In recent years, the majority home-owners and families have experienced a sharp decline in disposable income combined with increasing household bills. Following the minimal Universal Social Charge and tax cuts in budget 2018, people will have a minute sum of additional spending money, sadly it will only be around €5 extra a week for typical earning household. Below is a list of 10 tips to assist you with saving money throughout 2018.

  1.  Always Track Your Expenses

It is crucial to know where your hard earned money is actually being spent every week or month so you can save money. By tracking your spending you can reduce unnecessary spending, so it may be time to cut back on eating out or nights out.

  1.          Research Government Grants That You Are Eligible To Claim

There are many government funded grants that are readily available to eligible applicants and can save you thousands in expenses, like insulation and new boilers installation for your home.

  1.        Change To A Cheaper Home Insurance Provider

Always compare quotations when your home insurance is up for renewal, it is possible to save up to €400 a year when you shop around.

  1.          Change Gas & Electricity Provider

Average energy consumers, still using “ESB” could easily save around €450 the space of a year, so it is really worth researching the best deals available that suit your financial situation and consumption.

  1.          Switch Broadband and Phone Supplier

There are many cost efficient broadband and phone service suppliers that provide great coverage to their customers in Ireland so it is crucial for you to compare and contrast these providers as you could save anywhere up to  €200 a year by making the switch.

  1.          Switch Your Current Account

The majority of financial institutes (banks) imply a charge on your current account.  There are still some methods that can be used to cut or prevent these bank charges that could ultimately save you up to €200 per annum on your current account.

  1.          Regulate The Interest Rate On Your Savings Account

You should always keep an eye on the interest rates on your savings to insure you are getting the best rate. If you are not, it is worth considering switching over your savings account if there is a significant difference.

  1.          Don’t Use your bank to Exchange Currency

When you’re considering exchanging a sizeable amount of cash you should seek the services of a currency broker as they provide a superior exchange rate so you can get the most from the transaction. For example if you were planning on exchanging €20,000 you could save around €200 when availing of a better rate.

  1.          Use 0% Interest Credit Cards

If you have difficulty paying off your credit card balance you should avail of interest free credit offers, which can be 0% interest for up to 9 months. By following this practise you are guaranteed to save money in which previously you would certainly lost.

  1. Avoid high interest loans

If you are on a low income and you are struggling financially, do not commit to a loan with expensive moneylenders as you may have great difficulty in paying it back. A better option is to submit an application “It Makes Sense”  loan ” from a Credit Union, which has a relatively low interest rate that is easier to pay back.