Lifestyle

Experts highlight four key money saving tips as cost of living continues to soar in Ireland

The cost of living has been a popular topic of conversation over recent months as new data shows Ireland is the second most expensive country to live in in Europe.

The data was published this week and showed price levels here at 140% of the EU average with hotels and restaurants representing the biggest jump.

Denmark came out as the most expensive country, with prices hitting 155% of the EU average. It was followed by Sweden at 137% and Finland at 133% – while Ireland was 129.5%.

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As prices continue to rise nationwide, making your money go further is vital and as searches for ‘money saving tips’ have increased by 267%, Chill Insurance has laid out some top tips for Irish Mirror readers.

The Irish insurance experts have put together an advisory guide on how to spend less and save more,so here’s everything you need to know:

Utilities

Shop around every year, comparing energy providers with the view of switching.

Take advantage of discounts with your energy provider by signing up to direct debit and e-billing.

Banking

Sometimes switching banks can provide you with free cash, as some providers offer this incentive for new customers.

Taking out a credit card that offers cash back on purchases, however, we only recommend this if you’re good at managing your spending.

Home Energy

Ensure you fill your washing machine every time you use it, the fewer loads = the fewer costs. Same for those with a dishwasher.

Switch to LED bulbs and see your lighting costs drop by 80%, LED bulbs last longer and are better for the environment, so it’s a win-win!

Switch off at the plug – appliances such as TVs can use up to 20% energy in standby mode.

Transport

Most of us cannot swap our cars for bicycles or public transport, but, there are ways you can follow to improve your fuel efficiency. From keeping tyres inflated to accelerating more smoothly.

If you use public transport for your work commute, ask your employer if they take part in the Taxsaver Commuter Ticket scheme. This allows employees to save up to 52% on tickets (covering bus, rail and Luas).

Always use a broker to help find you the best quote. Consider additional costs when buying a new car – more expensive cars tend to cost more to insure, and ask ‘will it eat up lots of fuel?’

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