How to shave over €5,500 off your bills
January is the perfect month for a fiscal detox, say experts
HOUSEHOLDS could save almost €5,500 by claiming back tax, switching to a lower mortgage rate and reducing energy use, a new study shows.
January is the perfect time to freshen up finances, slash unnecessary bills and curb bad spending habits, according to price comparison site Switcher. ie – which has set out the six best ways to trim bills.
Switcher’s Eoin Clarke commented: ‘As the cost of living
‘Small changes can add up’
continues to soar, every cent counts, and January is the perfect time to detox your finances, cut unnecessary costs and make a fresh start this new year.
‘Small changes can add up to big savings – switching to supermarket brands and cancelling unused subscriptions could leave you with more spare change at the end of the month.
‘Shopping around for a better mortgage deal, switching broadband or taking a minute to complete your tax return to claim what you are due could see you better off by the end of 2024.’
He added: ‘Last but not least: energy prices are dropping, and suppliers are offering generous discounts right now. If you’re out of contract, switch to a better deal to save hundreds of euros.’
Consumers’ Association of Ireland chairman Dermott Jewell said: ‘Consumers are exhausted trying to save money and are inclined to think that there are no opportunities or options left when in actual fact there are.
‘And one of the simplest things, which most of us have, whether it be motor or home, we have insurance that we renew on an annual basis, and we should never automatically do that. Always see what the other side are offering.’
He also advised shoppers to ‘take their time’ when doing the supermarket shop as prices Are constantly changing. ‘If there’s great offer, of course take it, but at the same time don’t then laze around the rest of the rest of the same shop assuming that you’re going to save money, because something else will have gone up,’ added Mr Jewell.
Runaway inflation brought on by the war in Ukraine led to the European Central Bank issuing a series of interest rate hikes starting in July 2022, which have had knockon effects for thousands of mortgage holders.
The main cause of price rises has been the spiralling cost of energy. Although gas and electricity prices are now falling, the latter is almost double the price it was in 2016, while the former is more than double its price from that year.
The war in Ukraine increased the cost of Russian oil and gas, which pushes up prices on international markets. A boycott of Russian oil and gas has limited supplies, which raises prices too.
Domestic gas prices are down around 13% over the past year, but since 2016, long before Covid and the Ukraine invasion, they have more than doubled in price.
However, petrol prices are down marginally over the past year while diesel has fallen by about 10%. Health, home and travel insurance are up almost 10%, but luckily consumers have seen motor insurance come down since changes were made to the cost of settlements.