As a result of the economic shock of COVID-19 many of us are feeling the implications of the recession. Not only is this having an impact on our finances but also our physical well being. It’s important that we all stick together and give a helping hand to one another so that we can overcome this pandemic together. At Alpha Wealth we have decided to offer some tips on how to save money during this tough period. So hang in there. This too shall pass
- Cancel unnecessary subscriptions: Don’t be afraid or feel guilty to cancel subscriptions for something that is currently of no use to you. Make sure you chase refunds for cancelled events, flights or TV packages. Visit the Competition and Consumer Protection website for more information on your consumer rights on contracts during this time period.
- Claim the benefits you are entitle to: Small firms can claim up to €10,000 to help re-open after lockdown, this grant is available to businesses with a turnover of less than €5m. There is also a pandemic payment of €350 available to all those who lost their job due to COVID-19
- Review your finances: A a range of options are available to save money if people review their utility bills and mortgage payments. The Irish Examiner reports that families can save up to €7,000 during the COVID-19 emergency by switching mortgage provider, gas and energy suppliers. This is definitely worth looking into as it requires little effort and could save you a lot
- Take advantage of the warm weather: With the brighter evenings and, warmer days, we should be approaching a period of lower power bills. Installing a might metre might save you money. The metre records day and night time electricity consumption separately, and allows consumers to avail of reduced price electricity at night, which is around half the cost of the day time unit rate. Night time rates apply from 11pm until 8am.
- Pensions: are a great way to make tax-efficient savings for your retirement. In addition to the contributions made by workers and their employers, some savvy savers have been putting aside additional cash in the form of AVCs, or additional voluntary contributions. When faced with a situation of falling household income, reducing or ending these additional payments is one way of freeing up some free cash to help make ends meet.
prior to this pandemic, talks of saving money was never a popular topic on social media websites. However, since the COVID outbreak social media outlets have experienced more than 2 million mentions of people talking about saving money or savings. 895 thousand mentioned saving to prepare for possible job loss, while 95 thousand mentioned having no savings at all. Therefore we hope these tips can be beneficial to all of you on your saving journey. Always remember, every penny counts.