Make your money work harder
With many of us getting by on a lower income, we’re all looking for better value for money. While your first instinct may be to cut back on your weekly shop, luxury items and household bills, there are other ways you can make your money work harder.
Repay debts before you start saving
This might sound unusual, after all isn’t it a good idea to save some money to protect yourself, in case of unexpected events? Ideally, you should have three months salary put aside to cover these events. But if you have debt and you are saving at the same time, you are probably paying a higher interest rate on your debts than you are earning on your savings.
From the example below, you would be better off repaying your debts first (and saving less in the interim). However, our research shows that 1 in 5 people are not doing this, and you may be one of them. You can start saving larger amounts after you have finished repaying your debts. But remember; always check with your provider first to make sure there is no charge for repaying your debts early. Read more about tackling your debts.
| Savings/debt | Interest earned/paid in a year |
| €1,000 savings- interest rate 3% | €30 earned on your savings |
| €1,000 credit card debt- interest rate 12% | €120 added to your debt |
Make sure you are getting free banking
According to our latest research, 38% of people do not get free banking on their current account (for day-to-day transactions). Our current account cost comparison shows which providers offer free banking and how you can qualify for it.
If you are not happy with your current provider, then consider switching – it is easier than you think. Most providers have easy switch systems in place, thanks to the Personal Account Switching Code (pdf), from the Irish Banking Federation (IBF).
Switch if you are not getting the best deal
When was the last time you compared the costs and benefits of your financial products? The table below shows how you can make savings, by using our cost comparisons to compare providers. Get the best value and don’t pay more than you have to. You may also be able to negotiate discounts, particularly on insurance products.
| Product | Details | Range of quotes/rates from providers |
| Credit cards | APR charge on purchases | 8.5% - 17.9% |
| Personal current accounts | Quarterly fees | Nil - €18.75 |
| Regular savings account | Interest on savings | 2.25% - 7.3% |
| Lump-sum deposit account | Interest on a demand account, based on €10,000 lump sum | 0.02% - 5% |
| Personal loan | Interest charged, based on a €13,000 variable rate loan over three years | 9.1% - 11.9% |
| Motor insurance | Fully comprehensive insurance, based on 19-year old male student, driving a 1 litre Opel Corsa | €1,679 - €3,449 per year |
| Home insurance | Buildings and contents insurance for a 4-bedroom, semi-detached house with a conservatory, in Knocklyon. Assumes a rebuilding cost of €380,000 and contents worth €110,000 | €372 - 608 per year |
| Life insurance | Cost of €250,000 mortgage protection cover over 25 years on a joint life policy for 33-year | €22.55 - €31.69 per month |
Published Date: 04/02/2009