7 Takeaways from Budget 2023

Last week saw Minister Paschal Donohoe and Minister Michael McGrath unveil the national budget for 2023. The €11.1 billion budget package is made up of €4.1 billion in once-off cost-of-living measures and €6.9 billion in budgetary measures due to come into effect in 2023. But what does this mean for you? 

We’ve pulled out 7 of the measures that could make a difference to your pocket before the end of the year: 

1. A once-off double “Cost of Living” support payment to all weekly social welfare recipients along with the Christmas bonus double payment. 
2. Double payment of Child Benefit in November 
3. The first of 3 electricity credits worth €200 each will be applied to bills before Christmas, the remaining 2 credits will be applied in 2023. 
4. €200 lump sum payment before Christmas to those receiving the Living Alone Allowance. 
5. €500 once-off payment in November to all carers receiving the Carer’s Support Grant, those receiving the Working Family Payment and those receiving Invalidity Pension, Disability Allowance and Blind Pension. 
6. €400 lump sum payment in December to all receiving the Fuel Allowance, followed by expansion of the qualifying criteria in 2023.  
7. All third-level students will see a once-off reduction of €1,000 in their student contribution fees this year, along with a once-off double payment for SUSI grant recipients before the end of 2022. There will be a permanent reduction of €500-€1,500 for households earning less than €100,000.  

We will come back to #Budget2023 in January and cover what measures are being introduced for the new year and how they can impact your household budget.

If you have any questions or would like to speak to a member of MABS, call our National Helpline on 0818 07 2000 Monday to Friday, from 9am to 8pm, WhatsApp 086 035 3141 or request a callback if you want to talk confidentially about budgeting, problem debt or general financial matters.