Switch to save: Households could save up to €5,000 this year

Irish households could save up to €5,000 this year by reviewing and switching a range of common household bills according to a new survey.

According to bonkers.ie, households can save in a number of ways, including switching mortgage provider (savings on average of €200 to €300 a month), energy supplier (€267 a year), broadband and TV (up to €500 a year), current account (over €150 a year), health insurance (€500 a year or more) and mortgage insurance (up to €120 a year).

"Come January it can always be a bit of a struggle trying to make ends meet. Yet every year people make things harder for themselves by paying more than they need to for their household bills. Which is why we're encouraging everyone to save big this year by switching," said Daragh Cassidy, head of communications at bonkers.ie.

For example, someone on a 4.3 per cent standard variable rate who switches a € 250,000 mortgage to the cheapest rate on the market over 20 years and who has at least 20 per cent equity in their home will save €254 a month, or as much as €281 a month if they’re on a 4.5 per cent rate.

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You can also save on broadband and TV by switching and availing of a new customer rate on tripleplay bundles. This can give you a discount of €40 a month.

People who recently stopped smoking should also consider their options for switching life insurance.

According to Royal London, smokers can pay twice as much for life insurance than their non-smoking counterparts. For instance, a smoker turning 45 on their next birthday will pay over €16,600 more in premiums than their non-smoking counterpart for €300,000 worth of level term life cover over a 25 year term.

But if you’ve given up, you can expect to pay less than you would have one year ago. To qualify as a non-smoker, you must not have consumed any tobacco products in the last 12 months, including the use of e-cigarettes and nicotine replacement products such as patches or chewing gum. There must also be an intention to continue to abstain in the future. You might also be asked to complete a cotinine test (smoker test), which involves screening a sample of saliva or urine for tobacco use.