5 Top Student Money Tips, Ireland 2021

student money tips
student money tips

Read on to get the best student money tips available to Irish teens. As a teen myself I spent hours looking for the best financial advice specifically for teenagers, both online and from people I know.

After investigating I have found that as a teen you are  taught little about finance, this lack of knowledge can leave many teenagers strapped for cash and struggling to afford basic necessities. This article aims to help fill in the gaps for teens where the education system comes up short.

The really great news is it’s not as hard as you think to get into good money habits. With the right information and coaching, teen finance won’t be a problem.

Here’s the 5 financial tips to make you the teenage Elon Musk.

1. Time is Money – Student Money Tips

2. Track your spending – Student Money Tips

3. Not all debt is bad – Student Money Tips

4. Go to College/University – Student Money Tips

5. Get a Summer Job – Student Money Tips

6. What’s Next? – Student Money Tips

student money tips

1. Time is Money – Student Money Tips

As a teen, you’ve probably heard this a thousand times, time is money. Literally, all you need is time to make money.

Just lump a bunch of money into a long term investment and watch your money grow. Teenagers don’t have much resources available to them but generally teens and older people alike don’t realise how valuable time is because of something called compound interest.

Most people don’t realise the power of compound interest where your returns in year 1 boost your returns in year 2 etc..

When your young is the perfect time to start long term investing, but you should always get help from parents or professionals before investing in things like crypto or the stock market as you could lose all your money. Stupidly putting your money in Dogecoin could mean being in severe debt by the time you hit college.

Short term investing is often compared to gambling because the stock market and crypto are extremely unpredictable. Famously a monkey was able to make more money from the stock market than 9 out of ten professional traders on the stock market.

Long term investing is much safer and has bigger rewards. It’s a win win.

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2. Track your Spending – Student Money Tips

Although this might seem insignificant, believe me when I say keeping track of the stupid things you’ve impulse bought really helps you avoid dumb purchases in the future. Its also useful because in a lot of cases you don’t realise what’s draining your bank account, things like going out too much to a snickers addiction can make your money disappear without you even realising it.

Always remember how much you have in your bank account before buying non essential items, You don’t want to go without heat for a week because you decided to have a drunken pool noodle fight with your roommates.

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3. Not all debt is bad debt – Student Money Tips

It should go without saying, being in debt to things like payday loans is just terrible, but debt like mortgages generally can’t be avoided and have a relatively low interest rate compared to other loans. If you go your whole life without debt like mortgages, chances are you’ll be homeless due to how expensive houses are nowadays.

This doesn’t mean you should welcome all debt with open arms, as taking out loans for luxury items will always come back to bite you due to high interest rates, but if you’re starting up a business or taking out a loan for investments, debt should be worth it.

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4. Go to College/University – Student Money Tips

There is a lot of stigma about people not being able to afford College and Universities, but that generally comes from the States as their prices for University is about 40`000 a year whereas in Ireland its about 3000 a year. 3000 is still a lot of money and chances are to afford living and tuition fees you’ll need to be extremely money smart but the pros of going to college vastly outweigh the cons. 

Non grads have almost twice the unemployment rate as people who have gone to college and make on average around 10000 less. You may have also heard of super rich business men like Mark Zuckerberg and Bill Gates dropping out of college as well but you must remember again that they’re American where the prices of college are much higher and most people who drop out will not make as much as people who went to college. They also left to start the businesses that made them the billionaires they are today.

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5. Get a Summer Job – Student Money Tips

If you are a college student, a summer job is basically essential to afford tuition and living costs. Not have a nervous breakdown over being able to afford a sandwich for lunch is amazing and helps you focus more on your studies.

It also helps to have a diverse and full portfolio for your cv when you go into the world of work. Employers like to see that you have experience working no matter what the job is and they also like jobs that show you have a multitude of skills.

What’s next – Student Money Tips

So to summarize,

1. Don’t take your time for granted, it’s extremely valuable. 

2. Always remember what you spend your money on, make a budget with this information. 

3. Not all debt is bad, some debt just helps you make more money further down the road. 

4. Going to college is basically essential to get high paying jobs 

5. A summer job should really help with finances and getting a job in the future.

If you want more help with money saving and investing for the future check out our other money saving articles.

