Let's face it, getting paid in the middle of December and then having to wait until the end of January for your next pay packet should be classified as some form of torture.
Gone are the indulgent days of Christmas and now we're all eating Cornflakes for dinner while crying into our gas bill.
January is no fun, no fun at all.
But fear not! Paul Merriman dropped by Dermot & Dave is to tell us how to get though this horrific January stretch and how to save thousands in 2018.
Paul is urging everyone to use January to start budgeting. Treat your income like a business, account for income and all expenditures.
Then switch providers! Give yourself one hour with a laptop, bank statements, and all your bills. It’s usually better to do this on a Monday to Friday between 9am and 5pm if possible so you can speak to existing providers and new providers if needed.
Negotiate on:
- Gas
- ESB
- Mobile Phone
- Home Phone/Broadband
- Car/home insurance
- Bank/Building society
- Health Insurance
- Mortgage
- Bank account
To get through January, Paul’s biggest recommendation is the envelope method.
If you know that you only have a certain amount of money left for the month/fortnight, take the money out of your account now. Split it into four and use cash only. Using your debit card will mean you’ll spend money without realising because it’s just there.
THE 52 WEEK CHALLENGE
Paul’s been talking about this on Facebook for the past few days and it’s getting a lot of interest.
It’s a year-long savings scheme that will save you over €1000 if you follow it.
It works by saving 1 euro on the first week, 2 euro on the second, 3 euro on the third and continues until the 52nd week of the year when you’re saving €52.
If followed strictly, it means you’ll be ending 2018 with €1347 in savings.
Set up an acorn account (a second bank account) to do this.
Paul's other top tips include:
- Stop paying money for stupid things…. Like bottled water and Coffee. This could save you over €1,000 per year
- If you are a smoker stop! Paul quit four years ago and saved €4,000.
- Don’t join a gym.
- Don’t change the car unless it’s on its last legs!
Perhaps one of Paul's most lucrative tips is claiming tax back.
Get over to Revenue.ie and access your account and fill in a Med 1 form to claim back on every doctors and consultants visit and on every prescription you got filled.
We're all scraping the bottom of the barrel when it comes to our personal finances - pay day seems so far away 🙈 Here's a great tip for claiming back some tax to get you through these tough times! #DermotAndDave @DermotTodayFM @DaveTodayFM pic.twitter.com/2qex2cCn8c
— Today FM (@TodayFM) January 8, 2018
Listen to Paul's brilliant chat in full with the lads above and check our his Facebook page here.
