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7 Tips For Dealing With Inflation In 2022
It’s safe to say that the 2020s have been a turbulent decade so far. Inflation is at an all-time high due to a perfect storm of contributing factors, including pandemic-related supply chain issues, the war in Ukraine, rising energy costs, and continual post-Brexit complications.
Many people are feeling the pinch and worrying about how to cope with the ever-increasing cost of living, so today we are sharing our top tips for dealing with inflation in 2022.
1. Switch to an electric car
It’s worth considering switching to an electric vehicle in 2022, particularly for households with two petrol or diesel cars.
Fuel prices are constantly on the rise, carbon tax is set to almost triple over the next few years, and there are growing concerns about the environmental impact of burning fossil fuels.
While the initial cost of an electric car remains prohibitively high for many, the long-term costs (both financial and environmental) are much lower.
2. Measure your energy usage
Do some research into your energy usage to make sure you’re on the most suitable tariff for your lifestyle.
If you tend to stay up late working, relaxing or catching up on chores, a night saver meter might make more sense for you. It charges a lower rate between around 11 pm and 9 am, depending on the time of year, making it a good option for those with electric storage heaters or an electric car charger.
However, it’s worth noting that the rates charged during the day will be higher than your regular tariff (and the standing charges are also higher).
3. Install solar panels
Solar panels are environmentally friendly and can reduce your energy bill by around 40-50%.
They can also be a worthwhile investment, with an average ROI of 8-15% in the first year. As inflation leads to higher electricity prices over time, the ROI is likely to improve even further.
What’s more, under the government’s new Clean Export Guarantee scheme, you could actually earn money by selling surplus solar electricity to the grid.
4. Switch energy providers
Switching your energy provider can really help to combat inflation and lower your everyday living costs. All of Ireland’s energy suppliers have increased their prices, but there is still plenty of competition between them.
Most suppliers offer cash incentives for new customers, so you can avail of significant discounts and bonuses just by switching every time your contract runs out. It’s usually a quick and painless process — all you need is a meter reading and a recent bill to get set up with a new provider.
The same applies to your bank, mobile phone, and insurance providers — if they’re charging you too much, shop around for a better offer and don’t be afraid to switch.
5. Change to a SIM-only deal
Billpay plans are convenient since you don’t have to worry about topping up, but you can end up paying more in the long run if you are also paying off the cost of the phone.
One quick and easy way to save money is to switch to a sim-only plan and pay in full for any new handsets you may need.
Pay-as-you-go (PAYG) plans are also convenient, you can top up each month and avail of deals from your provider based on how much you top up by. There is no contract on PAYG so you can leave the network whenever you like.
6. Smarter food shopping
The cost of food is rising at a record pace, and the only way for consumers to offset some of these increases is to get smarter with their shopping habits.
For example, when you’re out shopping, always look at the top or bottom supermarket shelves, as this is where the lower-priced items are typically placed (with the more expensive items at eye level and within easy reach).
Also, the price of an item might not necessarily represent the best value for your money, so don’t forget to look at the unit price that’s displayed on the barcode. Choosing a supermarket’s own brand products over branded products is usually a cheaper option.
Another way to shop smarter is to buy products from your local butcher or greengrocer, where you can often get better quality food for better prices.
7. Switch your mortgage provider
Mortgage rates in Ireland are among the highest in Europe, with mortgage owners paying an average of 2.78% (and some as high as 4%). However, it’s worth shopping around as you can almost always find a better deal elsewhere.
As we discussed in a recent article, switching your mortgage could save you thousands of euros — and that money could go a long way in the battle against rising inflation rates.
Our team of expert, impartial advisors are here to help you make the switch as soon as you’re ready.
Beat inflation with Symmetry Financial
Many people are worried about their financial situation amid the current societal and geopolitical upheaval, but one thing that will always remain constant is the impartial knowledge that Symmetry Financial Management can provide our clients with.
Whether it’s mortgages, pensions, or savings and investments, Symmetry Financial Management is your trusted source for financial advice, no matter what.
For more tips on saving money and dealing with inflation, get in touch with us today.
If you’d like a free, no-obligation consultation for your mortgage, pension or financial needs, get in touch here, call us on 01 6831673 or email us directly on info@symmetryfinancial.ie.
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