Irish Women Lead in Financial Literacy, New Irish Money Guide Survey Shows

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financial literacy

Financial literacy is crucial to having successful financial outcomes, yet only 55% of people in Ireland understand 3 out of the ‘big 4’ financial concepts [1]. This is almost 20% lower than in the UK, Germany, Denmark, Sweden and the Netherlands.

Drilling into the data for Ireland the new moneysherpa study has three main takeaways.

  • The 18-44 age group is 20% further behind the curve than older age groups
  • Dublin lags rest of the country for financial literacy
  • Unlike findings in most other countries Irish women are 15% ahead of men when it comes to financial savvy

Read on to find out, why financial literacy matters, what the ‘big four’ concepts you need to know are and the Irish survey findings.

If you want to check out your own financial literacy score, you can take our financial literacy test.

Why financial literacy matters

Financial literacy matters more now than ever. According to a recent survey conducted by Laya healthcare, the single biggest source of worry for Irish people today is financial worry [2].

In an increasingly dog eat dog financial world where traditional safety nets like defined benefit pensions and jobs for life have fallen away, Irish consumers need to be able to financially fend for themselves.

Yet study after study has shown we are singularly unprepared for this task, with young people in particular lacking the basic skills and knowledge to make smart financial decisions.

Anne Richards, CEO of Fidelity International one of the largest financial providers in the world, believes real world money maths matters “Armies of people leave school knowing their SOHCAHTOA [trigonometry]” she said “perhaps teaching children and young students the building blocks of how mortgages, credit cards, insurance and pensions work … might be more useful.”

Financial Times

The good news is that these building blocks can be boiled down to just 4 fundamental concepts that are easy to learn and teach.

The ‘big four’ concepts you need to know

The 4 concepts behind financial literacy are very straightforward, yet over 66% of people worldwide failed to get 3 out 4 of them correct in the S&P Finlit survey.

  1. Diversification, spreading risk to reduce the overall level of risk = “never put all your eggs in one basket.”
  2. Inflation, the value of money isn’t fixed, it is simply a function of what you can buy with it.
  3. Numeracy, 2 + 2 does equal 4, good basic arithmetic is the cost of entry for financial literacy
  4. Compound Interest, is the interest you earn on your money, plus the interest it’s already accrued

The last one compound interest is a particularly slippery customer, because of the powerful mathematical process that lies behind it.

Albert Einstein is said to have called compounding “the most powerful force in the universe.”

“Compound interest is the eighth wonder of the world,” Einstein reportedly said. “He who understands it, earns it. He who doesn’t, pays it.”


The exponential growth curve that results from compounding is often hard for us to get our head around and the source of many financial mis steps.

Irish financial literacy survey deep dive findings

18-44 age group under prepared for financial decisions

Irish Financial Literacy by Age 1

The moneysherpa survey shows that the 18-44 age group are over 20% less financially literate than the 45-64 age group.

This is crucial as it is at this stage many of life’s critical financial decisions are made. Financial mistakes made before 44 are quite literally compounded as the years roll by.

By the time we reach our peak financially at 45+, the decisions we have made on our pensions and mortgage may have set us on a path that it is hard to break from.

Dublin lags the rest of the country in financial literacy

Literacy by Region 1

Generally financial literacy falls in line with economic development. As Ireland’s economic powerhouse you might expect Dublin to lead the country in financial literacy.

In fact Dublin financial literacy is 5% lower than in the rest of the country.

In a region with higher income levels and house prices, low levels of financial literacy could have long term consequences.

Irish women bucking world wide financial literacy trend

Literacy by Gender 2

In countries rich and poor around the world financial literacy surveys have consistently shown women coming out around 15% lower than men in financial literacy.

This is usually attributed to cultural factors or access to education, reducing both financial confidence and knowledge.

Interestingly the Irish survey data shows women leading men in financial literacy by 15%. Turning the trend seen elsewhere completely on its head.

Maybe Brehon Law has something to do with it…

Test your own financial literacy

At this point you may be wondering how you would score for financial savvy. Our quickfire 5 question quiz tests you for the same concepts used in the survey and S&P Finlit report, gives you a score and will point you in the right direction if you get any answers wrong!

Financial literacy quiz

Is it safer to put money into one business or many?

