Conor Pope, consumer expert and co-host of The price of everythinggives some tips on how to cut costs and save money.

Managing our money has rarely been more important than it is today, with the rate of inflation reaching record highs and expected to reach rates we haven’t seen since the darkest days of the early 20s. 1980.

The bad news is that the price spiral problem will only get worse before it gets better. But we are not helpless, and there are steps we can all take to save money on food, transportation, energy, and insurance.

Food
For most Irish households, the cost of groceries comes second only to a mortgage or rent, but this is also an area where significant savings can be made.

1. Be a supermarket ninja and buy only what you need. Don’t get carried away by the deals hanging in front of you as you walk up and down the aisle.
2. Before you walk through the doors of the supermarket, do your homework. Know what you have in the house and make a list accordingly. Don’t deviate from this list. Rather than scribble it down on a piece of paper, write it down in your phone’s Notes app — you’re less likely to leave it at home.
3. Never shop hungry – a hungry shopper is never like a ninja.
4. Experiment more with own brand products. Making smart switches could drop your weekly store cost by 30%, which could save you hundreds of dollars each year.

Light & heat
The cost of heating and lighting our homes has risen dramatically since this time last year, with all major companies launching multiple price hikes, blaming soaring fossil fuel prices on global markets. The hikes will cost many households more than €1,000 over the next 12 months.

1. Although each company has increased their prices, they still offer substantial discounts – sometimes over 30% – to new customers. So be that new customer. Moving is easy, although you will be on hold for a while, but if you have the patience and can save $500, it will be worth it.
2. Turn the thermostat down one degree and you reduce your heating energy consumption by up to 10%, which can save you €100.
3. Cooking more than one thing at a time makes your oven more efficient. Resist opening the oven door during cooking, as 20% of the heat escapes each time. Put lids on boiling pots on the stove and always turn the heat down when the water begins to boil.
4. Do not leave electrical appliances on standby and find ways to make your home more comfortable by blocking drafts and enjoy your immersion at your own risk!

Transportation
Gasoline and diesel prices have skyrocketed in recent weeks. Fuel prices fluctuate from court to court, but an increase of nearly 50 cents per liter since last year is fairly typical. Spread over a full 12 months, increases of this level will cost the typical motorist nearly €1,000.

1. The best way to save money when it comes to cars is not to use them. If you could reduce the time you use your car by 20% – perhaps by walking or cycling – you would reduce your annual expenses by €220.
2. By cutting even 5 cents off the price you pay for fuel, you’ll save an additional €60 over the course of a year. Buy a fixed number of liters, which will make you aware of price differences between forecourts. Check pumps.ie for prices in your area.
3. You can also save a surprising amount of money by changing the way you drive. Don’t rev your engine too much, drive in the right gear and keep your trunk empty. Keep the tires at the right pressure, have the car serviced, don’t use the air conditioning and remove the roof bars.

Health insurance
Health is not immune to inflation: the cost of health insurance is expected to continue to rise this year.

1. For more than two million people, private health insurance is a luxury they cannot afford. And many of those who have are paying too much. If your renewal is coming up, call your insurer and ask for any plans comparable to the one you have that cost less and use the Health Insurance Authority website to make comparisons (hia.ie) between your provider and others on the market. You may be able to save hundreds of dollars in just a few hours of work.
2. Make sure you benefit from the tax refund on the cost of health expenses. There is a 20% tax on the table for health and medical expenses and non-routine dental expenses.