Financial New Year Resolutions for 2020

Here are some money saving ideas that you might want to adopt as new year resolutions in 2020.

  • Reduce your mortgage debt by overpaying each month (if your lender allows it)
  • Switch your mortgage to a lower rate and maybe get a few thousand in cashback at the same time.
  • Switch utilities every year without fail. Switching energy supplier can save you up to €300 in one year and it only takes a few minutes. Check the cheapest energy suppliers here.
  • Buy Less. Start by cutting out those take-away cups of coffee and try to bring your own lunches to work. Say no to that visit to the pub after work. Every time you cut out a coffee or something else – stash that saved cash somewhere. Banking apps like Revolut or N26 are good for that.
  • Try and stick to a weekly meal plan. It reduces food waste and saves money on grocery bills.
  • Take a look at all your subscriptions – gym , TV , magazines, newspapers etc. If you are not using them fully – just cancel them.
  • Avoid currency transaction charges when spending online or abroad by getting one or more of the following cards. N26 , Revolut or Bunq
  • Cut out impulse buying – especially online. Wait a week to decide on any purchases over €100.
  • Stop using cheques. They are expensive.
  • Check your Prize Bond numbers . (Tracker here)
  • Save more – try and set up automatic standing orders to pay money into savings accounts. Open a regular savings account.
  • Treat your savings and investments as a fixed expense that are deducted as soon as you get paid each month. Increase your savings when you have a rise in income.
  • After you have enough money saved to cover emergencies – consider investing in shares. (This is a long term investment and may result in losses. Where to Buy Shares in Ireland
  • If you do have health insurance don’t just stick with the same plan at renewal. Look for something cheaper or maybe even ditch it altogether. See more on Health Insurance Comparisons
  • Switch your current account to a bank that charges no fees (or less fees.) See our Bank Charge Comparison
  • Sort out a Power of Attorney – you never know when you might need someone else to look after your finances if you are unable to.
  • Pay off any credit card bills before you put spare cash into savings accounts. Transferring your credit card balance to a card with an interest-free balance transfer offer will help.
  • Pay bills as soon as you get paid . That way you will have a clearer idea of what you can (and can’t) afford to spend.
  • Make a realistic monthly budget and stick to it. As a rough guide you could aim for a 50/30/20 BUDGET.
    Half of your take-home pay should go toward “needs,” such as housing, food , heat, and transport. Then 30% goes to “wants”, and 20% to savings and/or debt repayment.
  • Check your bank statements. If you spot something you don’t recognise, then check with your bank. Of course, this will be a lot easier if you bank with one of the online banks such as N26.

More Money-saving Tips for 2020 here