It has never seemed harder to save money. The cost of living, as we all well know, is at an all-time high. A recent (May 24)  Irish Time article states:  “One in five Irish people is struggling and almost two-thirds are in the same financial position now as they were at the height of the crisis early last year, according to a recent survey.” There are so many things that are out of our control, we cannot wait around and hope that things improve. We all must take matters into our own hands and try and make our money work for us.

In this article, we want to give you some practical tips to save money. With the help of a financial advisor, you can start implementing changes to better your tomorrow, whether you’re saving for a deposit, an emergency fund, or trying to get out of debt,


1. Track Your Spending

The first step to saving money is understanding where it goes. Using apps like Revolut can help to keep an eye on your spending habits. Many Irish banks also offer online tools that categorise your spending, helping you identify areas where you can cut back.

2. Create a Budget

Once you have a clear picture of your spending, create a budget. Include all essential expenses such as rent/mortgage, utilities, groceries, and transportation/fuel. Remember to allocate some funds for leisure activities, as completely cutting them out can make budgeting feel like a chore.

3. Automate Your Savings

Set up a direct debit to transfer a portion of your income into a savings account each month. Treating your savings like a non-negotiable bill makes you more likely to save consistently. Look into high-interest savings accounts to maximise your returns.

4. Cut Down on Utility Bills

Utilities can be a significant monthly expense. Compare providers and switch to cheaper options if available. Additionally, simple changes like using energy-efficient bulbs and unplugging electronics when not in use can add up.


5. Be Smart with Groceries

Plan your meals and make a shopping list before heading to the supermarket. This helps avoid impulse purchases. Consider shopping at discount stores like Lidl or Aldi for everyday essentials. Buying in bulk and choosing store brands over premium brands can also reduce your grocery bill.


6. Review Your Subscriptions

Do you need Sky, Netflix, Disney and Apple TV? Subscriptions aren’t cheap. Regularly review these and cancel any that you don’t use frequently or can sacrifice for the greater good. Consider family plans or shared accounts to save on costs.

7. Shop Around for Insurance

Insurance is a necessary expense, but that doesn’t mean you should overpay. Whether it’s health, car, or home insurance, always shop around and compare quotes. Shankill Financial Services can make this simple. We can find the best policies to suit your lifestyle, so you are comprehensively covered but don’t have something you don’t need.

8. Make Use of Free Activities

Ireland is brimming with free or low-cost activities. From beautiful hikes in Wicklow to free museums in Dublin, there’s plenty to do without spending a fortune. Looking at free activities might seem extreme, but never lose sight of your goal. Saving even €100 extra each month by doing some free activities, will make a huge difference.

9. Choose the Right Savings Accounts

Consider long-term savings options like a Regular Saver account. For those looking towards retirement, contributing to a PRSA (Personal Retirement Savings Account) can provide tax relief and help build a substantial nest egg over time. If this feels like a minefield to navigate, get in touch with us and we can provide you with your options.


Saving money doesn’t have to be a painful process. With a bit of planning and mindful spending, you can build a comfortable financial cushion and achieve your financial goals. Remember, the key is consistency and making small, sustainable changes to your lifestyle.

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