Kilkenny households could save over €10,000 in 2024 by doing these three things

Three things that could potentially save you €10,000 have been revealed for Irish homeowners.

The average salary in Ireland, standing at €44,202 in 2023, has been tested with a 5.1% surge in the cost of goods and services. 

From switching mortgages to claiming tax refunds and shopping around for life assurance, mortgage advisory spokesperson Martina Hennessy of doddl.ie says these “simple strategies” can offer practical ways for individuals and families to navigate the current economic landscape.

* Mortgage switching: save up to €7,000 annually

With mortgage interest rates rising by over 1.75% in the past year and over 50,000 mortgage holders set to roll out of fixed rates, the financial strain on home owners is intensifying.

“The solution lies in mortgage switching, a strategy that could save households thousands on what is often people’s largest financial commitment,” said Ms Hennessy.

“With a 3.3% difference between the highest and lowest rates, a €300,000 mortgage could see a difference of €592 per month, or over €7,000 annually, by choosing the right product.

“Taking just ten minutes to review your mortgage terms could result in saving you a substantial amount of money.” 

* Tax refunds: average refunds of €1,880

Tax credits and allowances often go unclaimed, with the average tax refund being €1,880. 

Unclaimed credits include medical expense relief, rent tax credit, remote working relief, marriage relief, third level tuition fees relief, and flat rate expenses. 

“By identifying and claiming these credits, taxpayers can significantly boost their income,” said Ms Hennessy. 

“For instance, many married couples are entitled to tax relief in the year after they get married, yet this relief often goes unclaimed.”

* Life assurance: savings of up to €1,300

“Many mortgage holders pay higher premiums by opting for policies offered by banks, which provide quotes from a single provider.

“Shopping around for life assurance can yield substantial savings. For example, on a €300,000 mortgage over a 25-year term, two applicants aged 35 years, non-smokers, could save €1,305 over the policy term by selecting the lowest premium available,” said Ms Hennessy.