In a nutshell – Financial Literacy

Financial literacy in Ireland is almost 20% lower than in other Northern European countries and is particularly low in Irish men aged 18-44.

Only 55% of people in Ireland understand 3 out of the ‘big 4’ financial concepts. Almost 20% lower than in the UK, Germany, Denmark, Sweden and the Netherlands.

  • The 18-44 age group is 20% further behind the curve than older age groups
  • Dublin lags rest of the country for financial literacy
  • Unlike findings in most other countries Irish women are 15% ahead of men when it comes to financial savvy

If you want to learn more about how to manage your finances check out our six steps to money zen guide here.

If you are after saving tips you can go here or use our calculators to help save with mortgages and more here.

Survey Methodology

The moneysherpa financial literacy survey was conducted over 3 days from April 30th 2021. Using a statistically valid sample, weighted to align with Irish demographic data. The questions were based on the 2015 S&P finlit survey and various OECD reports. Irish data is given as comparative across segments only to allow for differences in data collection across the various finlit data sources used.

The sherpa’s 6 simple steps to money zen – Irish money guide

debt free
debt free

Worries about money are the single biggest cause of anxiety for people today. A third of all Irish adults say they have no savings, almost a half of us have no retirement savings. [1,2,3]

It doesn’t have to be this way. Our team of financial experts at moneysherpa, the Irish money guide, have developed a straightforward system to help you get money worry free. The sherpa’s 6 steps.

Step 1 – Pick your goals

Step 2 – Get money fit

Step 3 – Become debt free

Step 4 – Reach your ‘rainy day’ goal

Step 5 – Reach your ‘play day’ goal

Step 6 – Reaching your ‘sunny day’ goal & money zen

With the sherpa’s 6 steps we will get you on the right path to money zen. This means being able to afford what you need, having rainy day fund for emergencies and enough stashed away for retirement.

Which = no money worries.

Step 1 – The Irish money guide to picking your goals


Think about what might lie in your future that you need to set money aside for.

It might be a trip to the Bahamas, university for your kids, a dream wedding or a ‘forever’ home. Whatever these things are, list them out. Put them in order and put a money number on each, don’t over think it, a rough idea is fine.

This is your ‘sunny day’ goal, if you’re paying attention you may have already have guessed what’s coming next.

To banish those money worries you also need a ‘rainy day’ goal. This is a cash stash to help you deal with any unexpected financial downpours.

Finally you need to set your ‘play day’ goal. That’s how much you need to have a retirement that’s no work and all play.

These three goals are what achieving money zen means for you. Your personal money Everest.

You can make it to the top, with your own Irish money guide helping you at every step.

Step 2 – The Irish money guide to getting money fit


Congratulations, you’ve already done what the majority never do. You have picked your ‘mountain’. Let’s crack on helping you climb it.

Before we start climbing we need to get money fit.

This means getting more money in and letting less money out.

Getting more money in

There are more moves here than you might think.

As well as your main gig, have you thought about a side hustle? This can be doubly smart, as well as increasing your earning power, you can learn new skills and open up new career opportunities. There are a lot of online platforms such as upwork that make earning on the side easier than ever.

Finally, don’t forget to make sure you get all the tax reliefs you are entitled to. The average cash back on an Irish tax return is just under €1K. [4]

Letting less money out

There are just two ways to spend less, buy less and buy for less. To buy less, you simply have to reduce what you use. To buy for less, you need to shop around.

Check our Irish money guide 10 top money saving expert tips, which tells you how to save over €12,000 a year, even if you are on an average wage.

Step 3 – The Irish money guide to becoming debt free

money woman

Now we are money fit we should have more coming in than going out. Great, but before we start climbing our savings mountain, we need to get to our basecamp where we’re not ‘underwater’ with debt.

If you have no high interest debt, congratulations you are already there. Progress to step 4 of our programme, but if you have any personal loans, pay day loans or leave anything on your credit card at the end of the month, read on.

Saving whilst still having high interest debt is like climbing a mountain with a dead sheep on your back. Exhausting, uncomfortable and irritating, although hopefully a little less smelly. The first thing we need to do is ditch the debt and get that weight off your shoulders.

By taking the monthly surplus from step 2, we can start to pay down the debt. Start with the highest interest first, usually your credit cards. Starting with the highest interest debt first, creates a ‘snowball effect’ where you can use the interest rate payments saved to pay off the next highest rate of debt and so on.

