24th August 2009- How to cut Monthly Bills
A key area of what Moneydoctor does is looking to save people money through simple, honest financial advice. With this in mind I am concentrating this week on what is going out of your current account every month, and how to reduce these outgoings.
Here are five examples of savings that Moneydoctor personal clients have made since the start of the year:
1. A monthly reduction of € 255 in expenditure for a family of four with a gross income of € 39,000
2. A monthly reduction of € 580 in expenditure for a family of seven with a gross income of € 67,000
3. An increase of € 580 annually on the return of a € 29,000 investment
4. A saving of € 3,580 annually on life and health insurances for a couple both aged 42
5. A saving of €1260 annually for a single mother following a review of all of her life, health and general insurance policies.
Similar savings can be made by everyone if you review the following areas with a Qualified Financial Advisor:
1. Life cover – review ALL your health policies : life and mortgage protection, serious illness cover, income protection ( the only type of insurance that attracts tax relief and at your marginal rate )
2. health insurance – VHI, Hibernian Aviva or Quinn Healthcare – keyman and business protection insurance. You would be surprised at the savings you can make.
3. General insurance – check for inefficiencies Buildings insurance, contents et al – is your cover competitive ?
4. Use An Post’s BillPay service – for those who do not have a current account or who wish to save on the cost of direct debits and standing orders, you can pay any one of 120 bills through any of the Post Offices in Ireland via cash or your debit card. There is no charge for this service.
Ensure you go to an Authorised Advisor like Money Doctor who must give “best advice”. You can contact me directly at the e-mail below if you want me or my collegues to look into your own financial situation and see if there are any savings that can be made.
Shane Mooney
Money Doctor Adviser