Given the changes we’ve seen to our economic landscape in recent years and the inevitability that these changes are having on our ever-lightening wallets, we are going to take a look at some potential cost-saving measures you might like to consider. Prices have recently been rising at the fastest pace we have seen in decades with inflation hitting the highest level it has been in over 20 years in March. This price inflation is expected to peak in the summer at an ultimate high of 8%.
“Inflationary increases” is something that may be a new experience for many, particularly after years of moderate price increases, however now the words “cost of living” are very much part of the general conversation. While at times the consistent increase in the general cost of living can seem insurmountable there are ways that individuals can offset these cost increases.
One of the most dramatically escalating costs in recent months is the cost of energy. One of the simplest and least invasive ways of saving money on energy costs is to shop around and switch providers, who regularly offer cheaper deals to new customers signing up with them. bonkers.ie is a terrific way to compare price plans for all energy suppliers. And this notion of not staying with the same provider and shopping around for the best deal can also apply across the board for services such as car insurance, phone & broadband plans etc. so it is certainly worth the few moments of “hassle”.
With many providers offering special deals or discount rates for new customers, it is more than worth your while to shop around rather than stay with one provider because providers rarely have such incentives for loyalty!… And just to note, in order to shop around for your best energy deal, be sure to have your MPRN to hand.
As technology continues to advance, so too do our energy-saving options. There are now ways to increase the self-sustainability of your home, while also having a positive impact on the environment.
One example is SEAI’s Communities Energy Grant (CEG) which supports energy efficiency community projects through capital funding and partnerships. There are twenty-seven companies across the country that can function as project managers for this grant to ensure that your property can reach its fullest energy-saving potential whether it is a domestic or commercial property.
Other ways of cutting costs while benefitting the environment include switching to an Electric Car. The price of petrol and diesel has noticeably increased exponentially in recent years and with more and more countries making the journey towards Net Zero, there are sure to be more taxes applied to fossil fuels as the years go on. Whilst the ESB has recently increased the cost of public charging, there are grants available for the installation of home chargers and for those with company cars, there are certain Benefit In Kind exemptions and discounts for converting to an electric car.
Mortgages as a general term may not be synonymous with money-saving, but similarly to your utility bills, it is advisable to shop around and consider changing your provider as there is potential for significant savings. While the notion of swapping mortgage providers may be nerve-wracking the mortgage rate you are on can make a big difference to your monthly repayments so it is worth reviewing rates being offered by various lenders.
These are just a couple of small ways that savings can be found during these expensive times and we will come back to this topic to offer further ways to offset increasing prices.
We hope that this information has been useful for you and as always, please don’t hesitate to contact us here at EcovisDCA where we remain open and ready to help. Please do not hesitate to contact us.