50 brilliant tricks to beat the big cost of living squeeze

Energy and food bills are going through the roof. Mortgage rates are likely to rise. So here’s how to save THOUSANDS with our money guru’s...

2022-02-13 - Jeff Prestridge

AS THE cost of living soars, millions of households are experiencing an unprecedented and uncomfortable financial squeeze. Making savings to offset rising energy and food bills is therefore very much the order of the day. Today, assisted by award-winning money journalists Rachel Rickard Straus and Toby Walne, I come up with 50 ways to counter the cost of living crisis. Some suggestions could literally save you thousands of euro over the coming year.

Not all our ideas will be for you, but you should find something that will help you trim a few pounds off your spending, boost your household income or protect your assets from unnecessary tax.

Cancel those direct debits for unused services

Households spend hundreds of euro a year on subscriptions. So, if there are streaming services, gym memberships, magazine or food subscription services you are not getting good use out of, now is the time to ditch them – or to make a note to ditch them ahead of renewal.

The best way forward is to trawl through your bank statements and credit card bills to remind yourself of everything you are paying for. Make sure you terminate your subscription with the provider before cancelling any direct debits as this can be treated as a default on a payment and impair your credit score.

My rule on subscriptions is simple. If more magazines over a subscription period are left unread rather than eagerly devoured upon receipt, I don’t renew. Runner’s World bit the dust as a result of this policy.

A gym membership was also killed off after I realised I was simply using my local gym as a place to change and go for a run outside. Only occasionally would I jump on a fixed bike and pedal away furiously or indulge in a post-run session in the steam room.

Share film subscriptions with your household

Make sure you are not doubling up on subscription services in your household. If more than one person has the same subscription, you might be able to share and save some money in the process.

For example, a subscription to music streaming service Spotify costs €9.99 a month, but a ‘duo’ subscription for two people costs €13.99 or for a family with up to six users

– €17.99 a month.

Similarly, a Netflix plan for one person costs €7.99, but two people can use it for €12.99 and four if you get a €17.99 premium account. If you share the cost between four, that amounts to €4.50 each.

My view on Netflix is a little more controversial. Why bother if you’ve got access to a variety of free-to-use players and on-demand services such as RTÉ Player, Virgin Media layer and Channel Four (All 4)? With their rich selection of drama, film, documentary and boxsets there should be plenty to keep even the pickiest viewer happy.

Ditch the TV licence

If you watch television on your computer, phone or other device (for example, RTÉ Player or streaming services such as Netflix) you are exempt from paying the TV licence, which costs an annual fee of €160 – so long as the device is not capable of receiving a television signal by cable, satellite or aerial. Also, some groups are exempt if they are elibible for the Household Benefits Package (HBP), which you can get if you are aged 70 or over. People under 70 can also avail of the HBP, but additional rules apply.

Get movies for free

There is no need to pay for a download or subscription service if you enjoy watching good films.

Consider a free trial on websites such as Amazon Prime Video (free for 30 days), or Mubi, Rakuten, or Now (all seven days for free).

As long as you cancel before the trial has ended, you will be able to enjoy the services for free without incurring any costs. Check out the films offered before you sign up to make sure there is something that interests you.

I’m a big lover of cinema – the more independent, the better – so I’m happy to pay to watch a film on a widescreen. But I box clever by taking out an annual membership with Curzon, the cinema group I love the most.

It costs around €340 a year, but it means I can watch as many films as I want and it won’t cost me a penny. So far, Boiling Point and A Hero have been watched – and thoroughly enjoyed. The Duke, Nightmare Alley and The Eyes Of Tammy Faye are on my February radar. If I watch more than 24 films in this calendar year, I’ll be quids in.

Stop buying books and become a borrower

Remember libraries? In the new world of next-day Amazon deliveries, Kindles and streaming services, it’s easy to forget that there is a perfectly good, free alternative available in most communities.

In Ireland there are 330 libraries across 31 local authorities, offering free access to books, music, newspapers and films.

You can always request an item if your library does not have it, so there is no reason why you can’t use it as a first port of call before spending money.

When you join one library in Ireland today you join them all, so you can order online and pick up a book in Dublin and then drop it back in Donegal – the first such library set up in the world. You can browse and download eBooks, audiobooks, eMagazines and eNewspapers on your phone or other device.

