Our latest issue of Reflecting Ireland shows we have become more confident in our ability to manage our finances over the last 2 years. We like to save money where we can, and we have become experts at adopting money saving strategies. However, we are also missing out on some money saving opportunities, especially when it comes to switching providers, and availing of supports and entitlements. Follow our 5 Tips to make sure you don’t miss out on potential savings. It’s easier to save more than you think!

1. Find Out About Grants & Supports

Check www.citizensinformation.ie to find out about supports and benefits you may be entitled to. You can search by category, for example ‘money and tax’, ‘housing’ or ‘education and training’ or based on your situation, for example ‘I am starting a business’ or ‘I am going to college’. The relevant supports and how to apply for them will be explained.  

Our research shows approximately 1 in 3 homeowners do not know about available supports to help with the cost of energy upgrades, or whether they are eligible for them. A dedicated page on www.citizensinformation.ie lists grants and supports for home renovations and improvements and describes eligibility criteria: Grants for home renovations and improvements.

You can also contact your local Citizens Information Centre by phone or email or make an appointment to visit.

2. Check If You Are Entitled to a Tax Refund

If you are a taxpayer, you may be entitled to a tax refund. It is estimated that Irish taxpayers could be leaving up to €1,800 on the table by not availing of refunds and entitlements (1). Our research shows that approximately 1 in 5 (18%) are unaware if they are eligible for tax relief on medical expenses, or the work from home tax credit (22%), and 1 in 4 (24%) are not sure if they are eligible for relief on dental expenses. The best place to start is by making a list of your expenses. Then check with Revenue or Citizens Information to see if you are eligible for a refund at How to review your tax for PAYE taxpayers (citizensinformation.ie) or contact tax refund specialists such as www.taxback.com who will be able to help.  

3. Set Time Aside to Switch & Save

While many of us say we would consider switching service providers, we do not always follow through. From utilities to financial products, 2 to 3 times as many people intend to switch provider but haven’t done so compared to those that already have. Set some time aside to evaluate your current providers and check if it would be better to switch. A few hours once a year is all it takes to find out if you would benefit from switching, and you can then enjoy the savings all year round. If you are interested in switching banking providers, visit here.

4. Let Comparison Websites do the Heavy Lifting

The perceived ‘hassle factor’ is often what gets in the way of us switching provider, and yet comparison websites and online tools can take the hassle out of it for us. There are a wide range of comparison websites to choose from. It is a good idea to check whether a site is independently accredited or regulated so that you can be sure the advice provided is reliable and objective. Sites such as these compare providers of energy, broadband and TV, mobiles, insurance, mortgages and bank accounts, credit cards and loans, as well as offering money-saving tips.

The website of the Competition and Consumer Protection Commission www.ccpc.ie provides information on consumer rights, personal finance and product information, as well as a range of money tools and calculators to help you save money and manage your budget.

5. Focus on Actual Amounts, not just Percentages

Our research shows that people are particularly slow to switch when it comes to financial services, often because they feel the effort reward ratio isn’t worth it. The ‘reward’ is often expressed as a percentage, and sometimes the percentage difference between a current product and an alternative can seem quite low. However, working out the difference in actual amounts can make the ‘reward’ more real to us.  For example, the difference between 3.95% and 4.3% might not seem like a lot at 0.35%, but when applied to a mortgage of €300,000 it can mean a saving of approximately €700 a year, the average amount an Irish household spends on food per month (2,3). Switching may feel more worthwhile if it saves the cost of food shopping for a month.

Read the full #ReflectingIreland Report here.

References:

(1) Up to €1,800 in refunds available to taxpayers (rte.ie)

(2) www.ccpc.ie mortgage calculator tool - example based on a mortgage of €300,000 over 25 years, LTV greater than 80% and less than 90%, BER rating A, 4 year fixed rate

(3) Household Budget Survey 2022 - 2023 - Central Statistics Office published 1^st August 2024

The content of this blog does not constitute advice and is for general information purposes only. Readers should always seek professional advice before relying on anything stated in the blog. Some of the links above bring you to external websites. Your use of an external website is subject to the terms of that site.