Consumer Corner: 12 money-saving tips to help you make it through the year
12 money saving tips for 2024
It’s a week to payday for many and January is a lean month anyway. To help with financial matters we have compiled a list of 11 money saving tips to help you make it through the year.
Start with making out a budget for the year and writing down a list of your income and expenditure to see where savings can be made. Kevin Johnson, CEO of the Credit Union of Development says you should set aside some time to go through what you have spent, highlighting items ofper expenditure that you could cut down on or avoid entirely. "Separate the expenses on your list into compulsory vs discretionary spending. Over time, you will see where improvements can be made such as taking the bus to work rather than driving or, batch-cooking meals instead of takeaway.”
According to Moneysherpa.ie you could save more than €900 this year by ditching credit cards. They point out that Irish households owe €8,000 on average in credit card and loan debt and we are paying the fourth highest rate of interest in Europe at 10.3%.
The experts claim that we can save more than €6,683 a year by cutting out discretionary day to day spending on drinks, sandwiches and cigarettes. It’s a matter of asking yourself ‘do I really need this’ before buying it and often waiting 24 hours before seeing an item and making the purchase.
Joey Sheahan of MyMortgages.ie says you could save tens of thousands, or even hundreds of thousands, on your mortgage by switching to a cheaper lender, depending on the size of your home loan and how expensive your mortgage interest rate is. He says: “So, if you’re getting a bad deal on your mortgage, see if you can get a better deal elsewhere. Be sure that any savings you make when switching your mortgage will more than outweigh the costs. Remember lenders will usually cover a certain amount of your switching costs."
Laura de Barra, also known as the Gaff Goddess said that those who work from home should consider investing in a space heater. She says: “Instead of relying on central heating each time the room you work in becomes chilly, consider getting an electric space heater. These convenient devices excel at rapidly heating small spaces, such as a home office. An hour or so of having the space heater on can provide lasting warmth, all while conserving energy by avoiding the need to heat the entire house on each occasion.”
It is so easy to switch energy provider and many will only require you to sign up for a year long contract. Mark Coan founder of moneysherpa.ie says you could save up to €723 this year by switching.
Paul Walsh of Peopl Insurance says drivers must shop around every year and switch if you can secure a better deal by doing so. He says you could save more than 15% on your premium a year by shopping around for car insurance.
We say it a lot but don’t ignore the money that you can earn by claiming your tax credits. According to Taxback.com you can claim for any doctors visit you’ve had this year or any prescriptions you’ve collected, non-routine dental care such as crowns, veneers, root canal to name but a few. People working from home can claim the e-worker relief refund to cut the costs of electricity, heat, and broadband by 30pc. There’s a full list of everything on Revenue.ie.
Seal up draughts by utilising caulking to make your house less chilly, says Laura DeBarra. “A chilly home is often attributed to draughts coming through openings such as doors, windows, and cracks. While turning up the heating can be a solution, there are more cost-effective methods to address the core issue. Utilising caulking is a cost effective and straightforward approach to fill in the gaps between fixed objects like doors and window frames. This process should result in a significant reduction of draughts.”
Laura says that LED, CFL and halogen incandescent bulbs are more expensive to buy, but they’re up to ten times more efficient and investing in them will save you money on your bill in the long run. Laura says: “One simple way to reduce energy consumption in the home is by replacing even just a handful of standard bulbs with more energy-efficient versions. They last longer too, meaning you’ll spend less money replacing bulbs throughout the year.
Don’t be afraid to shop second hand. Not only is it good for the environment but there are so many places now you can buy second hand items both in stores and also online. It’s actually considered quite trendy now to shop second hand.
Use your freezer. Even if you have some leftover dinner, pop it in the freezer and it might work for lunch some day. Also freezing bread is a great way to make sure it doesn't go to waste.
