Ireland’s Guide To Money And Living

Managing the household debt

According to the latest figures from the Central Bank, Irish households are continuing to get themselves out of debt. The institution’s quarterly financial accounts for Q1 2013 show that household debt declined further during the first three months of the year, by Ђ1.6bn or roughly one per cent. Debt for Q1 stands at Ђ172.3bn which equates to Ђ37,572 per capita, the lowest point since the end of 2006. At its peak at the end of 2009, household debt stood at Ђ203.8bn, representing a fall 15.5 per cent, or Ђ31.5bn.
Here are a few handy tips to reduce your overall household outgoings and help you put more towards servicing your debt.

Energy saving

There are plenty of ways you can cut down on your energy bills with some simple solutions. For example, take a shower instead of a bath, ensure your attic is insulated to prevent heat from escaping, always wait until you have a full load when setting off your dishwasher/washing machine and remember to switch devices off completely instead of leaving them on standby.

Insurance shopping

Many of us may remain with our current insurance providers simply because it’s easier. However if you shop around, there’s a good chance you could find a lower price. And not necessarily elsewhere – try haggling with your current providers; the threat of losing a paying customer could force them into giving you a better deal.

Grocery shopping

Sign up for shopping schemes such as Tesco’s clubcard. It might seem like small figures at first but as they say themselves, every little helps.

Lunchtime expenses

While eating out for lunch every times is always nice, bring your own lunch to work with you, not just every once in a while, but everyday. It doesn’t have to be sandwiches and an apple. Embrace the leftovers or shop around!