Step 4 – The Irish money guide to ‘rainy day’ saving

rain dog 1

So your fit, at basecamp and ready to climb, let’s go get our rainy day goal.

The sherpa recommends having at least three months of your net income tucked away for a rainy day. That way you can pay the rent and bills for a few months even if your income if cut short. Depending on how secure and zen like you want to feel, you might even make it six months.

Put this money away in a separate savings account that’s covered under the deposit guarantee scheme. It will get a lousy rate of return, but this is your emergency fund so we want to take no risks with it. The Irish scheme guarantees deposits up to €100K for each bank or credit union you have, EU banks have similar schemes, but you will have to check the rules for each state. [5]

Set up an automated transfer to move your savings each month from your current account to your rainy day fund. Keep saving this way until you have reached your goal and then move onto step 5.

Step 5 – The Irish money guide to ‘play day’ saving


Next up is having enough set aside for an active retirement, your ‘play day goal’.

This maybe surprising, but this is where the tax man helps you ‘level up’. Giving you back the tax you would have paid on your salary for every euro you save for your retirement.

If you are under 30, up to 15% of your income can be saved tax free. This gradually increases as you age, until you can save up to 40% of your income tax free at 60 or over. [6]

So if your income is taxed at 40%, every €1 of take home pay put into retirement savings is boosted to €1.67. This tax free boost makes savings via a pension a no brainer. Even if you just held cash in your pension, the tax benefit alone makes it a smart move.

With improved wellness and life expectancy, 65 is the new 45. Assuming you want to kick up your heels a little and do more than watch day time television, you need to put by around 15% of your income each year into a pension.

What you need to put by will depend on exactly how much working and how much playing you intend to do. If your plan is to retire to a mansion in Mayo and take up fly fishing, then you might need to up the 15%. If you want to keep your hand in at work past 65, you might need less.

For your play day goal you are saving over a long period, so there are lots of investment options from low risk to higher risk that should offer attractive growth. To set up a pension and work out what approach would best work for you, it usually makes sense talk to a qualified financial advisor. You can check out our recommended pension financial advisors near you here.

Step 6 – The Irish money guide to the final ascent

Money zen 1x1 photo

Congratulations! You are money fit, debt free and with emergencies and retirement sorted, money worry free.

Time to push for the summit, total money zen.

With your rainy day fund and play day fund already in place, you can use any remaining surplus for the final ascent.

How you use that surplus will depending on the size and timing of your Sunny day goal. If it’s a short term or small goal then popping it into a savings account might make perfect sense even though you will earn very little interest.

However, if it is a longer term goal like saving for your kids financial security it probably makes sense to invest to grow your money. You need to do this to combat inflation, the rate of reduction of how much you can actually purchase per euro.

You probably need to get a return of over 3% a year if you don’t want to lose money in real terms. As with a pension, the return will vary depending on the risk you are willing to take.

At this point you will need to consider investing to get returns. This usually means buying things that usually appreciate in value, known as ‘assets’. Investment assets include gold, bonds, shares and even rare collectables. Who knew a mountain of Grateful Dead t-shirts would end up being part of your financial strategy.

You probably need to buy a basket of different things to spread the risk, known as a ‘diversified investment portfolio’. There are lots of new digital platforms that now let you do this yourself. These platforms are attractive, because they don’t eat up much of your return in fees.

You may however simply want set your goals and appetite for risk, agree a plan with a financial advisor and let them manage the buying and selling of assets for you. The advisor usually charges around 1% of your fund per year, which if you are getting a return north of 5% or so might make sense due to the lower hassle factor. You can check out our recommended investment financial advisors near you here.

The Irish money guide to what’s next?

So you are at the summit of your own personal money Everest. You have achieved money zen. The feeling of having no money worries, with a huge sense of personal achievement and with the world at your feet.

To help you follow the sherpa’s 6 steps and reach money zen we have created a range of Irish money guide resources and tools.

You can check out our savings calculator here.

You can check out our money saving tips and tricks here.

You can check out our comparison of the best mortgage products here.

and you can check out our recommended financial advisors for pensions and investments near you here.

Good luck on your journey to money zen!

