Wednesday, January 21st 2009

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10 Ways To Clear Your Credit Card Debt After Christmas
€1,358 is the average amount spent at Christmas by every adult living in Ireland. That figure was complied by Deloitte recently. Nearly €700 is spent on presents, over €400 spent on food & the balance spent on socialising.

So now that your credit card is feeling particularly vulnerable - 50% of us only pay the minimum balance - is there anything you can do to gain your financial independence in 2009?

Here are a few practical and easy-to-implement tips:

1. Switch your credit card balance to a more competitive rate: The AIB Click card is the most competitive right now at 8.50% APR. While this rate is not one of those pesky introductory offers, there are nevertheless 73 terms and conditions attached to the card. Including the whopping 22.9% rate when you take out cash on the card ! Caveat Emptor.
2. Bring your lunch to work: It costs €2.00 to make a sandwich in the morning whereas it costs on average €6.00 to buy it in the local deli - add in a packet of crisps for good measure. Over the course of 2009, you will save yourself over €900!
3. Buy generic food brands: There are big savings on tea, coffee & cereal in particular. When shopping, always compare unit price as opposed to pack price. If you can save 10 cent on a diaper and you change it 6 - 8 times per day, that's a savings of almost €300 in 2009.
4. Shop Online: 50% of shoppers shop 3 - 4 times per week that is according to research conducted by the Marketing Science Institute. Shoppers making a 'quick trip' to the supermarket end up buying over 50% more than they had anticipated. If this translates to €10 each time, that's an extra €2080 per year. Shop once per week and it's €520 versus €2080 per year. That is a realistic savings of €1,560 per year.
5. Rethink your broadband/tv/phone providers: There are many good deals out there and the telecoms industry is so competitive that there's always a good deal to pick up. The status quo is not your friend here. Consider downgrading your tv package also if you are not making the most of it. Sky's basic package will cost you €246 per year as opposed to their advanced package of €852 per year, saving you €606 in 2009. Check out ComReg's site www.callcosts.ie
6. Buy a more economical car: Save yourself almost €900 by driving a more economical car. If you drive 18,000 miles per year and your car averages 25 miles per gallon it will cost €3096 (assuming 95 cent per gallon). A car that averages 35 miles per gallon costs just €2,211. The savings pays for your road tax and insurance in 2009! Go hybrid !
7. Check your latest phone bill: Call costs can be extraordinary if left unchecked. For those of you with a half decent PC or laptop, set up a Skype account. Calling from computer to computer is free regardless of the recipient's location and calls to mobiles & landlines are only a fraction of the price compared to most landline operators. Check out www.skype.com and again ComReg's site www.callcosts.ie
8. Pay off high interest credit cards & loans before your mortgage: the sniper approach will tackle the most expensive loans first with your surplus monies. If you are under pressure to maintain all your monthly debts, consider switching your mortgage to interest only if allowed. This will reduce your repayments every month by up to 30%. This is recommended providing you have the discipline to accelerate your debt repayments at a later stage.
9. Set up a loose change jar: Anytime you come home empty your pockets of your loose change. You will be very surprised how quickly a few quid accumulates.
10. Contact your Money Doctor Adviser to set up the 'Inner Circle'. The Inner Circle is for your family, friends and neighbours where for just €25 per person, you have an audience with a Money Doctor Adviser in your home for 60 minutes. Minimum of 5 persons required, but it is the most cost effective way to save thousands of Euro in 2009.