How to combat inflation and save on household bills - WLR FM

With a focus on recovery post-pandemic, the Government announced around €1 billion in new spending measures and over €500 million in tax cuts in this year’s Budget. However, with inflation still on the rise, consumers will notice the impact of higher prices on their pockets over the coming months.

Our Head of Communications appeared on WLR FM to discuss how consumers can switch and save on a variety of household bills right here on bonkers.ie.

Here’s an outline of the main points discussed by Daragh in the interview.

Are there still better deals out there for consumers?

There are always better deals to be had for consumers. 

If the Budget hasn’t quite done it for your finances, and let’s be honest this Budget isn’t going to make many of us much richer, the best way to put money back into your pocket is by switching. Whether it’s your energy, broadband, mortgage, car insurance or home insurance, switching is the way to go to save money.

In the Budget, the Minister for Finance Paschal Donohoe said that for September it looks like inflation is going to hit 3.7%, which will be the highest it’s been in over a decade. I suspect we’ll see the general rate of inflation touch maybe 4-5% before the end of the year.

Higher prices are really going to start eating into people’s disposable income over the coming weeks and months. People need to be mindful of how they’re spending money and ensure they’re getting the best value for all sorts of things.

A wealth of choice

Sometimes too much choice can be overwhelming and if you look at the energy market at the moment, there are 14 suppliers which is crazy for a market as small as Ireland. 

When you look into broadband, there’s maybe a dozen broadband suppliers offering services here.

Even in the banking sector, despite seeing the exit of Ulster Bank and KBC, there are still around nine lenders competing in the market.

On our website, we make it really quick and easy to filter through and sort through all of the choices and show you all of your options in one place. Particularly when it comes to energy and to a lesser extent broadband, it really is quite simple to sign up to a new supplier and save money. 

Do companies reward loyalty?

We always say loyalty doesn’t pay and the vast majority of the time if you want to get the best deal at the best time, you have to switch.

While that doesn’t sound fair and sounds counterintuitive, if you’ve been with the same supplier for 2 to 3 years, you can almost guarantee you’re overpaying compared to someone else.

Particularly during the Celtic Tiger era, we had a little bit more money than sense and there was almost a laziness around switching. Yet we complained we were being overcharged. 

The recession taught us to look after money a bit better, be a little bit more frugal and to demand better value. Even as the economy improved, we have kept up with that.

Switching levels in Ireland still aren’t as high as they are in other countries. Sometimes we feel like we have a misplaced sense of loyalty to suppliers. Maybe we’re not as careful with money as people in other countries, but we’re getting better.

Switch and save on your household bills today

The quickest and easiest way to save on household bills is to switch energy supplier. With energy prices on the rise and as we come into the winter months, there’s never been a better time to switch.

Our energy comparison tool lets you quickly compare energy tariffs and deals from all suppliers nationwide. You only need a few things on hand to switch and it can all be carried out online in a few minutes.

Don’t forget to review other bills too and compare available deals for services such as broadband, insurance and banking products to see how much more you could save!

Check out our savings tips articles

If you’re looking to save more, take a look at some of the following savings tips articles:

• Here are 15 ways to use less electricity and save money.
• Learn about how you can save on your current account fees in this blog.
• Discover simple ways to reduce your insurance costs across a variety of premiums in this guide.

Make sure you stay up to date with all the latest news and top saving tips with our blogs and guides pages.

Get in touch with us

Are you happy with the announcements from this year’s Budget? We’d love to hear from you!

If you have any questions about what was discussed by Daragh in today’s interview or about how to switch, feel free to contact us. We’re on Facebook, Twitter and Instagram.