4 ways to save more money in 2020

Electricity/Gas: Based on information from the Commission for Regulation of Utilities (CRU) in the 2nd quarter of 2019, there is a slow down in people switching energy providers. Click here for more information. 

CRU estimates that customers who switched or renegotiated every year for the last 4 years could have saved €704 on gas, €1,097 on electricity or €1,696 on their dual fuel costs. So don’t hesitate to contact your gas and electricity provider! You could get a discount or find cheaper options. 

TV & Broadband: Look at your TV & Broadband package and see what you could save by switching or altering your package. Also, you might realise that you’re not watching TV that much. So look at streaming services like Netflix, Amazon Prime or NowTV as alternatives to your normal TV package. They are usually less expensive and provide you with a more personalised experience. 

Mobile Phones: Are you out of contract on your mobile phone? Stay that way. Look for cheaper sim-only deals that could save you money. (I’ve saved €420 per year by being on a sim-only deal.) If you need a new phone, buy a sim-free phone, and factor in the cost over a 24 month period. 

In Ireland, you can find cheap mobile plans for €14.99 with GoMo or Clear Mobile. 

Insurances & Bank Charges: Examine every insurance product you have: Car; Health; Home, & Mortgage Protection. A month before renewal, take 30 minutes and explore your other options. Ask yourself what you would save in a year if you cut all of these costs by 10%. Check other banks to see what options you have in changing bank accounts to save money on fees and charges.

Do you have any loans or financing? Make sure you understand the complete cost and type of loan. If you have cash to hand, check and see what the cost of clearing any finance ahead of schedule could be. It might be a better option to clear your debt early instead of waiting until the end of the schedule. 

If you have credit card debt, focus on clearing the debt as quickly as possible, even diverting potential savings to clear this debt. Explore any options around personal loans and see if would be cheaper to borrow and clear the credit card debt. Then throw the credit card in the bin. 

The cost of car-financing can be quite severe. Always think “Do I need this, or just want this?“. If it is a want, wait until you can afford it. This means you will drive an older car, but will save more money. Over time you can build a fund to purchase your chosen car.

Begin tackling your daily spends. These include your weekly food budget, lunches during work and your entertainment spending. Look at the following:

• Lunches ((5 days x €5) x 48) weeks per year = €1,200 per year in lunch spending.
• Coffees One in three Irish people now buys a coffee at least once a day. ((3 days x €2.5) x 48) weeks per year. = €360.00 per year in coffee spending.
• Dinners. Plan your dinners, this will help you spend less by only buying what you need.
• Give yourself a realistic weekly budget. Include your nights out, weekend spending and any other spending. If it’s a bit overwhelming for you, we can create a financial plan and help you fix your budget.
• If you smoke, vape or drink too much, figure out a way to stop now. Smoking or vaping will only increase your expenses, health insurance, life insurance and mortgage protection costs.

Use tools to help you manage your spending. Plan out your monthly and annual expenses and income. Contact us if you would like a personalised financial plan at an affordable price. 

For daily spending, use an app like fudget to track your spending.

Look at revolut  or similar online debit cards as your daily cash wallet, instead of your current account. You can set up different budgets on there, which makes it easier to see how much you spend, and what you’re buying.

Stop using cash as much as possible, and use your card instead. At the end of the month, you can easily see where you spent money instead of multiple cash withdrawals.

Open a savings account. There are plenty to choose from, each with different features. After working out your budget for the month, move the savings amount into the account straight away. This will remove the temptation to spend.