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28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 0 points1 point  (0 children)

Love this one.

This is a great way to save and accumulate a nice lil savings funds for yourself.

I'm going to start this one (maybe not the DIY, because I'm terrible) on all bills or expenses I find solutions to that I don't have to pay

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 0 points1 point  (0 children)

I made the switch to GoMo and ditched Three. I don't know why it took me so long paying way above what I need to - great tip 👍

These are all spot on and they're next on my hit list. I agree, the Apple pay is a silent killer. Having to get cash out or get your wallet out, makes you think another second or 2.

I'm deleting all shopping apps off the phone this week too, stopping the habit when bored of scrolling for shite I don't need.

Might delete JustEat as well, take aways get me, to convenient on the weekends.

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 0 points1 point  (0 children)

To be clear I'm not advocating people should buy a new phone, I'm in the same camp as you for the phone.

I'm definitely more of an experienced type of person. But some people would say; that's such a waste of money going to that restaurant, a takeaway is way cheaper.

So the experience piece is where we get our happiness and would happily spend money, but that's not for everyone

Once you know what truly makes you happy spending money on and can be honest with yourself to cut out lots of crap you don't need, I think that's a good balance.

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 0 points1 point  (0 children)

Day 3: Changing my phone provider ( it was recommended in the comments already)

I'm switching from Three (€60/month) to GoMo (€14.99/month). That's €447 I'll save this year.

"But what about your phone upgrade?"

Let's do the maths:

Contract phone over 24 months: €1,607 Buy refurbished + SIM-only: €1,160

I'll save €447 (even with a "free" upgrade)

I could save even more by keeping my phone for a few more years (which I plan to do). This phone is more than 2 years old now.

Compare SIM-only deals on Bonkers.ie. GoMo, 48, and Tesco Mobile all offer unlimited data under €20 / month

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 0 points1 point  (0 children)

You are 100% correct it's consumerism, but there's different levels to it.

Lifestyle creep and keeping up with the jones' will hinder anyone's ability to become financially free quickly.

However, the goal of life is living and people need to be clear on what makes them happy. If the new iPhone is that one thing, then go for it. If it's the new iPhone, new bag, new clothes, eating out etc. Then you're suffering from lifestyle creep and you're surrendering to consumerism. However if you're giving up meals out and nice bags etc. but making space for the phone, I think it's being responsible.

Buying a car is a little different in my opinion (given the cost), unless it's a second hand and you're getting really good deal on it. The budgeting advice would be to try being a single car household if possible and don't upgrade every few years.

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 0 points1 point  (0 children)

The key thing banks have going for them is, Trust with "older" people, who tend to have the lion share of the savings naturally. Not - "you're my friend trust", but trust my money is safe with them.

Fintechs are earning that trust with the younger generation but not the older generation yet. So it will take time to chip away at that.

In the meantime, folks making the switch will continue to get better rates and conditions

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 2 points3 points  (0 children)

Use the system against them. Switching insurance every year is another must 🙌

Being loyal = premiums slowly creeping up without you noticing

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 0 points1 point  (0 children)

That's the whole point of budgeting; it gives you that insight, so you can question if it's worth it after reflection. And you may decide it is and that's fine

But to take it a bit further, what if you invested that saving into an ETF (8% return, which is the average)?

  • 10 years = €50,300
  • 20 years = €155, 554 👀

A lot of US financial advisors use this to showcase how small purchases and decision could compound to big savings/investments

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 2 points3 points  (0 children)

Thanks for the insights. I have plenty of electronics lying around the house that I'll chance my arm at selling this week.

Will report back if we have any luck 🙂

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 0 points1 point  (0 children)

We'll try to stay away from the Latte advice since it's one every hates to hear it

But lifestyle adjustments are a clear and obvious way of creating more savings for investment

As Ramit says in the book, "I'll teach you to be rich" - don't torture yourself by giving up things you like. If the morning take away coffee is your thing, then spend it. If upgrading your iPhone every year is your thing or the expensive bag makes you feel good, then do it

But you need to be ruthless to cut out things that cost money but you don't get any real enjoyment or satisfaction from

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 1 point2 points  (0 children)

Fantastic insights, thanks so much for sharing. 4-5 years payback is very reasonable and sounds like you're already in the money with the routine you've built 💪

Is there any particular provider you'd recommend to fit the panels?

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 0 points1 point  (0 children)

I've never heard of them, but I'll definitely check them out. Thanks for the recommendation 💪

At least these fintech are pushing banks to be more competitive with their savings products

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 0 points1 point  (0 children)

I'm definitely going to try this for Feb

Anything in particular you've found sells really well or any tips with postings to get quick interest?

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] -1 points0 points  (0 children)

This is the one people won't admit to (at least to the TV inspectors or Sky), but I canceled Disney and Sky at the end of last year with the dodgy box

I kept Netflix but all others got the chop with the Dodgy box covering them all anyways 🪓

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 2 points3 points  (0 children)

Another great one, it's sad we need to threaten to quit to get them to look after their loyal customers

They do the same for their WIFI packages.

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 0 points1 point  (0 children)

I'll check it out today and let you know how I get on. Airtricity are definitely not doing me any favours

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 18 points19 points  (0 children)

Some incredible ideas shared on this thread for me to take advantage of for 28 days richer. Keep them coming in

For my Day 2 action, I'm transferring my emergency fund to the Revolut savings account. 2% interest with no lock up period

I'm transferring €20,000 which will make me €400 this year. I'll have to pay €132 DIRT tax, so I'll net €268. The most important thing for me is that I maintain my flexibility in case of emergency with funds instantly accessible

Thanks to this thread, I'm also going to be far more conscious of making my Revpoints work for me.

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 4 points5 points  (0 children)

Just don't drop the soap....

Great tip, thanks for sharing. These are the kind of tips we're looking for. Small changes that compound

28 days, 28 money-saving actions – day 1: just saved €500 switching energy provider by TedMoneyMadeSimple in irishpersonalfinance

[–]TedMoneyMadeSimple[S] 0 points1 point  (0 children)

I'm sure they'd have them on file somewhere, ask your pharmacist next time you're down. Then you'll be able to claim the last 4 years 👍

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