Most consumers know that they could easily save more money if only they had the time. Unfortunately, hectic lifestyles have led more and more people to become cash-strapped and time-poor. For those of you who want to know the easiest ways to save yourself a small fortune, we have put together a short list of money saving tips. Maybe it’s time to take a day off work to make sure that your money is working for you?
1. Axe that credit card debt
Public enemy number one for those struggling with their finances is credit card debt. Many consumers carry large balances on their credit card(s) failing to realise the exorbitant interest rates and late payment penalties imposed. If you fall into this category it’s time to STOP digging. Once you have your balance cleared set up a direct debit. It is the only way to go.
2. Earn the best interest rate for your money
It’s very common for consumers to leave significant balances lying idle in a checking or low interest bearing account. Or perhaps get lured in by an attractive promotional rate and then leave your money sitting in the same account forever. It’s important to know what the best rates in the market are. We provide you with the best rates every week thanks to Moneymate.
3. Ensure that you have the best insurance deal
Is your home or car insurance policy up for renewal? With lots of competition in the insurance market this is definitely the easiest way to make large annual savings which could run into hundreds of euro. Don’t assume that you have the best rate. You probably don’t. Check out some of the various insurance aggregators who will give you a wide range of quotes from a number of insurance providers.
4. Pick the perfect phone provider
You need to understand your phone usage pattern. Examine your last three phone bills. How much time did you spend on your phone? How many national or international calls did you make? How many texts did you send? Which networks did you make the most calls to? Visit www.callcosts.ie to identify the package that represents the best value for you.
5. Take care to claim your tax credits
You may be eligible to claim tax credits in a number of key spending areas including family care, rent, health expenses and third level tuition fees, amongst others. In 2007, approximately €350million in tax relief went unclaimed by Irish tax payers. Put money in your pocket by claiming all of your entitlements. Confused about what you’re entitled to? This article may help.
6. Evaluate your transport expenses
The amount you spend on commuting to and from work can really add up. If possible, leave your car at home. Not only will driving less enable you to save money on fuel, with lower mileage you could also lower your insurance premium. If you live near Dublin city centre and are in a position to cycle to work, maybe it’s time to get on your bike? Check out www.dublinbikes.ie. If you have no choice but to use public transport, invest in prepaid tickets. According to www.taxsaver.ie, if you order your commuter ticket through your company (which must be registered with Dublin Bus or Irish Rail) you can save up to 51% on their annual bus or rail fare.
7. Cut food costs
Food is a major household expense. However, there are sure ways to control your weekly grocery budget. Make one weekly trip to the grocers. Without doubt, frequent visits to the supermarket prove more costly. Make a shopping list of essential items and stick to it. Keep your eye out for special offers and buy those non perishables on special offer in bulk whenever you can. If you shop regularly at the same supermarket, be sure to sign up for their loyalty card.
8. Work out your wardrobe
Avoid seasonal trends. Look to your own wardrobe for inspiration. Vintage pieces are timeless. Mix and match your old threads with modern pieces for the ultimate recessonista look! With many retailers experiencing their most difficult year yet, the ball is in your court. Look out for great sales. Take advantage of loyalty cards. And don’t be afraid to haggle…just ask!
9. Make greater home energy savings
Most households are aware that there are ways to save money on heating and energy costs. But where would they ever get the time? Two of the most helpful websites, www.sei.ie and www.powerofone.ie, carry all the tips which you can implement to keep you well insulated from the cold outside.
10. Have you made the Big Switch yet?
I am sure that there is no need to ask. Of course you have already moved your electricity bill to either Bord Gais or Airtricity? This is a no-brainer, the only real giveaway you are likely to come across in 2009. If you haven’t already done so, DO IT!
Tags: money saving tips
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great article, really informative, thank you!