Saving money is a smart financial habit that can help you achieve your goals and secure your future. In Ireland, there are many ways to save money in 2024, depending on your income, expenses and preferences.
When you first set a financial goal, working towards it feels new and exciting. You may spend a lot of time researching ways to save money and feel motivated to change your lifestyle to get closer to your goal. But after a while, the shine wears off and you enter into a phase called “the boring middle.”
When you’re in the boring middle, you feel far away from your long-term goal. You may have several years to go before you pay off all your debt or save up enough money to buy a house. The financial changes you’ve made probably don’t feel exciting anymore—they feel restrictive. Some days you may be tempted to give up and go back to old financial habits.
Here are some tips on how to stick to your financial plans when saving feels like a slog.

Weather the storm
If the last few years have taught us anything, it’s the importance of a rainy day fund. If yours has taken a battering recently (or you never really had one), start saving – anything is better than nothing. The rule of thumb is to have three months’ income saved for emergencies, ideally six if you have a mortgage.

Steer clear of debt
Debt has a way of derailing the best-laid financial plans. The biggest problem with debt is that the repaying of it eats up so much more money than you originally spent. This is especially the case with credit card debt. Unless you pay your statement balance off every month, the interest rates will have an extremely negative impact on your ability to save more money. While some debt cannot be avoided, such as emergencies, medical problems or loss of a job, most cases of accumulating debt arise from a lack of control when it comes to spending. If you have debt, focus on getting it paid off as quickly as possible so you can move forward with saving instead of getting sidetracked with high interest payments.

Live below your means
Unless you’re independently wealthy or you have a huge money tree growing in your back garden, you’re going to have to make sacrifices when it comes to saving money. Remember the big picture, the long-term goals you’ve set, and then choose to live a lifestyle that costs you less to maintain than you actually earn. That doesn’t mean you can’t take a holiday or buy something you really want from time to time but make sure you plan for it and save for it. And make sure, when you do splurge, that it’s on something that you really want and not just on an impulse purchase.

Cut out the right expenses
When you look at what expenses you can cut out of your monthly budget to save more money, be sure to look more at the luxuries than the necessities. For example, don’t cut back on car, health or home insurance. Falling short with insurance coverage can reek havoc on your savings account should something go wrong. Instead, consider cutbacks such as cable television (who really needs 500 channels?) and other types of entertainment expenses. You also might give up dining out and that pricey morning latte for home-cooked meals and a reliable coffee maker right in your own kitchen.
Some bills to get immediate focus:
– Claim all the tax relief you are entitled to, such as home carer credit, medical or dental expenses, working from home relief, rent or mortgage credit.
– Investigate switching your mortgage to a lower interest rate and save thousands of euros over the lifetime of your loan. You can compare mortgage rates and offers from different lenders on moneysherpa.ie or ccpc.ie.
– Switch your electricity or gas provider to get a better deal and lower your energy bills. You can use comparison websites like bonkers.ie or switcher.ie to find the best offers and switch online in minutes. According to bonkers.ie the average saving is €723 per year.
– Switch your broadband and TV provider to get faster speeds, more channels and lower prices. You can also bundle your phone and mobile services to save even more. The average saving is €456 per year.
– Shop around for the best deals on groceries, insurance, travel, entertainment and more. You can also save by buying own-brand products, shopping online or using coupons and vouchers.
– Save regularly by setting up a direct debit or standing order to transfer a fixed amount of money every month from your current account to a savings account. You can choose from different types of savings accounts, such as instant access, regular saver or fixed-term deposits. You can compare interest rates and features on moneyguideireland.com or ccpc.ie.
Be prepared for setbacks
Life happens. Unfortunately, it can be costly when it throws a wrench in your savings plan. The positive thing to remember is that, with a solid plan in action, you have the money to cover those unexpected setbacks. You may have to dip into your savings temporarily but if you can avoid getting into debt during the difficult times, you’ll find it much easier to get back to your plan once the crisis is over.
Stay focused
Wherever you are in the life of your financial plan, stay focused on the long haul. Don’t get discouraged if you hit a temporary rough patch and can’t save as much as you’d like. Just get back on the road as quickly as possible and keep moving forward from there.

STOP CHECKING YOUR INVESTMENTS OR DEBT BALANCE CONSTANTLY
Although it’s tempting to check up on your investments or finances all the time, it’s important to find other ways to occupy yourself. Some people can be guilty of putting too much focus on achieving my financial goals, which makes the process feel like a slog. You know the saying: a watched pot never boils.
If you’re feeling burned out on saving, try a new hobby or spend some time with friends you haven’t seen in a while. Focus on creating a rich life outside of your finances. Time will start flying before you know it, and you’ll be much closer to your goal without even realising it.

MEASURE YOUR PROGRESS
It is important to track your debt and figure out how long it will take you to clear it, that’s not the only metric you should pay attention to.
Make sure you track your progress monthly or quarterly. Keep a running tally of how much debt you’ve successfully paid off or how much money you’ve saved. Calculate the percentage of your mortgage or other loans that you’ve cleared over the past few months and in total. When you see those figures, you’ll be impressed at how far your hard work has gotten you. You’re probably closer to your financial goals than you think, and all your effort deserves to be celebrated.

CELEBRATE LITTLE MILESTONES
Don’t wait until all your debt is paid off or your emergency fund is full to recognize your discipline. Choose some smaller milestones and reward yourself for achieving them. You don’t have to go on a shopping spree or spend a lot of money to treat yourself. Your reward could be as simple as inviting your friends over for dinner or buying yourself a celebratory cake!
Sometimes you have to trust the process and stick to your original financial plan even when it gets tough or downright boring. Big financial goals take time to achieve, and we have learned there’s really no way to get around that (unless you win the lotto!). By following these tips, you can save money and improve your personal finance in Ireland in 2024.

Happy Saving!