Meet friends for a walk

When meeting up with friends and family, it’s easy to fall into costly habits. But if you have, for example, a friend who you normally meet for lunch, why not suggest a walk instead.

Or, if you go to the pub or for dinner with friends, you could suggest meeting at one of your homes instead – everyone can bring a dish or a bottle and you can then share the cost.

You may find friends are grateful for a change of scene and a cheaper alternative to dining out.

Ease off on the accelerator

Putting your foot down hard on the accelerator is a real gas-guzzler. Driving smoothly in a high gear while sticking within the speed limit can knock 25% off your fuel bill and can save motorists hundreds every year.

You can also cut petrol costs by making sure your tyres are pumped up, turning off the air conditioning, and losing extra weight by emptying the car boot of stuff you don’t need.

Find the right petrol pump for cheap fuel

With petrol and diesel up by around 33c per litre since March 2020, it is approximately €19 more expensive to fill a typical 55-litre family car at current prices, so it pays to shop around.

Use the Pumps.ie mobile phone app or website to find the cheapest stations. Supermarkets tend to offer the lowest prices while motorway service stations are the most expensive.

Park on a stranger’s drive (but do ask)

Avoid rip-off charges levied by cash-strapped local councils and private car park operators by hunting down a free or cheaper spot. The JustPark mobile phone app will provide a

list of parking prices and availability.

It also lists homeowners who are willing to let drivers use their parking spot for a cheaper fee than on-street parking or nearby car parks.

The savings available will range from a few euro if you use this option every now and again to hundreds of euro a year if you switch from using an expensive car park daily.

Rent out your own drive or charger

You can also use JustPark to rent out your own driveway or garage space. You can typically charge around €6 a day or €120 a month.

If you own an electric car, you could also make money by renting out your charger to neighbours.

You’re never too old to go off the rails

Monthly and annual rail tickets are available through the taxsaver scheme where you do not pay PAYE or PRSI on the value of the ticket. Savings of up to 52% are possible depending on your income and tax status. Monthly and annual tickets are available between any two named intercity stations. Zonal tickets are available in Dublin. The price of an annual ticket is set at 10 times the price of monthly ticket. Visit taxsaver.ie for further details. Travelling outside peak hours beyond the Dublin suburban area may lead to a discounted fare. Discounted day return tickets are available from most intercity stations to Dublin and from most stations in Munster to Cork and Limerick. Special discounted fares apply after 9:30am at most stations in the extended Dublin Commuter belt Monday-Friday.

For long distance intercity journeys buying online guarantees the cheapest price while offering the additional value of a reserved seat. Fares start from €9.99 on some intercity routes. Everyone aged 66 and over can travel for free on public transport and some private bus and ferry services under the Free Travel Scheme. People with disabilities can also qualify. If you are married, in a civil partnership or cohabiting, your partner can travel with you for free.

Swap the accelerator for real pedal power

If I can, I walk or cycle. It’s all part of my 10,000 steps-a-day challenge – a challenge that I’ve kept going for 361 days.

When I get off the train in the morning, I walk or cycle. If I do a park run on a Saturday, I always walk the 6km there rather than drive. If I go shopping, again I walk rather than drive. It’s a good cost control mechanism too, because it limits my shopping to two bags.

Sell your treasure trove of junk

The average household has hundreds of euro worth of unused junk lying around their homes or sitting in a spare room or attic. Internet auction websites such as eBay provide a marketplace for absolutely everything – and that includes the rubbish cluttering up your home.

To be successful, do not be greedy and always include details of any damage or faults with plenty of photos. For eBay you do not need to pay a listing fee but you will typically pay 11% of the final cost up to €1,990 and 2% for the portion of the total amount of the sale above €1,990. Every listing created after your free monthly allocation has been used up costs 35c.

Store someone else’s junk for them

Once you have cleared out all that clutter you may have a spare room, loft space or garage to rent to someone who wants to store their own excess possessions. Check out websites such as donedeal and gumtree.ie for options and typical prices in your area.

Turn your skills into cash online

A number of online marketplaces now allow you to sell your skills online, such as teaching a musical instrument, designing websites, tutoring or translating. Websites include Tutorful.ie Fiverr, Tutorful, Udemy and MyTutor. Rates vary by website and skill, but earnings with MyTutor, for example, are up to €17 an hour.

