Six ways to save and to keep the cost of living down
MORE than ever, households are looking to keep costs down. Here’s the advice from Switcher.ie on how you can reduce bills by up to €5,500.
1. CLAIM WHAT’S DUE
With millions of euros’ worth of tax credits left unclaimed each year, submit your tax returns to ensure not a cent goes to waste. Get hundreds back across things such as medical expenses, rent and mortgage relief, e-worker relief, tuition fees, flat-rate expenses, and more. Potential savings: €1,880 per year
2. REDUCE YOUR USE
Recent research by Switcher.ie found you could save over €1,200 yearly on energy bills by making six simple swaps at home. Using an air fryer and microwave over an oven, turning down your thermostat and ditching the dryer are just a few of the changes that will lower bills and lighten your carbon footprint, too.
Potential savings: €1,299 per year
3. LOSE INTEREST
If you’re on a standard variablerate mortgage, chances are you’re paying more than you need to. Talk to your mortgage provider or a broker about switching to a lower, fixed-rate deal. Cutting your rate by even one percentage point could save you hundreds each year, and with the gap between the highest and lowest rates now over two points, potential savings could be even higher. Consider a cashback deal to cover expenses such as solicitors’ fees, too. Potential savings: €744 per year
4. SWITCH IT UP
If you haven’t switched energy suppliers in over a year, chances are you’re paying more than you need to. Switching from a standard gas and electricity plan to the cheapest option on the market could cut your annual bills by €745. Potential savings: €745 per year
5. STREAMLINE SUBSCRIPTIONS
According to Pure Telecom, the average Irish household has 2.4 streaming services on the go. As many streaming companies offer monthly rolling contracts with no cancellation fees, there’s no need to overpay for multiple subscriptions – simply rotate between different platforms depending on what you’re currently watching. Potential savings: €159 per year
6. OPT FOR OWN BRANDS
The average household spends an average of €1,270 on food each year. As inflation continues to bite, consider swapping pricier food items for the supermarket’s own-brand label, which could easily slash the price of your weekly grocery shop in half.