Moneysherpa – the Irish money guide.

Ten Top Money Saving Ireland 2022 Expert Tips

money saving ireland

Based on months scouring the Irish market for savings and my inside knowledge of the Irish finance world, I’ve narrowed down this list to the top money saving tips that will deliver bang for your buck in 2022. I’ve used all these tips myself and they made a huge difference to my own bank account. 

The really great news is it’s not as hard as you think to save money in Ireland in 2022. With many businesses moving online and comparison sites that will do the heavy lifting for you, big savings are often only a click away.

money saving tips ireland

Most of what you read online is focussed on pouring over spreadsheets and logging your spend daily. 

With these money saving tips, you will be able to take control and get saving with no spreadsheets required. 

Here’s each money saving tip and how much you will save on average.

1. Money saving Ireland 2022- Get all the tax relief you’re owed (save €1,000)

2. Money saving Ireland 2022- switch your mortgage (save €2,650)

3. Money saving Ireland 2022- switch your electricity or gas (save €300)

4. Money saving Ireland 2022- switch your Broadband and TV provider (save €300)

5. Money saving Ireland 2022- don’t blow it, avoid the urge to splurge (Save €1,270)

6. Money saving Ireland 2022- ditch the branded groceries and go German (save €1,664)

7. Money saving Ireland 2022- become a DIY barista & chef (save €1,521)

8. Money saving Ireland 2022- cutting out cigarettes & alcohol (save €3,232)

9. Money saving Ireland 2022- becoming debt free (save €900)

10. Money saving Ireland 2022- living the good life, for life (save €500,000)

Keep reading to find out how to save over €12,500 a year and over €500,000 by the time you retire.


1. Money saving Ireland 2022 – get all the tax relief you’re owed (save €1,000)


How do I know how much tax back I’m owed?

There’s a smorgasbord of different tax reliefs you are entitled to as an Irish citizen or resident. The citizen’s information board is always a good place to start  (link at the end of this article), but cutting to the chase the big ones are,

  • Marriage tax relief
  • Medical or dental tax relief 
  • And, particularly in 2020/2021, working from home tax relief

Example average tax relief saving Ireland 2021 = €1,000

The good news is there are lots of online services out there that will even file the tax paperwork for you in return for a cut of the refund. The average money saving refund received by Irish consumers is just under €1,000 [2].

Next, once you’ve supersized what’s coming in, the next step is supershrinking what’s going out. You can do this two ways. 

  1. Buy for less
  2. Buy less 

Let’s start with the easiest, buy for less. Switching suppliers usually does pay off as companies know most people don’t bother to make the effort. This allows them to keep prices high for existing customers whilst offering sweet introductory deals for new customers.  

The next three tips will take you straight to where you can save the most money in Ireland by switching in 2022.


2.Money saving Ireland 2022- switch your Irish mortgage (save €2,650)

How do I save money by switching my mortgage in Ireland 2021?

If you are on a tracker mortgage or still on an introductory offer you are probably already banking big savings so can move right along, if not read on.

A third of all Irish mortgages, almost 200K, are on rates of 4% or above, some of the highest rates in Europe. On loans this big there is a massive saving to be had by switching to the 2-3% rates that are available.[3

The process is actually quite straightforward using a mortgage broker and almost all providers give you an additional cash allowance of around €2K to cover your admin costs. So if you are one of these customers on what’s known as SVR or MVR mortgages there’s really no excuse for not switching.

Example average mortgage switching saving Ireland = €2,650 per year

According to the Irish bank’s industry body the BPFI, the average value of mortgage switched in Ireland last year was €243,000. 

Switching that amount to a new provider, with a typical outstanding term of 15 years and loan to value of 90% would save you a whopping €2,650 a year.  

3. Money saving Ireland 2022 – switch your Irish electricity or gas (save €300)

How do I save money by switching my electricity or gas in Ireland 2022?

Your electricity or gas service is the same no matter who you buy it from, the key thing then is to simply get the best price. 

Lots of new providers have entered the market tempting switching with some great money saving deals. It couldn’t be more straightforward to compare and switch using one the comparison sites like Bonkers.ie or Switcher.ie. 

