Six simple changes that could save you €5,500 this year

Switcher.ie has kicked off the new year by sharing six tips for savings in 2024

Making a few simple changes to your grocery shopping list, utility bills, and streaming subscriptions could save you nearly €5,500 this year, according to a price comparison website.

Switcher.ie has kicked off the new year by sharing six tips for savings in 2024, which it says will make a big difference to your bank balance in 12 months’ time.

“As the cost of living continues to soar, every cent counts, and January is the perfect time to detox your finances, cut unnecessary costs and make a fresh start this new year,” said Eoin Clarke, commercial director at the company.

“Small changes can add up to big savings,” he added.

Some of those small changes can be made to your tax credits, making sure that you’re getting every relief that you’re owed, as millions of euro in tax credits go unclaimed each year.

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Medical expenses, rent and mortgage relief, e-worker relief, tuition fees, and flat-rate expenses are all categories of credits that you may be entitled to without realising.

Switcher.ie estimates that these unclaimed reliefs could save the average worker up to €1,880 each year.

You can continue making savings by taking a few basic steps to reduce energy use in your home. Using an air-fryer and microwave instead of putting on the oven will help, along with dialling down the thermostat and ditching the dryer.

These tips will lower your bills and lighten your carbon footprint, saving as much as €1,299 over the next 12 months, according to the price comparison site.

Next, if you’re on a standard variable rate mortgage, chances are you’re paying more than you need to. “Talk to your mortgage provider or a broker about switching to a lower, fixed-rate deal,” say the money experts.

“Cutting your rate by even 1% could save you hundreds of euros each year, and with the gap between the highest and lowest rates now over 2%, potential savings could be even higher. Consider a cashback deal to cover expenses like solicitors fees, too.”

This could put an extra €744 back in your pocket, and a similar amount can be gained by switching your energy provider if you haven’t changed in the past 12 months.

Streaming subscriptions are another area that could be trimmed for most households in 2024, according to Switcher.ie, as the average Irish family has 2.4 services on the go.

“As many streaming companies offer monthly rolling contracts with no cancellation fees, there’s no need to overpay for multiple subscriptions – simply rotate between different platforms depending on what you’re watching.”

This can shave an extra €159 off your annual outgoings, and a further €635 can be saved by swapping some of your regular grocery items for own-brand options.

Switcher.ie claims that substituting some of the pricier items for the supermarket’s own brands could even half your weekly grocery bills, bringing the total amount of savings from its six tips to €5,462.

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