This year promises to be another tough year, but here are some tips for savvy consumers to ensure you do not start the year with a financial hangover. Resolve to give your finances a makeover.
Switch energy supplier
Four out of 10 homes have switch energy supplier. It is easy to do. By moving from the ESB for electricity to Airtricity or Bord Gais you can knock 10pc off your annual bill. The average annual electricity bill is around €900, so you could save up to €90.
Savings of up to 20pc are possible if you move from Bord Gais for gas to Airtircity or Flogas. An average household spending €730 with Bord Gais could save €90 by switching to Flogas (13%). If you move both to Airtricity for both gas and electricity you can get a 20pc discount on gas and 6pc on electricity.
Get rid of card debt
Make this the year to eliminate you card debt. We have 2.2 million personal credit cards in this country and owe around €3bn on them. The average debt is €1,200. Some options to get rid of the debt:
• borrow from family or friends;
• get a credit union loan;
• use savings;
• sell your second car (AA says it costs €130 a week to run a small car);
• get a mortgage repayment holiday.
Get a jam jar
Every evening empty all the change in your wallet and in your change purse into the jar, especially €1 and €2 coins. Every six to nine months or so, the jug fills up, and could head to the bank with up to €200.
Reduce healthcare costs
Save up to €600 by opting for a corporate plan. Take Quinn Healthcare’s HealthManager plan. It costs €3,200 a year for two adults and two children. The CompanyCare plan is €580 less.
Also consider: dropping to a lower level plan, accepting an excess and putting children on different plans.
Switch bank accounts
Switching to a no fee account could save €70 a year. It is easy to switch and avoid paying fees. The Irish Banking Federations code of conduct on switching means that all direct debits and standing orders must be set up on the new accounts by the banks for the customer.
Save on your mobile
There are now an unbelievable eight mobile phone suppliers operating in Ireland. They offer the most confusing array of tariffs and plans ever conceived and are utterly baffling to most mere mortals. However, it’s worth trying to make a little bit of sense of them because you can save lots of money. Here’s an example: a basic bill-pay plan with 175 call minutes and 100 texts can be had for €20 from 3 Mobile. On the other end, it’ll cost €35 from O2 – that’s 75% more expensive. www.callcosts.ie is a good place to start if you want to get a mobile price comparison.