Example average electricity and gas saving Ireland 2021 = €300 per year

The average home in Ireland uses 11K kWh of gas and 4.2K kWh electricity per year and would save over €300 a year by switching based on current prices. [4]

4. Money saving Ireland 2022 – switch your Irish Broadband and TV provider (save €300)

How do I save money by switching my TV in Ireland 2022?

With streaming services now offering not just box sets, but live TV as well there are big money savings to be made by ‘cutting the cord’ from old school TV providers. 

Providers like Sky or Virginmedia typically charge around €25 a month for their entry TV pack, even though there is the same content available elsewhere for free. Ditch your current provider and get your sports and live TV from a combination of free to air & streaming, you will save hundreds and still get the same shows.

Example average TV saving Ireland 2022 = €300

Replacing Sky’s €25 a month pack with free to air, whilst getting your Sky & BT Sports straight from the NowTV streaming service will save you over €300 a year. [5]

Next up, there are whole industries and armies of people whose job it is to get you to part with your hard earned cash everyday. The next three top money saving tips will help you avoid the traps and buy less in Ireland in 2022.    


5. Money saving Ireland 2022- don’t blow it, avoid the urge to splurge (Save €1,270) 

How do I save money by avoiding non essential spend in Ireland 2022?

The best way to avoid temptation? Don’t put yourself in the way of it in the first place. Why do companies spend millions to push their ads, email lists, get your data, offer you easy credit and offer ‘one click’ payment options? 

Yep, so you will spend more. Dun & Bradstreet found We are 12-18% more likely to purchase using credit over cash. [6]

As a savvy money saving consumer cut this off at source, don’t sign up to marketing or to one click purchases. Delete your cards from your phone and move your money by standing order every month to a separate savings account where you can’t get at it easily.  

Example average saving by hiding the credit card Ireland 2021 = €1,270

Around €11,000 per household per year is spent on credit cards in Ireland according to the Irish central bank [7]. So according to the Dun & Bradstreet study switching this spend to cash would reduce this by 12% at least, saving €1,270 a year

6. Money Saving Ireland 2022- Ditch the branded groceries and go German (save €1,664)  

How do I save money by going own label or to Aldi & Lidll in Ireland 2022?

The average Irish household spends over €5,000 per year on groceries [8]. Generic own label products are typically half the price of the leading brands and just as good quality if not better.

Example average own label saving Ireland 2022 = €1,664

Even allowing for the odd luxury in your basket, knocking a third off your grocery bill by switching to own label or the German discounters is pretty easy. This would give a saving of €1,664 a year for the average Irish household.

7. Money Saving Ireland 2022- Become a DIY barista & chef (save €1,521)

How do I save money by paying for less everyday in Ireland?

When you buy a sandwich, coffee or get a takeaway you’re not just paying for the ingredients, but the whole cost of the seller’s business plus the profit that business is making.

According to Irish coffee house 3fe (whose coffee shops I personally love) of the €3.50 you pay for your regular americano only 50c is actually spent on coffee and milk.The rest goes on staff, rent, rates etc.. [8]

That makes it a staggering 7 times cheaper for you to make your regular latte or macchiato at home. I’m not picking on coffee, the same is pretty much true of any takeaway or eat out you can think of, it’s just a great money saving opportunity.

Example average DIY saving Ireland 2022 = €1,521

Irish households spend just over €1K per year on takeaways and eating out [9]. Add to that €7.50 every working day for you to pop out and grab a sandwich and you get just over €3K per year spent on takeaway food and coffees.

We aren’t going to deny you a weekend takeaway or lunch time pick me up, but if you cut by half you are looking at a hefty money saving of €1,521 you would be able to pop in the piggy bank. 

8. Money saving Ireland 2022 – cutting out cigarettes & alcohol (save €3,232)

How do I save money by reducing smoking and drinking Ireland 2022?

Known to Irish finance ministers for decades as the ‘old dependables’, beer & fags are the first place to go to raise tax revenues. 

This has made both prohibitively expensive and also a smart go to when you want to raise your own bit of revenue by saving money. 

The average Irish smoker spends over €2200 a year on cigarettes [10] and the average irish drinker almost €2K are year [11].

Example average ‘old reliables’ saving Ireland 2022  = €3,232

Based on the averages if you drink and smoke and halve the beer and cut out the fags you would save a whopping €3,232 a year on average. Not to mention the health benefits of cutting down on both.

