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24 May 2022

Here's a few ways to save money as inflation bites hard in Tipperary

Setting a budget is very important when trying to saving money

Your Smart Money:

Here's a few ways to save money as inflation bites hard in Tipperary

With last week's news that inflation could hit 8.5% and with bills rising left, right and centre, it's important for households to look at their finances and find ways to make savings. With colossal energy price hikes affecting most homes and the cost of living rising, families who are struggling need more support and we'll all need to pull the purse strings even tighter than usual.

Switcher.ie have put together some tips on how to make some savings:

Set a budget: Gather your latest bank statements and sift through your incomings and outgoings. Check you know all your transactions and make a list of the essentials. Most of the money going out is likely for bills, but make sure you know where the rest of your cash is going. Check for unused subscriptions and memberships and if you don't use them - simply cancel. Finally, check you're not paying twice for TV, broadband, mobile or insurance because many services are now bundled.

Check your debts: If you've got money sitting in savings accounts earning less interest than what you're paying on your debts, pay down credit cards, loans or mortgages to make your money work harder. But, always leave yourself a buffer in case of emergencies or an unexpected bill.

Find a better energy deal: Rising wholesale energy costs means we've seen a significant increase in the price we pay. Check whether you're eligible for any help with your energy bills through the fuel allowance or the household benefits package. Even if you don't qualify for assistance with your energy bills, check if you could be paying less elsewhere. Right now, you could save up to €826 a year on your energy bills if you switch.

Manage your mortgage: Mortgage rates are rising, so if you're on your lender's variable rate, you could be paying more than you need to. Check to see how much you could save by switching to a fixed-term deal. You could save €100s if not €1,000s a year, but make sure you'll still save after any fees. Some lenders offer cashback which could help cover any fees.

Broadband, landline and TV: Think about what channels you watch and how much you use your phone and internet. If you're paying extra for channels and services you're not using, it's time to look for a better deal elsewhere. If you want to stay with the same provider, still make a comparison to find out the cheapest option and contact them to haggle - you could still slash your bills.

Compare your mobile phone: If you're happy with your phone and are out of your current bill pay contract, see if you could save by switching to a SIM-only deal. Bill pay deals tend to cost more because you have to pay off your new handset. SIM-only deals can be as short as 30 days and are often considerably cheaper than bill pay contracts - sometimes as little as €5 a month.

Check your insurance: Always compare the market before taking out or renewing any insurance policy. The best rates are often saved for new customers, and loyalty rarely pays. Shop around to get the best quote for the level of cover you need.

Cut credit card costs: If you're paying interest on your credit card borrowing, a balance transfer could save you hundreds or even thousands of euros a year in interest and help pay your balance off quicker. Look for a long 0% balance transfer period to save the most and give yourself more time to repay what you owe.

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