Look beyond the now and read how compound interest can make your money work for you.

Understand the GAP

€40 a month at 18 becomes €22,560 when you are 65;

€40 a month at 40 becomes €12,000 when you are 65.

Act Now to Benefit More.

Budgeting

Understand your spending habits.

Split your monthly costs into:

Definite (NEEDS) e.g. (Petrol, Rent, Subscriptions, iCloud storage, Medications).

Random (WANTS) e.g (Going out, food, clothes, skin products etc).

Divide your monthly salary or stipend into:

50% covers your Definite costs account of 20% of your salary for the 2nd of every month & watch your savings grow.

30% covers your Random costs and 20% goes straight into Savings.

Anything left over is your choice!

Making large purchases

If you can’t really afford it, think again. Say you’re thinking of buying a car – can you afford the running costs (e.g. insurance, registration, maintenance)?

Before buying something, think about how you’ll pay for it.

Don’t compare yourself to others. Buy only what you can afford.

Short-term savings

Save 3 months’ income for a rainy day. Broken phone, car repairs – you’ll have money set aside for them.

Pay for things you need before paying for things you want e.g. car insurance before getting alloy wheels.

Quick self-checklist

Do I really need this? Have I shopped around before buying? What’s nudging me to buy it? THINK!

Always spend less than you earn.

Set up a monthly direct-debit to your savings

Ġrajjiet kurrenti mill-Ministeru għall-Politika Soċjali u d-Drittijiet tat-Tfal

X’hemm ġdid?

Tonio Bonello

Editur

Bdejna sena ġdida u hekk wasal l-ewwel appuntament tagħna magħkom għal din is-sena. Bl-għajnuna t’Alla għaddiet sena ta’ ħafna ħidma u impenn, kemm fil-kuntest tat-Taqsima tal-Komunikazzjoni, però anke fil-ħidma ħolistika tal-Ministeru. Din hi fil-qosor, ġabra tal-ħidma li tinsab għaddejja fl-oqsma li aħna nirrappreżentaw.

Merħba FSWS fil-ħolqa FAMILJA

Imniedi FAMILJA Aħjar 2023

Fi tmiem Jannar ta’ din is-sena kien imniedi t-tieni fuljett tal-Ministeru għall-Politika Soċjali u d-Drittijiet tat-Tfal, FAMILJA AĦJAR. Dan is-suppliment annwali għandu l-għan li joħloq għarfien dwar il-miżuri mħabbra fl-aħħar budget li jkun ġie mħabbar fi tmiem is-sena preċedenti iżda mwassal mod aktar konċiż u simplifikat.

F’din it-tieni edizzjoni qed nippreżentaw 21 miżura li jolqtu direttament jew indirettament lill-familji u/jew individwi Maltin u Għawdxin fis-saffi kollha tas-soċjetà.

Tistgħu issegwu FAMILJA AĦJAR 2023 billi taċċessaw permezz ta’ dan il-link hawn taħt –https://issuu.com/msfc-familja.media/docs/ suppliment_familjaahjar_2023

Wara laqgħa kordjali bejn is-Sur Alfred Grixti, Kap Eżekuttiv tal-Foundation for Social Welfare Services u jien f’isem il-Ministeru ntlaħaq ftehim biex il-Fondazzjoni tibda tkun preżenti wkoll permezz ta’ rapporti, artikli u aġġornamenti f’din ir-rivista FAMIILJA.

Proprju minn din il-ħarġa qed nagħtu bidu b’rapport interessati mmens mill-Kap Eżekuttiv stess li se jkun qed joħroġ f’żewġ partijiet. Fih qed jitkellem dwar l-istorja tal-FSWS, l-oriġini tagħha, is-servizzi li toffri u l-kisbiet li għamlet matul is-snin li ilha mwaqqfa.

Merħba Sur Grixti, il-management u l-istaff kollu tal-FSWS f’din il-ħidma konġuta li qed inniedu permezz ta’ rivista FAMILJA.

ĠEMMA – Pubblikazzjoni ġdida ta’ kull tliet xhur

Din is-sena qed tkompli wkoll il-ħidma tal-Kampanja Nazzjonali ĠEMMA bil-għan li l-poplu Malti u Għawdxi jkompli jkun aktar kawt fl-infieq tiegħu. Wara t-tnedija ta’ branding ġdid fit-tielet kwart tal-2022, qed ikunu konsolidati għadd ta’ proġetti u inizjattivi li possibbilment qed jilħqu s-saffi kollha tas-soċjetà.

Proġett ewlieni li qed ikunu imniedi din is-sena hi pubblikazzjoni ġdida bl-istess isem, ĠEMMA fejn fiha se jkun qed jiġi mwassal tagħrif minn diversi kontributuri jkopru diversi numru ta’ oqsma tal-ħajja dejjem fil-perspettiva ta’ dak li hu infieq bil-għaqal u l-aħjar użu tad-dħul finanzjarju ta’ kull persuna. Dan bil-għan aħħari

Ritratt: Elina Fairytale jkun li kull bniedem ikollu serħan il-moħħ permezz ta’ ħajja aktar sigura u protetta, speċjalment f’ċirkostanzi mhux mistennija.

Is-Suppliment Annwali tal-Ministeru 2023

Għal qarrejja regolari tal-pubblikazzjonijiet tagħna tafu li ta’ kull sena l-Ministeru jippubblika Suppliment Speċjali Annwali jiffoka dwar qasam ta’ ħidma fi ħdan il-Ministeru iżda b’mod aktar dettaljat biex il-pubbliku jkun mgħarraf sew bis-servizzi li tkun toffri dik l-entità partikolari.

Bi pjaċir naqsam magħkom li s-Suppliment Speċjali Annwali tal-Ministeru għal din is-sena se jkun qed jiffoka dwar ħidmet l-FSWS fid-diversità tas-servizzi li toffri. Dan is-suppliment se jkompli jikkonsolida u jikkumplimenta fuq dak li qed jiġi mniedi f’din il-ħarġa permezz tal-integrazzjoni tal-FSWS fi ħdan il-pubblikazzjonijiet FAMILJA.

Is-suppliment mistenni jkun imniedi lejn it-tieni kwart tas-sena u fih se jkun jinkludi artikli u intervisti li flimkien se jwasslu l-istampa kollha ta’ x’inhi l-FSWS. Bħal dejjem nenfasizza biex min hu qarrej ġdid li qed isegwina għall-ewwel darba, issa jista’ jieħu scan ta’ din il-QR-Code hawn taħt permezz tal-ismartphone tiegħu/ tagħha u b’hekk ikun jista’ jissieħeb mal-kumplament tal-qarrejja tagħna billi jkun aġġornat bil-materjal kollu li aħna noħorġu minn żmien għal żmien.