• Household budget affected in all sections of Irish society Household budget affected in all sections of Irish society

    Household budget affected in all sections of Irish society

Household budget affected in all sections of Irish society

Household budget affected in all sections of Irish society

It is clear from a report issued today by the Irish League of Credit Unions ‘What’s Left’ tracker December 2012 that the Irish family household budget is under pressure across all sections of Irish society.

The result of the report was that as many as 1.59 million adults are left with €50 or less at the end of a month once their essential bills have been paid.  It also indicated that almost half of adults living in Ireland are struggling to pay their household bills on time and more than half believe that they will be hit with even worse financial difficulty this year.   The recent budget  has had a negative effect on 8 out of 10 adults with property tax, changes in the PRSI threshold, increases in motor tax and cuts to child benefit all having an impact.

Families are faced with very difficult challenges in making their household income stretch to pay for essential day to day living.  41% of the people surveyed said they had to sacrifice spending on other household items such as food in order to pay their energy bills as a result of energy costs increasing with 9 in10 people reporting that increases in this area have had an impact.  Not surprisingly, grocery shopping overtook utility bills as the second most expensive essential bill after rent and mortgage, but this is probably due to the increase in food bills over the Christmas period.

If you haven’t already set up a system of tracking your household spending, now is the time to start.  A household budget will help you to keep track of your spending and let you know how much you need […]

By |January 17th, 2013|blog|0 Comments
Read More
  • Gift Vouchers – Easy gift choice but how safe is your money? Gift Vouchers – Easy gift choice but how safe is your money?

    Gift Vouchers – Easy gift choice but how safe is your money?

Gift Vouchers – Easy gift choice but how safe is your money?

Gift vouchers are very popular gifts to give at any time but how safe is your money.   As much as 55% of the gifts received by adults at Christmas time are in the form of a gift voucher.  How many of these are put away in a drawer and forgotten about until after their expiry date.  Is this a waste of your hard earned money?

There is also the possibility of not getting the chance to spend the voucher due to business closures. I read today in the Irish Independent that a grandfather walked out of a HMV store on Henry Street, Dublin yesterday with games to the value of €46.80 without paying for them.  He had purchased a gift voucher for his grandson as a Christmas gift.  The shop assistant refused to accept the gift voucher for the value of €40 towards the payment for the three games.  He decided to walk out of the shop with the goods as he was not prepared to accept their refusal to honour the gift voucher.  He was quoted to have said “We are a nation of sheep, but I was determined to win this”.  He intends to post the voucher and the balance of money to the HMV store so they will have to take it.  This is in the light of HMV going into receivership.

You can minimise the risk of losing your money on gift vouchers by knowing your rights.  Check out the National Consumer Agency website for advice on purchasing gift vouchers.  You should always check the terms and conditions, expiry date etc. and inform the recipient of these terms.  Purchase the type of vouchers that can be used in a number […]

By |January 16th, 2013|blog|0 Comments
Read More
  • How to save money on your Shopping Bill How to save money on your Shopping Bill

    How to save money on your Shopping Bill

How to save money on your Shopping Bill

You can save money on your household shopping bill by making a few changes to how you shop.   Follow the golden rules and you will save money on your weekly grocery shopping bill.

Make a plan and stick to it.  Set the day in the week for your weekly grocery shop.  Begin your list by deciding on lunches and dinners for the week ahead.    Check your fridge and presses to see what you already have and list off the items you need to get.  Then add to the list your breakfasts and whatever toiletries need to be replenished.

Go shopping when you are busy and have very little time.  Try to do your shopping between two appointments.  So when you go to the shop, with your list, you will have no time to peruse the shelves and will avoid temptation.

Never go shopping on a hungry stomach.  You may be listening to your tummy instead of sticking to your list.

Do not be tempted to put anything into the shopping trolley that is not on your list, be strict and you will save money by avoiding impulse buys.

Cash is King.  Do not bring your credit card when doing your weekly shop as this gives you extra spending power to buy “off plan”.  Use Cash or Laser/debit card.  If you are using your hard earned “cash” to pay for your shopping you will think twice before making any impulse buys.  Keep the credit card for those well thought out “planned luxury” purchases.  The Irish are well able to spend on their credit cards as per an article in The Irish Times today.

