Looking for ways to make your money stretch? We’ve compiled a list of tips to help you save more money…
1. STOP OVERPAYING ON HEALTH INSURANCE
Research has shown that two-thirds of Irish policyholders overpay for health insurance cover, and many people still have dated and overly costly schemes. According to Dermot Goode from TotalHealthCover.ie, corporate plans offer the best value. These are his top picks in terms of value:
- Irish Life Health 4D Health 1 at €1,045 (no day-to-day cover)
- Laya Simply Connect at €1,100
- VHI Company Plan Plus Level 1.3 at €1,128
2. FIND A CHEAPER ENERGY PROVIDER
Several of the ten Irish gas and electricity providers have increased their prices twice in 2018 already. However, you can save money on your energy bills by switching to a different provider. If you have average consumption, you can save €300 by switching from your standard plan to a cheaper, discounted deal. New customers who sign up for Bord Gáis Energy will receive a 24 % discount on electricity, or 21 % on dual fuel or gas respectively. These deals are only available to new customers, so existing Bord Gáis Energy customers will have to switch elsewhere. Flogas has a deal of 22 % off for new gas customers and Energia is offering new customers a 30 % electricity discount.
3. SAVE HUNDREDS WITH A NEW BROADBAND DEAL
Bundling is a great way to save on your broadband, especially if you have more than one mobile phone, home phone, or TV with the same provider. Some of the discounts available on Switcher. ie exceed €350. If you bundle your products, you will only have to pay one monthly bill, and deal with only one provider. It makes life simpler and saves you money.
4. SAVE HUNDREDS WITH A NEW BROADBAND DEAL
Shopping around for a new mortgage protection plan can save you up to €10 a month off your premium. Smokers pay higher rates than people who don’t smoke, so consider kicking the habit and reapplying for a new mortgage protection plan after a year
5. STREAM YOUR FAVOURITE SHOWS
Switcher.ie’s research shows that most people watch less than a quarter of the channels they pay for. However, many have added Amazon Prime, NOW TV and Netflix to their viewing. If you’re using these streaming options for most of your viewing, you could probably ditch traditional TV and use a broadband only plan instead. They start from as little as €25 a month.
6. SWITCH TO SIM-ONLY
Most phone plans include a phone in the data plan, and span somewhere between 18-24 months. Providers tend to build the cost of the phone into the contract. However, you can save a load of money by switching from a bundle plan to a SIM-only deal. Some unlimited SIM-only deals go for as little as €15 a month, saving you as much as €500 a year.
7. SWITCH YOUR MORTGAGE PAYMENTS
Switcher.ie said that mortgage account holders with standard variable rates of 4.5 % on a €250,000 loan, with an equity of a minimum of 20 %, can save up to €300 per month by switching to a 2.3 % fixed rate over two years from Ulster Bank. Switching to a 2.5% one-year fixed rate with KBC can save you €268.
8. SWITCH YOUR MORTGAGE PROTECTION PLAN
Shopping around for a new mortgage protection plan can save you up to €10 a month off your premium. Smokers pay higher rates than people who don’t smoke, so consider kicking the habit and reapplying for a new mortgage protection plan after a year.
9. RENT OUT YOUR SPARE ROOM
Earn up to €14, 000 a year in non-taxable income by renting out a room in your home. This must be one of Ireland’s best tax-free deals.