Households and businesses can dramatically cut down on expenses and costs by making simple changes. From cutting down on day-to-day spending habits, switching providers or just having a change of mindset. Discover more as this blog discusses these issues further.
Households still saving 19% of their incomes – CSO
New Central Statistics Office figures show that households in the second quarter of this year continued to save more than they did pre-Covid, despite inflationary pressures. The CSO said the average household saved just over 19% of its income in the second quarter and that savings habits developed during the Covid restrictions appear to be sticking. CSO statistician Peter Culhane said, “It might have been expected that with restrictions removed, some of the savings built up over the previous two years would be spent, bringing down the saving rate, but in fact, households continued to accumulate rather than spend.”
Households could save €13,000 by switching, changing habits
Households could save over €13,000 a year by switching service providers and changing their spending habits. That’s according to new figures from Irish personal finance company Moneysherpa. They show that despite inflation running at a 38 year high of 9.1%, consumers can save by shopping around. According to Moneysherpa, the average household could save over €5,114 a year by switching their grocery, TV, mortgage and energy suppliers. Meanwhile, ditching credit cards and claiming tax reliefs could result in saving of over €4,050 a year. And cutting out discretionary day-to-day spending on drinks, sandwiches, and cigarettes could save over €4,753.
How businesses can take the edge off their energy bills
The increase of energy prices in recent months has brought sharp focus to the need for businesses to cut their usage. There are many ways that firms can put a dent in their energy bills today. This can be done with little or no upfront expense. It may not be enough to completely undo the effect of rising energy costs, but it will help to significantly soften their impact. Making small changes like switching to a greener provider can significantly help to cut down costs. Businesses should also take a deeper look into the way they are expending energy. This will help them identify the best measures to take to lower costs. However, it’s not just equipment that may be in need for an upgrade – the mindset of staff may need a refresh too. Some of that involves a back-to-basics approach – like encouraging the switching off devices and lighting when not in use. Why pay for something that’s not being used? Changing the mindset around heating, light and ventilation can also have a big impact on bills.
To stay up to date on the latest news and how businesses and households can cut down costs, visit Mark Kennedy and Co.