By John Lowe
John Lowe of Money Doctors
When it comes to cutting back in all areas of expenditure, we all know the
first steps to take â and the first things to go. No more afternoon lattés;
volunteering as designated driver on nights out; planning staycations instead
of going abroad if you can even afford a staycation.
But sometimes, it's the things that are a little less obvious that can make the
biggest difference â the creature comforts weâre so used to having, we
couldnât imagine being without.
Here are the top money saving tips from John Lowe.
Utilities
Donât worry; Iâm not advocating trading in electricity for candlelight, but
thereâs a lot to be said for re-examining your utility providers once a year
especially now when the bills have literally gone through the roof. Many people
enjoy the ease of sourcing their gas and electricity from the same provider â
but you could save literally hundreds of euros by switching from a dual-fuel
bundle to separate providers.
Just remember â if you switch before the end of your contract, you could face
a charge of up to â¬100, depending on the provider. So it pays â literally
â to keep a list of your contracts, be they for gas, electricity, phone,
internet, TV, or anything else, along with their end dates in your phone.
Then, set an alarm the month before your contracts are up and do a bit of
market research in good time to change. Remember, your current provider may
offer you a discount just to keep you on their books. In the meantime, the rule
is switch off and plug out when not in use.
Internet and entertainment
With fibre-power broadband finally filtering out across the country, now is an
excellent time to compare internet providers. There are huge variations in
offers available from Eir, Sky, Vodafone and Virgin. If you can bear the hassle
of getting a dish installed from one company when youâre used to having an
aerial from another, it can be really worth it.
Top tip: while almost all offers are available to buy online, try to make the
effort to phone the company youâre interested in joining. A deal can often
look perfect until you find out that the broadband speed is slower than what
you currently have; or you might have seen something that looks just right,
apart from the 160 extra channels you donât need.
And do you need those movie channels? Where possible, speak to a human â and
remember, your money matters, so donât be afraid to push for the best deal.
Banking
Like I always say, your bank will not reward you for loyalty, so never be
afraid to shop around. Because your banking is so often tied up in the biggest
outgoings in your household budget â mortgage, car loan, college loan â
this is really the best place to start when youâre trying to save money.
If youâre already saving, take a good look at the rate youâre getting; many
banks still offer the 0.1% AER on demand deposits; but if you open your current
account with the same bank, you can gain additional benefits. Opening a Regular
Saver Account with Bank of Ireland will net you 0.5% AER, for example.
Best long-term deposit is now the National Treasury Management Agencyâs
(NTMA) National Solidarity Bond â part of the State Savings suite (not Post
Office bonds) which yields 16% tax free after 10 years (equivalent to a gross
2.24% per annum, the best in deposit accounts in Ireland) and donât forget
Prize Bonds.
Itâs also a good idea to think about how you pay for things on a daily basis.
If you use your debit card a lot, consider switching to An Post Moneyâs
current account or Revolut: the latter is a pre-paid card operated through VISA
or Mastercard, depending on your location. Now offering joint accounts, loans
and car insurance, it works in just the same way as a debit card with a
traditional bank, except you can top it up from your bank account via an app on
your phone.
Spending is free, no matter how many purchases you make; and ATM withdrawals
are free up to â¬200 per month, after which a 2% fee applies.
Currency-exchange transactions are free up to £/â¬5,000 per month, after
which you will be charged 0.5% per transaction. N26 is another good online bank
worth looking at.
Writing a financial plan
Last but not least: this is the single most important step when it comes to
saving money. While everything listed above can help with choices already made,
a financial plan will guide you in choices yet to come followed closely by
completion of an in-depth budget plan.
It is so important to know how much it costs to run your life on a monthly
basis. If youâre intimidated by the idea, havenât made one previously, or
just need some expert advice, email me for a free budget planner spread sheet
template or call (01) 278 5555.
For more information visit:
https://moneydoctors.ie ;<https://moneydoctors.ie/>
RTÃ LifeStyle.
===========================================================
The fb-exchange mailing list
Manage account,
List Page: https://www.freelists.org/list/fb-exchange
Archive: https://www.freelists.org/archive/fb-exchange
To unsubscribe: log onto the List page and select "Unsubscribe".
Administrative contact: insight@xxxxxxxxxxxxxxxxxxxx
===========================================================
