22-year old looking for advice on clearing debt

Firstly I'm impressed by a 22 year old with her head screwed on as well as you. Well done, in the long term, I'd say you'll work out fine

Some practical things that may also help

Start a change jar, I've had one for the last few years, usually clear it out before Xmas and had around €150 in it this year. It's amazing how quickly it adds up

Secondly, do a full root and branch on your tax position. Have you claimed tax relief for everything you can, for example, your medical expenses, even if your health insurance covered a fair whack of them, likewise, bin charges, union membership, there is a long list of things which many people don't claim for and which will increase you take home pay. Dont just look at this for the future, have you historically claimed for all you should have claimed for?

Thirdly, pay cash for things, it really does help cut down on spending when you are not flashing a debit/credit card

Lastly, it's time to look to the future, your debt is coming under control, what can you now do to increase your income in the future,? might be time to start considering night classes, further education and training
 
dmos87 said:
I had considered using the CU savings to clear the car loan first but when I enquired about doing so on the dfixed loan, they were going to charge me a lot extra to finish the loan early.
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At the moment I'm paying down my car loan in a big way, it's my only debt and it's seriously expensive. The intention is to get the loan principal way down to reduce the interest bill. When it's nearly paid off I'll reduce the repayment down to 10 euro or so to avoid the early termination penalty. Check your loan contract to see if this is possible for you.
 
dereko1969 - not a hope. I was run off the road last year and no med insurance and no Medical card. Also low savings and it crippled me. I won't make the same mistake again. I see it as a necessity, more so than most others. This year is my first year having insurance of any kind so hopefully next year the cost might reduce.

fiatmoney - apologies if this is a silly question - what are HP's?
 
jambo.ie - thanks for that. I'll definitely speak with the bank about doing this - it could work
 
fiatmoney - apologies if this is a silly question - what are HP's?[/QUOTE]

Hired purchases.
 
Lastly, it's time to look to the future, your debt is coming under control, what can you now do to increase your income in the future,? might be time to start considering night classes, further education and training


-Already doing this Have been doing night classes locally to improve a skill that has a high earnings prospect and is also fun for me. The aim of the game is to get rid of my debt, and focus on possibly enrolling back in college as a Mature student - at the moment I'm too young for this but next year I am eligible.
 
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