Are you still feeling the pinch? Talk to Pricewatch

In the first three months of this year consumer spending contributed to economic growth for the first time since the crash. This was just one of the cheery findings in the quarterly Consumer Market Monitor – a compendium of data from the Central Statistics Office (CSO), the Central Bank, the European Commission and other sources.

It also found that retail sales had climbed back to levels not seen since 2005.

For the first time since mid-2007, more consumers expected their household finances to improve rather than worsen this year. Sales of new cars rose 30 per cent last year, and this buoyancy appears to be continuing: new car registrations rose 11 per cent last month compared with May 2014.

Household disposable income rose by 3 per cent in 2014 on the back of growing employment, the first increase since 2008. Disposable incomes are expected to rise further this year in response to rising employment figures and falling oil prices.

Figures released earlier this week showed revenue in the first five months of the year €734 million ahead of target and €1.69 billion better than in the same period in 2014. VAT receipts, which reflect consumer spending, rose €496 million year-on-year to €5.71 billion. And unemployment has fallen to a six-year low.

But are people feeling the recovery? