As another new year is about to roll around again and as we’re all doing our best to cope with the current cost of living challenge, we reckoned it’s timely to consider ways to save money in 2023. The inflation rate for 2022 is expected to come in at a shade under 10%, which has hit hard on our wallets. While the rate for 2023 is expected to be lower, price inflation is expected to continue.
So here are our 5 ways to save money in 2023.
We all know the impact the war in Ukraine and the turning off of Russian gas has had on our energy costs. These escalated costs will continue for the foreseeable future. So what can you do?
First of all, you should look to minimise your wasted energy – don’t heat the house when there’s no one home, turn off lights and use night saver rates. Small actions make a difference, so don’t boil a full kettle for a single cup of tea. There are countless actions like these that will make a difference.
Secondly shop around for the best energy rates. Either contact the various suppliers to see what they have to offer or use a comparison site to compare the various plans. Staying loyal to one supplier is often NOT rewarded, with new customers getting better deals.
For some people it still sounds a bit far-fetched, but installing the likes of solar panels is now much more mainstream. There are also potentially grants available, so familiarise yourself with the SEAI’s Communities Energy Grant (CEG) scheme, which supports energy efficiency community projects through capital funding and partnerships.
There are currently nearly 30 companies across Ireland that will work with you to ensure that your property can reach its fullest energy-saving potential. As technology continues to advance, so too will your energy-saving options. There are many ways to increase the self-sustainability of your home, while also having a positive impact on the environment.
The price of petrol and diesel has jumped hugely over the last year. Is now the time to consider switching to an Electric Vehicle? While the price of public charging has increased in line with energy price inflation, there are still some grants available for the installation of home chargers. Also for those people with company cars, the BIK rules are far more favourable than those applying to petrol
or diesel cars.
It’s also worth taking note of the greatly improved infrastructure for cycling. Is it time to avail of the Bike to Work scheme and start getting fitter during your daily commute while saving money? If you don’t feel quite so athletic, the Bike to Work scheme also applies to electric bikes. So if you have a short commute, is this a viable alternative for you instead of your petrol guzzling car?
Interest rates are climbing again and mortgage rates are changing. There may be opportunities for you to avail of a better rate than with your current lender. Inertia is a real feature of the mortgage market, with lots of people believing it’s simply too much hassle to move to a new provider. But it doesn’t have to be. A good broker will help ease that pain and there are some good switching deals available.
This one is the hard yards of reviewing every regular outgoing. Start with reviewing the services that you’re paying for – are you actually using them? Then consider if you are getting the best rates as again, your loyalty is often not rewarded by suppliers. So spend a bit of time going through your phone contracts, your car & house insurance, the streaming services you’re paying for (Netflix /Apple TV / Amazon Prime / Spotify etc.) and your broadband contract. Are there savings here?
We’re living again in inflationary times. Without a matching income increase, you run the risk of slowly becoming poorer in real terms. Now is the time to take actions and stop that decline.
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Article first produced on PPS Monthly November 2022 Newsletter.