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<\/p>\nAt a time when money is tight in all households, when it comes to cutting back in all areas of expenditure we know the first steps to take \u2013 and the first things to go.<\/p>\n
No more takeaways; volunteering as designated driver on nights out; and no splurging on online orders.<\/p>\n
But sometimes, it’s the things that are a little less obvious that can make the biggest difference \u2013 the creature comforts we\u2019re so used to having, we couldn\u2019t imagine being without. Here are the top tips of John Lowe of MoneyDoctors.ie.<\/p>\n
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Utilities<\/p>\n
Don\u2019t worry: I\u2019m not advocating trading in electricity for candlelight \u2013 but there\u2019s a lot to be said for re-examining your utilities providers once a year, especially now when the bills have skyrocketed for households. Many people enjoy the ease of sourcing their gas and electricity from the same provider \u2013 but you could save literally hundreds of euro by switching from a dual-fuel bundle to separate providers.<\/p>\n
Just remember \u2013 if you switch before the end of your contract, you could face a charge of up to \u20ac100, depending on provider. So it pays \u2013 literally \u2013 to keep a list of your contracts, be they for gas, electricity, phone, internet, TV or anything else, along with their end dates in your phone.<\/p>\n
Then, set an alarm the month before your contracts are up and do a bit of market research in good time to change. Remember, your current provider may offer you a discount just to keep you on their books. In the meantime, the rule is switch off and plug out when not in use.<\/p>\n
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Internet and entertainment<\/p>\n
With fibre-power broadband finally filtering out across the country, now is an excellent time to compare internet providers. There are huge variations in offers available from Eir, Sky, Vodafone and Virgin; and if you can bear the hassle of getting a dish installed from one company when you\u2019re used to having an aerial from another, it can be really worth it.<\/p>\n
Top tip? While almost all offers are available to buy online, try to make the effort to phone the company you\u2019re interested in joining.<\/p>\n
A deal can often look perfect, until you find out that the broadband speed is slower than what you currently have; or you might have seen something that looks just right, apart from the 160 extra channels you don\u2019t need. And do you need those movie channels? Where possible, speak to a human \u2013 and remember, your money matters, so don\u2019t be afraid to push for the best deal.<\/p>\n
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Banking<\/p>\n
Like I always say, your bank will not reward you for loyalty, so never be afraid to shop around. Because your banking is so often tied up in the biggest outgoings in your household budget \u2013 mortgage, car loan, college loan \u2013 this is really the best place to start when you\u2019re trying to save money.<\/p>\n
If you\u2019re already saving, take a good look at the rate you\u2019re getting: many banks still offer the 0.1% AER on demand deposits, but if you open your current account with the same bank, you can gain additional benefits. Opening a Regular Saver Account with Bank of Ireland will net you 0.5% AER, for example.<\/p>\n
Best long term deposit is now the National Treasury Management Agency\u2019s (NTMA) National Solidarity Bond \u2013 part of the State Savings suite (these are not Post Office bonds) which yields 16% tax free after 10 years. These are equivalent to a gross 2.24% per annum \u2013 the best in deposit accounts in Ireland. And don\u2019t forget Prize Bonds.<\/p>\n
It\u2019s also a good idea to think about how you pay for things on a daily basis. If you use your debit card a lot, consider switching to An Post Money\u2019s current account or Revolut: the latter is a pre-paid card operated through VISA or Mastercard, depending on your location.<\/p>\n
Now offering joint accounts, loans and car insurance, it works in just the same way as a debit card with a traditional bank, except you can top it up from your bank account via an app on your phone. Spending is free, no matter how many purchases you make; and ATM withdrawals are free up to \u20ac200\/month, after which a 2% fee applies.<\/p>\n
Currency-exchange transactions are free up to \u00a3\/\u20ac5,000\/month, after which you will be charged 0.5% per transaction. N26 is another good online bank worth looking at.<\/p>\n
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Writing a financial plan<\/p>\n
Last but not least: this is the single most important step when it comes to saving money. While everything listed above can help with choices already made, a financial plan will guide you in choices yet to come followed closely by completion of an in-depth budget plan.<\/p>\n
It is so important to know how much it costs to run your life on a monthly basis. If you\u2019re intimidated by the idea, haven\u2019t made one previously, or just need some expert advice, email me for a free budget planner spread sheet template.<\/p>\n
The views expressed here are those of the author and do not represent or reflect the views of RT\u00c9.<\/p>\n