Never mind the attempt in the Budget to give people a few extra euro to cope with surging prices, it is still going to be an expensive winter. Here are some ways to beat the cost crunch that is on the way.
The cost of health cover has shot up this year, in contrast to last year when policyholders got refunds. Many are overpaying for cover and large numbers of people are still insured on dated, overly expensive schemes. Corporate plans are best value plans.
Here are three that are good value, according to Dermot Goode of TotalHealthCover.ie:
Laya Inspire at €1,220 per adult and €301 per child (includes day-to-day cover);
VHI PMI 5210 at €1,218 per adult and €319 per child (also includes day-to-day cover);
Irish Life Health 4D Health 1 at €1,205 per adult and €312 per child (includes one free personalised package).
Mr Goode advises people should not be afraid to switch insurer, should never auto-renew their cover, and should consider taking on a small excess to reduce costs.
Get young adults to sign up for half-price travel deal
There was a Budget boost for people aged 19 to 23, who will be able to avail of half-price travel on public transport from the middle of next year. Young adults will be able to apply for a travel card from next year and there will be no restrictions on travel, with reduced fares applying to both peak and off-peak times on intercity buses and trains, local buses, the Luas and the Dart.
Consider a credit union for your current account
If you are one of the millions of people who will be left without a bank when KBC and Ulster depart these shores, you could do worse than consider your credit union. More than 60 credit unions, with about two million members, are now offering debit cards and current accounts. The electronic banking and debit card offerings from the credit unions tend to be better value than the banks.
Shop early for Christmas
Shortages of goods and higher prices are set to be a feature this Yuletide. That means it is important to give yourself time to search the market and seek out alternatives if prices have soared or the non-availability of the present you want is an issue. This way you will find it easier to stick to your budget.
Pay your property tax monthly
Revenue is contacting 1.4 million owners of 1.9 million homes to tell them it is time to pay the Local Property Tax again. You value your home on November 1, submit the details by November 7 and either pay at that stage in a lump sum or indicate what alternative payment option will be used. The lump sum can be paid up to January 12 by cash, cheque, credit or debit card or, by March 21 by direct debit; monthly direct debits start on January 15. Deduction at source from salary also begins in January. Beat the deadlines for submitting a valuation and a return, and arrange to pay monthly to ease the burden of the tax.
Go crazy switching
The best way to offset the rising cost of living is to switch your bills. Although energy prices are rising across the board, you can get a discount of up to 40pc as a new customer if you switch, which will be badly needed this winter. Meanwhile, savings of €50 a month or so are on offer to those who switch broadband and TV. The biggest saving is on offer to those who take the time to switch their mortgage, according to Daragh Cassidy, of Bonkers.ie.
Grab a SIM-only phone deal
A SIM-only plan is when you buy just a SIM card, which comes with an allocation of data, texts and minutes per month. SIM-only plans are generally much cheaper than bill-pay plans.
SIM-only deals are now available from all the main mobile providers, and some operators such as GoMo and 48 focus solely on these deals. 48 has a deal right now that offers unlimited calls and texts and 100GB of data for just €11 a month, according to Bonkers.ie.
Review your life insurance
Reviewing your serious illness, mortgage protection and life insurance cover can save you money.
If you are an ex-smoker who has been off cigarettes for more than 12 months, you can apply for new cover either with your current provider or a new provider on non-smoker rates. These rates are often half the price a smoker is charged.
Claim tax back for remote working
From next year, remote workers will be able to claim a little more tax money back for the cost of lighting and heating their homes. Those working from home will be able to claim 30pc tax relief towards the cost of energy, instead of 10pc. This is in addition to claiming 30pc of the cost of broadband for days working at home. These expenses can be claimed if their employer is not paying the tax-free €3.20 a day discretionary payment.
Cut your energy bill
Energy prices have shot up, so consider turning down your central heating by just one degree, which can lower your energy bill by 10pc. Leaving things like the TV on standby still uses a large amount of energy, according to the director of Change by Degrees, Dr Tara Shine. We are often guilty of putting the kettle on and then forgetting about it. Dr Shine suggests boiling only the water you need, don’t fill it up to the top every time.
Claim for medical expenses
You can claim tax relief for medical expenses paid by you for yourself or for others. Where you pay for someone else, you don’t have to be related to them. Expenses that qualify for the relief include GP visits, consultants’ fees, prescription medicine, physiotherapy and routine maternity care.