Go ‘swishing’ (that’s swapping items)

Swap clothes, shoes, accessories and household items with friends and acquaintances – sometimes known as ‘swishing’.

Your unloved items find an appreciative home and you get something that you want in return. Irish websites such as Depop and Nuw, offer help with swapping. In some cases you can even borrow items rather than splashing out for new. Also check out the nationwide Library of Things Facebook page, which allows members to borrow items such as strimmers, sewing machines and steam cleaners.

Make money sitting in front of the TV

Could you complete some surveys while watching the television or listening to the radio? Realistically, you won’t make a lot of money per hour, but if you’re doing it while relaxing or watching TV, you may not mind.

Options include IrishOpinions. com, ie.MySurvey.com, OpinionWorld.ie and Swagbucks, where you can earn up to €10 an hour completing surveys and payment is made in cash or vouchers.

Some companies require you to earn a minimum sum before you cash out, so make sure you’re happy with this arrangement.

Sell an old mobile, even if it’s broken

Make money from old handsets that you no longer use – you can even sell broken ones. You can get more than €200 for some of the newest handsets, but even older ones could make you a few euro. Plus it helps clear the clutter from the kitchen drawer. Check websites such as Swappie.com/ie, Cash Gadget Exchange, Envirofone and GetTech.

Switch to filter coffee

If you can’t bear to relinquish your daily shop-bought coffee, choose a cheaper option.

For example, filter coffee tends to be cheaper than a latte or cappuccino. Some coffee shops give you a discount if you bring your own cup.

If you buy a coffee from the same place, you may save money with a subscription or loyalty card or app – check what yours offers.

Many places have offers such as buy 10 cups get one free. Why does an americano always taste that little bit better when it is free?

Save €1,000 over your lunchtime

Make sandwiches for lunch at the office rather than buying a prepacked meal. It sounds a chore until you realise it can save you €1,000 a year.

Alternatively, consider sandwich special offers from supermarkets and filling stations – which typically include a sandwich, snack and drink that can cost many euro more if purchased separately.

I often bring in a packed lunch to work – toasted sourdough, blueberries, tomatoes; anything I can find in my fridge of a morning when I’m still half asleep and keen to get the first train out of Wokingham.

Sometimes, I eat it too early and then it’s a struggle to last until the evening. But it does save money.

Always be polite to waiters

Of course, eating at home is cheaper than going to a restaurant. But if you wish to eat out you can still keep costs down. Ask for tap, not bottled, water. Search

online for discount vouchers for the restaurant you plan to visit. Ask to take your leftovers home, so you get another meal out of them the following day.

And be polite and civil. It’s amazing how many restaurants will give you a free drink if you’re courteous or prepared to be flexible. One evening recently, I was given a bottle of Limoncello for agreeing to sit with someone who I didn’t know from Adam. I skipped out of the restaurant.

If you eat out a lot, you may save money buying a restaurant discount card. Most offer a free trial, so try one for a month and see if you get value out of it – and if not, cancel before it starts to charge you. Check out hi-life.ie to get 20% off the total bill, seven days a week, at a selection of restaurants around the country.

Haggle on your broadband

Insurers, broadband and phone providers rarely offer you their best prices automatically. When a deal comes to an end, use a price comparison website to shop around for a cheaper one.

If you want to stay with your existing provider, phone and ask them to give you a better price. More often than not, they will oblige. In normal times, shopping around for a cut-price energy deal is a must, but due to the energy price crisis you are likely to be best off sticking with your existing provider where you are protected (to an extent) by the price cap. Check out bonkers.ie and switcher.ie to compare deals from electricity and gas to broadband.

Never pay for insurance monthly

When you buy car, home or other types of annual insurance, you are usually given the choice of paying upfront or in monthly instalments. Choosing the former can save you hundreds of pounds.

This is because if you pay monthly, you are effectively entering into a credit agreement with your insurer – and they will charge you interest for the privilege.

Paying upfront on your car insurance can save you hundreds of euro. Despite this, many motorists choose the more expensive monthly option.

Beat the loyalty con trick

Don’t believe that loyalty gets you a better deal – it doesn’t. According to the energy regulator, the average consumer who switches utility providers every year and pays discounted rates instead can see their annual energy bills fall by €400.