After Christmas we all feel the pinch of our spending spree on the credit card and that […]

By |January 15th, 2013|blog|0 Comments
Read More
  • How to save money on the cost of running the family car How to save money on the cost of running the family car

    How to save money on the cost of running the family car

How to save money on the cost of running the family car

How to save money on the cost of running the family car

The cost of running a family car is becoming more and more expensive and a larger chunk of the household budget.  Where can you save money when costs are increasing all the time?

Apart from the ever increasing cost of petrol and diesel, there have been increases across every aspect associated with driving a vehicle.  Budget 2013 brought increases in Motor Tax and driving licences also. Female drivers, in particular those under 30 years of age, will be affected by higher insurance premiums with the introduction of the EU ruling last month whereby Insurers can no longer calculate premiums based on gender.

So where can you save money on the cost of running the family car?  Firstly, shop around for your car insurance to ensure you get the cheapest quote.  Avoid paying the insurance premium monthly as paying it annually is often the cheapest option.

You can save money by shopping around for your petrol or diesel.  Use the website www.pumps.ie to check out the prices in your locality or to find the cheapest service stations you can refuel at on your journey.

Get the most of your petrol/diesel by making sure your tyres are properly inflated.  Under-inflated tyres can cause fuel consumption to increase by as much as 4%.  Keep your car well serviced and check the oil level regularly.  Remove unnecessary weight from your car as the heavier the load the more fuel the car consumes.  Only use air conditioning when necessary.  Drive smoothly at reasonable speeds and avoid braking hard.

Consider car sharing for regular journeys such as bringing the children to school or after school activities.  Agree a rota with a friend or […]

By |January 14th, 2013|blog|0 Comments
Read More
  • Irish Households to pay a bill for Domestic Water in 2014 Irish Households to pay a bill for Domestic Water in 2014

    Irish Households to pay a bill for Domestic Water in 2014

Irish Households to pay a bill for Domestic Water in 2014

Irish Households to pay a bill for Domestic Water in 2014

According to the Irish Independent yesterday, the average Irish household will face an extra bill next year for the new water charge of €370 approximately.  Charging this bill in the same year that we will be hit with a full year Property Tax will possibly be the straw that breaks the camels back for most households.

It is expected that a metered system will not be in place until 2016 so we may receive a billed for a flat rate assessed system based on average use.  This means that although we may educate our children – at home and in our schools – to be water aware and about conserving water, there will be no rewards for the householders who are mindful of their water use and do not waste water.  The intention is to give each household an annual allowance of water, free, which apparently will cover basic needs such as sanitation and thereafter any other use will be charged.  The amount of free water we get on each bill will be a decision for the independent regulator, the Commission for Energy Regulation.

In 1994, when water charges were introduced on a flat rate basis, a huge campaign against them resulted in abolition of them 2 years later.  This time round it is unlikely that there will be disconnections for non-payment of your water bill but you may suffer a reduction in water pressure which could mean that your washing machine or dishwasher will be out of action.  You may also have an unpaid bill registered against your property if you decide not to pay.

It is becoming more and more difficult for most Irish […]

By |January 11th, 2013|blog|0 Comments
Read More
  • Save Money by Switching Provider Save Money by Switching Provider

    Save Money by Switching Provider

Save Money by Switching Provider

Save Money by Switching Provider 

Checking around for the best price on anything that you buy might seem like the obvious thing to do to save money.  Apparently only 2 fifths of Irish households have saved money by switching their energy provider according to a recent article in the Irish Independent.

In the current climate, there are very few households that can afford NOT to look at deals to save money.  The comparison website www.Bonkers.ie is a very helpful tool to anyone looking to save money.  It will help you find out which energy provider can offer you the best deal so you can save money on your Gas and Electricity bills.  You could save more than €250 per year if you switch from standard rates to the better discount rates offered.  Bonkers.ie will also compare Television and Broadband providers amongst other services such as services provided by banks etc.

According to a study commissioned by the National Consumer Agency only one third of consumers have switched provider for their banking, insurance or energy.  These numbers are very low considering the pressure all households are under.  It only takes a couple of minutes to key in your details and it could mean substantial saving for you.

Another area where savings can be made is your Mortgage Protection policy.  The premiums have fallen over the last couple of years so now is the time to talk to your broker about getting a new quote and saving yourself more money. Or you can go online to get a quick quote.

