Households could save over €13,000 a year by switching service providers and changing their spending habits.
That’s according to new figures from Irish personal finance company Moneysherpa.
They show that despite inflation running at a 38 year high of 9.1%, consumers can save by shopping around.
“Many are struggling to make ends meet,” said Mark Coan founder of Moneysherpa.
“The average household can still save plenty though,” he added.
According to Moneysherpa, the average household could save over €5,114 a year by switching their grocery, TV, mortgage and energy suppliers.
Meanwhile, ditching credit cards and claiming tax reliefs could result in a saving of over €4,050 a year – and cutting out discretionary day-to-day spending on drinks, sandwiches and cigarettes could save you over €4,753.
The company has launched a free tool on its website to help consumers work out how much they could save.
“No two households are the same. So we built a free tool to help people work out where they can actually save in the real world,” Mr Coan said.
“Our goal is to give a little bit of extra help to households struggling with the cost of living crisis,” he added.
According to figures from Moneysherpa, the average Irish household spends over €5,000 per year on groceries.
Mr Coan said you could know a third off your grocery bill by switching to own label products or shopping at the discount retailers.
He said this would result in a yearly saving of €1,664 for the average Irish household.