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You can save €5k by doing two simple things

IRISH households can save up to €5,000 by doing two simple things, says a mortgage conversion expert.

Doddl CEO Martina Hennessy outlined two key steps homeowners need to take in 2022 to combat rising bills and living costs and save lots of dollars.

People who work from home can earn even more, with tax breaks on household expenses

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People who work from home can earn even more, with tax breaks on household expensesCredit: Getty Images – Getty
Doddl CEO, Martina Hennessy

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Doddl CEO, Martina Hennessy

Ms Hennessy has advised homeowners to review their home loans and claim a tax refund by 2022.

How doing both, she says, could result in the average Irish household saving €5,000 – 50 times the State’s planned €100 subsidy to help families have increasing energy bills.

“Taking time in the short term to look at some of the big sales can pay big dividends over the long term,” Ms. Hennessy said.

“Homeowners have been hit hard by rising utility costs and the overall cost of living.

“However, converting your mortgage and asking for allowable tax expenses are two things a household can easily do to cushion the blow.”

Ms. Hennessy also noted Doddl’s most recent mortgage conversion index shows that homeowners don’t need to move up to €4,258 in additional mortgage payments each year by not switching lenders.

Most read in The Irish Sun

She said: “The difference between the highest and lowest interest rates available on the market has now increased to 2.55%, which means savings of up to €135 per month for every €100,000 of 25-year mortgage debt for converts.”

The latest data from the Central Statistics Office shows residential property prices increased by 13.5% nationwide in the year to October 2021.

This compares to a 12.5% ​​increase in the year to September and a decrease of 0.5% in the 12 months to October 2020.

Ms Hennessy continued: “While this is a harsh reality for those looking to buy property, it means there is an opportunity for existing homeowners to review their mortgage balance. against their value and unlocks a lower interest rate as lenders rate their interest on the loan’s value.

“With fixed rates as low as 1.95%, now could be a good time to fix and lock in mortgage payments for a certain amount as the overall cost of living increases.”

WORK FROM HOME Confidently

Mortgage conversion expert tells how people who work from home can pocket more, with tax breaks on household expenses.

“When people take the time to claim their benefits, the average refund per customer is €1,076 according to Taxback.com,” she said.

“With thousands of Irish employees now working remotely, you may be eligible to claim a tax break on the costs you incur while working from home such as heating, electricity and broadband.

“Reliefs are also available for various medical and dental expenses, couples within the first year of marriage, and fixed expenses depending on your occupation.”

SAVE BOOM

Meanwhile, a new survey shows that saving money by 2022 is a top priority for four out of 10 people.

Three out of 10 people said their financial behavior had worsened since the beginning of the pandemic while a similar number had improved their spending habits.

According to Taxback.com’s latest survey of taxpayer sentiment across 1,200 taxpayers, 20% said they’ll budget appropriately by 2022.

Only 11% of people said they plan to be more proactive in finding better deals on insurance and tax refunds.

Commenting on the findings, Barry Cahill, Business Development Manager at Taxback.com, said: “The feedback has been mixed – because while 71% of people say they’ve made changes, they’ve made changes. to its financial behavior since the pandemic began – there is a divide between those who are now managing their money better and those who are worse.

“Moreover, while saving seems to be a top priority for a lot of people (44%) in the new year, it’s disheartening to know that one in 10 people show a willingness to take the initiative when it comes to negotiating or Sourcing.Better Deals or Get Money Back.

“Unnecessary overspending and not claiming what one owes has always been something that Irish consumers have struggled with.

“Many people are simply unaware of the significant price difference across different products or about the tax breaks or other benefits they enjoy. That’s why experts need to highlight it. There are many ways that people can cut their expenses and save money without making sacrifices.”

NEW FOCUS

The Taxback.com survey also found 11% are focused on making more money as a result of the pandemic.

Mr. Cahill continued: “This is an interesting result because it is so low. Perhaps, due to the pandemic, more people are focused on maintaining a better work balance than in the past – perhaps that increasingly is the case of ‘your health is your wealth’.

“However, while money is certainly not everything, the cost of goods and services is rising at an alarming rate as inflation spikes, so more people should consider paying it to their homes. If it doesn’t change for a few years, it’s likely that their standard of living is going backwards.

“While many households face the real possibility of Covid-19 and the economic devastation that could leave them unable to pay their mortgages or deal with other major expenses, the amount that everyone savers have skyrocketed.”

https://www.thesun.ie/money/8149988/save-money-two-simple-things-irish-working-home/ You can save €5k by doing two simple things

Fry Electronics Team

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