Premiums are going through the roof – so the only way to combat them is by either shopping around for cheaper cover elsewhere, or by finding a lower quote from your existing insurer as a new customer (these deals still exist) and then challenge them to lower your renewal premium. Switcher websites such as bonkers.ie and switcher.ie do the hard work for you.

Get paid every time you shop

Websites such as TopCashback and Quidco reward you with free money when you are shopping online. TopCashback says its members make €345 a year on average. Before making a purchase online, check whether they feature on your cashback website. If so, click through from that site first, and the cashback will be added to your account a few days or weeks later.

Fill a hot water bottle at bedtime

My heating has long switched off for the night when I hit the sack – and the hot water bottle takes away the shock of getting into a cold bed.

I’ve had mine for years, call it Tara (don’t ask).

If I was buying a new one today, I would go for the Boots Keep Cosy Hot Water Bottle. It costs €18 and gets you 68 points on your Boots card.

Boost your pension and cut your tax bill

If you have any savings and are paying tax, make an Additional

Voluntary Contribution

(AVCs) to your pension.

They are a simple and taxefficient way for pension scheme members to save for their retirement.

AVCs are extra contributions made by members of group pension schemes in order to increase their benefits when they retire. These pension contributions that are made while working are eligible for full tax relief (within Revenue limits) so can cut your tax bill and realise profits.

Go SiM-only on your mobile phone

Check whether you are out of contract on your moile phone. If so, you can switch to a SIM-only option with your provider and save substantially. Bonkers.ie is a great place to go see what options are available and it says you can save up to €50 per month by switching to SIM-only.

Lock into your mortgage rate now!

Remortgaging is likely to be the single biggest measure you can take to reduce your household bills. Borrowers could save a good amount over two years by switching from their lender’s standard variable rate to a new, two-year fixed deal.

Fixing also gives you certainty over your payments, which could prove especially valuable as interest rates continue to rise.

The amount you could save will of course depend on the size of your mortgage and the length of its term.

There are still good deals around, but they may not last as interest rates rise. An independent mortgage adviser can go through your options.

Turn down your thermostat a little

You could save a worthwhile sum a year on your heating bill by doing this. You may not even feel any difference – most families are happy with a setting somewhere between 18 and 21 degrees, but you may need it warmer if there are elderly or infirm people living with you. Avoid the temptation to turn up your thermostat to heat a cold room – it will not heat it any faster.

Block chimneys to banish draughts

Reducing how much heat escapes from your home is an easy way to cut your energy costs. You can buy draught excluders or chimney balloons to deal with chimneys that are not in use. However, an old pillow may also be able to do the job.

Seal gaps in window frames and cracks in floors and use draught excluders on the bottom of doors. These simple steps could save you up to €50 a year.

Run cooler washes

Washing your clothes at a lower temperature can shave a few euros off your energy bills every year. Detergents are now designed to wash just as effectively at 30 degrees Celsius so it shouldn’t affect the cleanliness of clothes.

Wear a thermal woolly vest

A secret weapon in the fight against the bitter cold of winter – and soaring energy bills. A soft merino wool blend vest adds a layer to keep your body insulated. By helping to keep you feeling toasty, a vest may enable you to turn the heating down a notch without feeling the cold, helping to slash at least €100 off your annual energy bill.

Update your light bulbs

Modern LED bulbs use 90% less electricity than traditional incandescent lights and last 10 times longer. A 50-watt traditional bulb left on for eight hours a day will consume 146 kilowatt hours in a year – perhaps adding €28 to your annual energy bill.

That means buying a €7 LED bulb should save you €24 a year.

Go easy on using the tumble dryer

The average tumble drier uses five kilowatt hours of electricity to dry a full load of damp clothes – at more than €1 a pop.

For families drying three loads a week this could add up to more than €150 over the year. Dodging the rain and hanging out clothes on a washing line or a clothes horse is free.

However, if hanging clothes indoors, make sure there is plenty of ventilation to avoid problems with condensation and mould.

Bleed your radiators and keep them clear

Air often gets trapped inside radiators, preventing warm water from circulating and making them less efficient and more expensive to run. Bleeding radiators resolves this issue.

For a guide on how to do it, see www.bestheating.com/ info/how-to-bleed-a-radiator/.