Next lets get those interest payments down, nailing money saving tips 1-9, will help you get what you’re owed, buy for less and buy less. This gives you a lot more financial firepower, blasting open the doors on the next two money saving tips.

dynamite safe

9. Money saving Ireland 2022 – becoming debt free (save €900)

How do I save money by reducing my credit card and loan debts in Ireland 2022? 

Outside of your mortgage or student loans which are typically low interest, debt is a money saving blackhole to be avoided at all costs. 

Irish households owe €8k on average in credit card and loan debt, paying the 4th highest rate of interest in Europe at 10.3%. [12]

The solution is to start paying down your debt, starting with the most expensive first, almost certainly your credit cards. This is the ‘snowball ‘ effect, where the savings from the interest on one loan can help pay off the next and so on. 

Example average credit card and loan saving Ireland 2022 = €900

With the money savings from tips 1-9 coming to over €12K and the average Irish household debt at €8K, you should hopefully be able to pay off all your credit card and consumer loans. At the average interest rate of 10.3% that’s a money saving of over €900. Plus a big weight off the shoulders.

Finally, totting all the savings up from tips 1-10 gives a saving of €12,837, reaching our savings goal target of €12,500 of €7,500 for our rainy day fund and €5,000 for our trip to see Mickey.That puts you on a sound financial footing and on a plane to Florida for the trip of a lifetime, but we’re not quite done. Now for the big reveal…   

10. Money saving Ireland 2022 –

living the good life, for life (save €500,000)

How do I save money to retire to the Bahamas to drink cocktails?

Now you have the money saving habits from tips 1-10, our €12,500 saving is repeatable every year. The great news is we already have the rainy day fund in place so we can use that money for something else. 

Drum roll please… TA DA it’s a pension, but stay with me. At €38,496, the Irish average income, we’re allowed to put by €7,700 a year tax free. 

Starting a pension early is one of the smartest financial moves you can make, it’s like switching on a magic money making machine (kinda). 

If you’re 26 and keep chipping in this amount every year until you are 68 you will have a tasty €323,400 tucked away. 

However, this is where the magic bit starts, the tax saving turns this contribution into €9,624 a year straight off the bat. 

So by the time you’re 68 you actually will have over €404,000 saved. That’s 100% guaranteed with no assumptions about anything else, just the contributions over time and guaranteed tax saving.

Example average retirement saving fund Ireland 2022 = €500,000

That said, as you would be putting by over a long period then it probably makes sense to put your money into a tax free fund and increase what you chip in line with your tax allowance increases. 

You are putting a proportion of your money at risk by investing in a fund. However, over such a long period, based on the last hundred years or so of investing, you could reasonably expect a return of around 4% a year on average after fund charges.

Based on this return you would have over half a million (€500,000+) stashed away ready for your retirement and for those margaritas under the tropical sun.  


So it’s been a money saving whirlwind tour alright, 

  • €1,000 saved, getting what you are owed  
  • €3,250 saved,  buying for less  
  • €7,680 saved, buying less
  • €900 saved, going debt free
  • €12,830, Grand total saved

Most importantly these money saving tips will help you put in place a rainy day fund and regular saving habit that could see you set up for life financially with a retirement fund of over €500,000

Remember, we did all this using only the average national wage of €2,500 after tax, a bit of will power and some money saving smarts.  

Money saving Ireland 2022 – what should I do now? 

These money savings  are based on averages for Ireland, you will have to take your own case and work out what saving it means for you. You should also chat with a professional financial advisor for any big decisions or one of the state’s financial advice support services if you need help. There are some good links for these at the end of this article.

If you want to delve deeper into what you can save and how to do it (and why wouldn’t you?). Our other guides and money saving tools including how to switch your mortgage and invest tax free for retirement can be found here. 

If you need professional financial advice on pensions or investments you can check out our list of recommended financial advisors here

If you want to switch your broadband, tv or energy, we recommend Choosy.ie (not just because I used to work there, but because they are great).

Lastly, if you are struggling to make ends meet, you aren’t alone. More than half of all Irish adults say financial concerns are a threat to their mental health.  

If you are struggling with debt, making ends meet or just need some free independent advice, you should check out the state’s Money Advice & Budgeting Service (MABS) for further help.

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