We are going to feel the pinch when all the additional charges to each household kick in if you have not already felt them.  There are some bills […]

By |January 10th, 2013|blog|0 Comments
Read More
  • Money management – 13 biggest common money mistakes Money management – 13 biggest common money mistakes

    Money management – 13 biggest common money mistakes

Money management – 13 biggest common money mistakes

Money management – 13 biggest common money mistakes

Forbes has outlined the 13 biggest money mistakes that people commonly make. It is a very interesting read.  Number 1 on the list is not saving enough money for your retirement.  It is never too early to plan for your retirement but in the current climate many people don’t have the money to put aside at the moment.  If you have to put this off for a while, don’t leave it on the long finger.

At number 2 is “not having a game plan for getting out of debt” This is very common and if you don’t have a plan to get yourself out of debt, it is going to be very hard to get out of debt.  Having a game plan is simply sitting down listing all your income, expenditure and debt to see what you can afford.  This will help you with spending decisions as you work your way out of debt.  You are creating a budget. Number 4 on the list is “not having a budget.

Not having a budget unless you have more money than you can spend does not make financial sense.  A budget will show you exactly where you stand with your income and expenditure. You can see if you have any surplus money which you could save for your retirement or other larger expenses. It will also tell you if you are spending too much and need to reduce your spending.

Many people who do not budget can end up living from paycheck to paycheck, which comes in at number 5 on the list.  Without managing your money properly, you can end up living from month to month and loose control of […]

By |January 9th, 2013|blog|0 Comments
Read More
  • Budgeting resolutions for the New Year Budgeting resolutions for the New Year

    Budgeting resolutions for the New Year

Budgeting resolutions for the New Year

Budgeting resolutions for the New Year

The New Year is always a good time for making changes and budgeting. There is a feeling of a new beginning and you feel ready to make resolutions.  Christmas is over and you are prepared for change.   It is a time when companies are offering their best deals. It is also a good time to be aware of what your bills cost you and to review your finances.  Budgeting for your bills will make your life so much easier.

Note the renewal dates of your bills in your diary or use BillsManager.com to remind you of your renewal dates. When the date comes around check on-line to see what deals are available. Even if you don’t wish to move from the company you are with, most companies will match other rates charged by their competitors to keep your business.

If you are paying your car insurance monthly, note when the renewal is due to see what deal you can get. You can make considerable savings from reviewing car and house insurance. Usually by paying bills annually, you can save money.   Can you can switch to paying your car insurance bill annually and make more savings?

Paying some bills yearly will also give you more room to juggle your finances a little if you have a bad month.  If all your bills are paid monthly and you have one bad month, you are in difficulty straight away. If you pay some bills annually and budget weekly or monthly to cover your bills, you have breathing space if you have a bad month. My Cashflow Forecast at BillsManager.com shows you how much breathing space you have with your next […]

By |January 8th, 2013|blog|0 Comments
Read More
  • Saving money after the budget it getting harder every year Saving money after the budget it getting harder every year

    Saving money after the budget it getting harder every year

Saving money after the budget it getting harder every year

Saving money after the budget it getting harder every year

Every year at this time we find articles in the newspapers on saving money after the budget.  The Sunday Independent had it annual list saving money totaling over €6,000 per year.  Although there are many good ideas on the list, there are a couple of problems with these lists. The obvious one is that it is not possible to fall into every category on the list such as availing of Home phone and broadband combo while also availing of home phone and broadband savings separately.

The main problem is that the lists are more or less the same for the last 4 or 5 years.  And over these years most people have already implemented many of the suggested changes.  A large number of Irish families have cut as much as they can and adding more taxes this year may be the tipping point.  In many cases the switching of utilities has been carried out but any savings have been lost with the increases in tariffs by suppliers over the last few years.

With budgeting the basics are still the same.  Draw up a budget listing all your bills and outgoings.  You can use excel or any of the free tools to help you with this task as this also makes it much easier to update in the future.

With all your expenses listed, focus first on the most expensive to see where you can save. If you cannot save on the most expense such as not being able to move your mortgage, move onto the next highest bill and review it and so on.  A couple of minutes on the internet will let you know if you […]

By |December 11th, 2012|blog|0 Comments
Read More