Top 10 tips to save money
SEAN LYNCH, QIFA FINANCIAL PLANNERS, MALLOW
1. Run down weeks:
Now that the food/toilet paper shortages we expected, never materialised, it would be a great time to clear out that fridge/ freezer.
Shop for the week, buy the essentials, bread, milk etc while you actively clear out the overcrowded cupboards.
You would be amazed at how inventive your cooking will get. I practice this before every holiday and at least once every two months if no holiday is booked.
2. Eat at home:
Thankfully, I live within 10 minutes of where I work. It is easy for me to pop home for lunch. I appreciate that this is not the case for many other people. However, you can make something at home for your lunch and bring it in with you. I am sure that those who are now working from home have seen the financial benefits.
3. Loyalty apps & coupons:
A worthy mention to save cash directly at the supermarket.
Thankfully for the consumer supermarkets are constantly inventing new ways to increase their market share by saving consumers money.
4. Cancel unused subscriptions:
Do a clean out of your bank statement. We are all very quick to set up new Standing Orders & Direct Debits but we have a tendency to let them run on forever. Remember that you can cancel a Standing Order yourself. A Direct Debit may be more difficult to cancel as the provider of the service has to cancel it.
5. DIY:
I personally love it and hate it at the same time. I love it when it works, and hate it when I have to do it again and again. I recently learned how to grout tiles by watching a YouTube video.
Obviously some jobs are too big and dangerous to take on and save these for a professional.
6.
No need to pay a penalty fee.
Pay your bills on time: 7. Home savings:
Research grants that are available to upgrade your home and save money eg Insulate your home, smart thermostats to regulate your heating costs, Solar Panels etc.
8. Curb impulsive buys:
I read a great article about Minimalism over the Covid-19 lockdown. They advocate that we have too much “stuff ” and yet we feel compelled to buy more “stuff”. Defer all purchases over €100 by a week. It will stop the compulsive buying.
9. Change providers:
For everything or at least ensure you are getting the best deal for: a. Home & motor insurance b. Phone provider c. Life Cover d. Pension.
10. Identify where you are spending your money:
This is the 1st step, in identifying the leakages that occur. Once this has been done for a month, force yourself to save a % of your wages at the start of the month. Always save from the top – saving from the bottom or what is left over at the end of the month will never happen.