1. Money Plan

Whether you are a big farming enterprise, a young family trying to buy a house, or a student on a weekly budget, we all want to at least feel like we are in control of our finances – no matter how much is sitting in the bank account. So time to get out a notebook and pen, and do a small bit of maths. Write down your income and all your outgoings – everything from bills to coffee expenses. What is left? How much of that can you save? This may seem like simple advice, but when was the last time you did it? Or, indeed, have you ever? It may only take an hour, but even psychologically you will have a better plan for your money for the year.

2. Tackle the Debt

If you find that when it comes to outgoings a large proportion is assigned to paying off debt, adopt a better approach for 2018. With the surplus money that you’ve, hopefully, pinpointed from your budget, start tackling the loan that will be paid off the quickest. This can often also be the most expensive loan. Even getting one debt off the books will give you a sense of relief.

3. Get Saving

Building a rainy day fund shouldn’t be a pipe dream, it should be a real plan. While tackling debt is very important, try not to assign every penny to getting it sorted. Look into opening a regular saving accounts. The amount you save doesn’t have to be huge, but even getting into the habit of saving will look good on paper.

4. Talk to your Bank

If you feel you need a little direction, then arrange a meeting with a representative from your bank. We know that you can barely find a teller at a bank counter these days, but if you ring expressing that you are interested in one of their products, a loan or a credit card, for example, believe us, they will be more than happy to take your business. Even if you don’t need a loan at the moment, you may in a year or two, so it’s worth getting your accounts in order.

Ask them to review your account. Is it in good shape if you were to apply for a loan? If not, what can you do to improve? Get them to help you put a plan in place. Ask are you on the most appropriate current account, or is there one with better rates that would suit you more? Are you getting the best rates from your credit card? If you are planning on buying a house in a few years, what is the best savings account for that purpose? Best case scenario, your accounts are in a good place and the meeting has given you a confidence boost to continue on the same path. However, even if your accounts require a bit of work, this will help you develop a plan for the future.

5. The Big Switch

If you hear about fantastic offers on TV packages and electricity rates and wonder why they never apply to you, it’s because you are not switching. It’s too much hassle, some complain. I don’t have the time, say others. However, if we were to hand you €350 for just one hours work, you would jump at it, right? That is how much you could save by going from an old Bord Gais electricity and gas dual account that is paid by bill to switching, for example, to an introduction offer with Energia.

I am happy with Bord Gais, you might say. That’s fine, switch back to them next year and they will be looking to get you back on a much more competitive rate than you currently are on. When it comes to utility bills, we no longer live in a society that values loyalty. Instead, these companies want new business, so play the system to get yourself the best rates.

6. Claim Back

Irish Country Living will be doing a detailed article in the coming weeks about claiming back, but in the meantime start gathering those receipts. Health care bills, whether you are claiming the tax back on them or through health insurance, is money going straight into your pocket. This is especially true if you have spent big money on health insurance, as you can only claim back for three months after your policy year has ended.

As a significant portion of people renew at the start of the year, this means you might only have until March to get those receipts submitted. If you don’t have a clue where all those receipts are, simply call your GP and ask them for a print out of your receipts for 2017. Some put a charge of about €20 for the service, and although you might be annoyed to pay this amount, it is still worth it, given how much you could possibly claim back.

For example, some good health insurance policies allow you to claim back €40 for a GP visit. If you visited three times last year, that means €120 back into your account. CL

Is your home insurance in order?

Home insurance brokers www.insuremyhouse.ie recently reported that, based on anecdotal evidence, thousands of homes around the country have allowed their home insurance policies to lapse.

This is due to the surge in calls that the insurance company received as hurricane Ophelia was set to hit the country last November.

Phone calls spiked to an increase of 65% as people sought to insure their property, having allowed the cover to lapse in recent weeks, or even months. Deirdre McCarthy, home insurance expert with www.insuremyhouse.ie says:

The level of calls corroborated something we already knew – that there are very likely thousands of homeowners throughout the country who let their home insurance cover lapse at renewal date. While some people might go a long period of time without cover, anecdotal evidence suggests most “lapsers” go without coverage for an average of three to four weeks.

“While this might not seem like a long time, the crux of the matter is that if their property were to be damaged or burgled during this period, they would simply not be covered, and would have to foot the entirety of the repair or replacement bill themselves.”

Insuremyhouse.ie says that taking the risk of going without cover is leaving homeowners hugely financially exposed. McCarthy says although claims can be as little as €500, they have made pay outs of up to €100,000.

Imagine if you had to find the same €100,000 to cover the cost of reparations to your home from your own pocket? My guess is that most people would struggle, if not find it impossible, to come up with this kind of cash.”

Read more

Health Insurance: Shop, Switch and Save

Energy savings in your home