10 Tips to reduce Costs and Save Money in 2013:
With reduced take home pay a certainty for the majority of Irish citizens now a fact of life, how we manage money will be a deciding factor in our financial well-being. And, while some financial gurus may say ‘spend less’, for those with a mountain of debt, that is easier said than done.
Following are 10 simple tips to reducing everyday household insurance and protection costs.
Pay single premium as opposed to monthly. Direct Debit payments now cost in the region of an 8% surcharge on home protection, save approximately €40 by making a single premium payment.
Car insurance – save up to 5% on your annual premium by paying up-front, this can result in annual savings of approximately €25.
Life protection policy – save approximately 5%. On a policy costing €1200, annual savings could be in the region of €60.
Update home alarm details. NSAI approved alarms generate approximately a €40 annual savings. Other serviced alarms (such as Eircom) can generate higher savings but watch that the annual subscriptions, they may reduce your overall benefit. Possible up-front savings of €80 – €90.
Review ‘Sum Insured’ on your home, the sum insured relate to movables – not fixed items such as bathroom fittings. Savings can be in the region of €20 – €50.
Review replacement costs – and make sure you are not paying Celtic Tiger replacement costs. Typical savings can be in the region of €50 – €60.
Update your Life protection cover details – if you have quit smoking for more than 12 months, policy-holders can generate savings of 25 – 30%. On a policy costing €1200, the savings would be €360.
School grounds and home ground personal protection for children – check to see if your school participates and offers this package. Cost approx. €20 per annum. Could save €325 off a simple Swiftcare clinic visit.
Drug payment scheme. Pay first €144 per month and Govt’ pays remainder over €144 per month. Done through nominated pharmacy and covers entire family. Apply thru local HSE.
Tax Saver Car Insurance Discount – Some car insurance companies offer a discount if driver uses public transport to work. Savings can be as high as 20%. On car insurance policy costing €550 per annum, would result in annual savings of €110.
Estimated total savings: €1,120.