How to save money on household bills - Connemara Community Radio
Our Head of Communications, Daragh Cassidy, appeared on Connemara Community Radio to discuss the range of services on offer at bonkers.ie, the impact of energy price increases this winter and how you can switch and save on your bills today.
What can consumers do on bonkers.ie?
At bonkers.ie, we’re Ireland’s largest comparison and switching website. We help people compare prices and features across a range of products and services, including energy, banking products, broadband and insurance.
We’ve saved consumers a lot of money this year and it’s been quite busy given all that’s going on. We also launched our home insurance switching service recently too.
Is bonkers.ie a broker?
We’re a broker for our insurance services and our mortgage service, but not really for products such as broadband and energy. For these products, we just help people get the best deals and there’s no extra middleman charge.
Huge energy increases
We’ve seen significant energy price increases recently and all suppliers have raised prices since the start of the year. You can learn about why energy prices are on the rise in this blog.
While some customers will be faced with paying up to €700-800 more for their energy this year, on average most people are looking at a hit of €400-500.
It’s really important that consumers and households look at switching gas and electricity supplier. Energy suppliers are always offering big discounts for new customers who decide to switch over to them. These discounts can help you save, despite prices increasing.
We’d also always recommend that people take a look at simple ways they can save energy around the house, too. This includes installing LED light bulbs, not overfilling the kettle, tackling draughts, unplug appliances late at night, etc. These small things add up and will save you money over time.
Take a look at these 15 ways to use less electricity and save money to learn more.
Reviewing your mortgage
At bonkers.ie we’re very vocal about advising people to review their mortgage every few years.
A mortgage isn’t something you would switch often but listeners should consider switching it at least once throughout the term of the mortgage because there could be a better deal.
Your mortgage is such a big bill and saving a small percentage could add up to a few hundred euros a month saved.
Why is there no incentive for loyalty with companies?
That’s a good question and loyalty doesn’t pay. There is a loyalty premium as well that we hear talk about, particularly in the home and car insurance industries. It’s something that the Government has been looking at banning.
People need to play the game and switch to save. However that doesn’t mean you can’t try to haggle with your existing provider. Sometimes they will be eager and will allow you to get a bit of a discount if you phone up.
Irish people aren’t great at haggling and usually the best deals are reserved for new customers. Some of the new customer deals are close to being loss leaders for some companies. Sometimes the deals are so good, that if the supplier was to offer them to everyone the supplier wouldn’t really make much money.
There’s that 80/20 rule. A lot of businesses make around 80% of their profits from 20% of their customers, so you want to make sure that you’re not in that 20%.
How can someone change their energy supplier?
It’s really easy to change your energy supplier. You can go online to a site like bonkers.ie and you’ll just need a few things at the ready:
- A GPRN number if switching gas and an MPRN number if switching electricity. Both of these can be found on a recent bill and help identify your property.
- A recent meter reading.
- A good estimate of how much energy you use each month or year.
- Some personal details, such as your name and address.
Have a read of our helpful guide on what you need to switch suppliers for further information.
Around 25,000 people in Ireland switch electricity supplier every month and around 10,000 switch gas supplier every month. It’s quick and easy.
Prices have gone up so much. If there’s one year that you don’t want to be overpaying on your energy this year is definitely it.
Money is a finite resource for most of us and we need to look after it. No one is going to look after your money better than you or try to save you money. Don’t be afraid to shop around as you can’t rely on others to do it for you.
Switch and save today
Switching is quick and easy to switch and can all be done on bonkers.ie in the space of a few minutes. Use our energy comparison tool to compare the best deals today across all 14 energy suppliers nationwide.
For more information before making the switch, have a look at our guide on 7 things to consider when switching energy supplier or take a look at the most common questions we get asked about the energy switching process.