Consumer Corner: Tips on how to save hundreds of euro in 90 minutes

Consumer Corner: Tips to save money in 2025

New year, new beginnings. The message rings through to all aspects of our lives around this time of the year. Often however our focus tends to be on health and wellness but it is important not to forget your financial affairs too. By putting aside a little bit of time you could save yourself hundreds, even thousands of euro this year.

Sinead Cullen, Head of Wealth and Financial Planning with NFP Ireland says that in a month full of resolutions and “fresh starts,” there’s no better time to evaluate your finances, assess your financial health and also identify steps to improve it, if possible.

“For many, 2025 might be a year of significant change maybe you’re planning to buy a house, start a family, get married, or travel the world. Or perhaps your goal is for everything to stay just as it is. Regardless of how big or small your goals may seem, finances will inevitably play a role. That’s why it’s essential to understand where you are financially, to know where you’re going and how to get there.”

One of the best bits of advice when it comes to your finances is to keep things simple and there are easy wins on getting money back in your pocket.

“Getting your finances in order doesn’t have to be a headache, it’s just a little planning and organisation. By setting aside just a couple of hours, you’ll be doing yourself a favour,” says Ms Cullen.

Jonathan Roche-Kelly, Director of Financial Services for Gallagher in Ireland says that the best way to kickstart a stable or even prosperous financial year is by conducting a “financial health check” in January.

“While many focus on physical health resolutions this month, finances are often overlooked, despite January being a crucial time to reassess after the expenses of the holiday season. Christmas can be a financially draining period, and the impact often becomes clear in January. To regain control, we recommend starting the year by creating a household budget.”

Tip one: Claim your tax back

Ms Cullen says that it’s incredible how much we all leave in the pocket of the taxman every year.

“Irish people are notoriously poor for claiming what they are owed, from medical expenses to tuition fees, there’s a fairly substantial list of tax reliefs out there and we would be confident that everyone is eligible for at least one on the list.”

This however will take a little but of work but it is worth doing if you put the time aside to do. 

The starting place is Revenue.ie and you can go from there and follow the guidelines on how to claim your tax reliefs. It could amount to significant savings. 

It is estimated that on average people can claim back around €1,800 in tax reliefs which is a significant amount of money.

The first time doing it and setting it up might take longer but in general it should take around 30 minutes.

Tip two: Don’t auto renew

Many of your financial product contracts like car, motor, or health insurance could be coming to an end in 2025 and the best advice is to make sure you shop around. 

“Many people let these renew automatically, assuming it’s easier and more efficient. However, this approach often leads to paying significantly more, sometimes hundreds of euros. Always review before you renew to ensure you’re getting the best deal,” says Mr Roche-Kelly.

Put time aside and make a list of places you need to contact and ring around for a better deal. Assuming you are not kept on hold for too long then the overall exercise should take around 45 minutes.

Tip three: Switch

Show no loyalty to your energy providers and if you can get a better deal elsewhere go and get it. There are so many websites and tools now that help you switch and you can save so much by doing it. 

This doesn’t just apply to energy however and you can continue your switching blitz by looking at your other service providers.

According to Bonkers.ie broadband, mobile and TV services will all become more expensive this year. 

They say that Vodafone started increasing its plans by the annual rate of inflation as of January every year plus an extra 3 percent, with the change taking place every April. Eir has started doing the same.

With the rate of inflation for 2024 likely to come in at around 2 percent, Eir and Vodafone customers will see their bills jump by close to 5 percent in April, according to Bonkers.ie

“However households can beat these increases by switching with lots of good deals on offer from all the main providers to new customers. 

Some streaming services are likely to increase in price yet again as streaming services continue to spend a fortune on producing more and more content for insatiable viewers,” says Daragh Cassidy of Bonkers.ie.

This task of switching won’t take as long as you might think and you could have secured some great deals easily in 15 minutes.