Also, make sure there is nothing hanging on – or placed in front of – your radiators as this can make them less efficient.

Bake your own bread

The cost of bread has risen by over a quarter the past year. Yet the cost of the ingredients – flour, water, butter, yeast, sugar and salt – and the cost of baking, add up to very little per loaf.

Kneading dough and baking is easy – but check out tutorials on the website YouTube if you need practical guidance.

By baking your own loaves you can cut by more than half what you spend per month on bread for the average family of four.

Play your store cards right

I love the Boots Advantage card which gives you four points for every €1 you spend. Each point is worth a cent and the points add up – especially if you make an occasionally expensive purchase such as some aftershave or perfume.

The Hodges Figgis card awards you a point for every €10 you spend. Once you’ve got 10 points, you get €10 off your next book purchase.

It keeps me away from Amazon and its click and collect service means that books I can’t find at my local shop are delivered to it if

I want to order and pick it up a little later on. 40

Unsubscribe from mailing lists

Retailers now routinely ask for email addresses when you make a purchase, or offer you a discount if you sign up to their newsletter.

But all this does is increase temptation. It can be hard to ignore a notification about an ‘unmissable’ sale at your favourite shop.

To avoid extra spending, unsubscribe from the lot.

41 Don’t store card details online

Retailers make it as easy as possible to shop on their websites. One way they do this is by storing customers’ bank details so they don’t even have to enter them when making a purchase.

However, friction in the payment process can be enough to slow you down and question whether you really need what you’re about to pay for.

Remove your payment details so that you have to enter them every time you buy something.

42 Go incognito when browsing the web

When you search for a potential purchase online, that information is often stored on your web browser and you are then sent adverts enticing you to buy it.

However, if you do your shopping research in an incognito window – a special type of window that does not record what you have been searching for or reading online – your browser does not know what you’ve been looking at and so you will not receive tempting, personalised adverts.

43 Don’t check out online immediately

When shopping online, put the item in your shopping basket, but then wait at least 24 hours before completing the transaction. This has two benefits. One, having slept on it you may realise you don’t need or want it that badly after all. And two, sometimes the retailer will see the item in your shopping basket and offer you a discount to coax you into buying it.

44 Ask for a price match in store

Haggling is often thought of as something done in markets. But you’d be surprised how many high street retailers will drop their prices if you ask. See if you can find the item cheaper online and then ask them to price match. Or simply ask if that is the cheapest price they can offer or if there are any further offers or discounts available. It doesn’t always work, but there is nothing to lose in trying.

Occasionally, I haggle if I have brought in more than a dozen shirts to get dry cleaned at my excellent dry cleaners. Sometimes, th proprietors relent and give me a small discount. They keep my business as a result.

Shop at the wrong time of year

The cheapest time to shop is always just after an event has ended. If you can afford to, stock up on Christmas cards, decorations, and wrapping paper in January, on summer clothes at the beginning of autumn – and buy Valentine’s Day cards later this month for use next year.

Rent your house out when you’re away

Let your home on Airbnb to bring in some extra cash while you’re on holiday. No matter where your property is, there are people who will want to rent it – not just holidaymakers but people on business, visiting family etc. There are obstacles to short-term letting under rules introduced in 2019. If your property is in a Rent Pressure Zone, for instance, there may be planning implications, and Airbnb income is taxable.

But if you like to get away often and don’t mind the extra paperwork or people in your home, it can really be worth your while.

Include your oven in a deep clean

Giving your home a good early spring clean can help reduce your energy bills. A clean oven door will stop the temptation to open it and check on your cooking, losing heat in the process.

A defrosted freezer and limescale-free kettle require less energy to work efficiently. Cleaning light fixtures and bulbs may render them brighter, and require fewer of them to be switched on to light up a room.

Added together, these steps could shave a few euros off your annual energy bill.

Give old furniture a new lease of life

Join the modern craze of upcycling – in other words turning tatty junk into something of value.

With a tool kit, lick of paint, varnish and imagination, you can save a fortune on new furniture by turning old pieces destined for the scrapheap into things of beauty.

For inspiration check out websites such as wikiHow and DIY Doctor – or look for tips on YouTube.

If you master the upcycling art, you can even sell your works of genius on handcrafts trader Etsy.