BY JOHN ELLIS, FINANCIAL ADVISOR
In a time of increasing prices, looming September bills and back to school costs, the adage, “look after the pennies and the pounds will look after themselves” can create a comfort zone if used properly. Practical strategies can help save extra money monthly through smart saving, switching, or “side hustles”. From auditing subscriptions to setting up “float” accounts, these tips ease the burden without drastic lifestyle changes.
Make changes to your utility providers. Shop around for better deals on electricity, gas, broadband and/or mobile plans. Use sites like Bonkers.ie or Switcher.ie. As a “new customer” you could save up to €1,200 annually.
Have you a skill you could sell – a “side hustle” as social media says. Can you teach, freelance, sell crafts, walk a dog even! Begin with enjoyable or skill-based activities. Alternatively, sell unused items like old clothes, phones, electronics, or furniture on platforms including Adverts.ie, DoneDeal.ie, or Facebook Marketplace. A couple of sales a month could yield a surprisingly amount of money.
A straightforward streaming tip from one expert; cancel Netflix for four months. You will not incur cancellation or re-joining fees. Your account data and viewing history will remain intact for up to a year which will allow you to seamless reactivate with new content. In the meantime, try the free alternatives like RTÉ Player and Channel 4 Player that we constantly run pass.
Set up Revolut’s ‘round-up’ feature. From experience, you will be surprised how the spare change adds up from your card transactions into a vault. These cents accumulate often surpassing €100 monthly. Or what about a “no-spend day”, avoid coffees, takeaways, or impulse purchases.
Review your direct debits. How often have you opened your account and see a lump has disappeared to a subscription that you had forgotten about and worse haven’t even used. So, hunt for forgotten subscriptions, gym memberships, streaming services or outdated insurance. Are you a PAYE worker? Check your tax entitlements, such as “flat-rate expenses”, medical costs, or work-from-home reliefs, which can save hundreds yearly.
Make minor adjustments: Downgrade subscriptions, like switching Spotify from family to individual (€5 saved monthly) or merging Amazon Prime accounts (€7 saved). Replace gym fees with home setups like running shoes and weights. Focus on convenient small wins and they will compound.
For foreseeable costs like car servicing, holidays, Christmas, birthdays, and school expenses, establish a savings account. Then calculate the annual totals, divide by 12, and set up an automatic monthly transfer. This eliminates surprise spending, credit reliance and stress, optimizing cash flow without reductions.
Review your life insurance that you set up in the last 10 years. Especially review your mortgage or income protection plan. For example, one provider is offering a15% discount on new income protection plans. Review your mortgage protection as you could save more than 20% of your current premium, saving hundreds annually. Not only could you have that saving but you most likely will have better cover.
These approaches reveal how slight shifts deliver substantial benefits. (Atomic Habits by James Clear anybody!) Amid rising costs, implementing these small changes now could add “pennies” to your account and the “pounds” will follow on their heels.
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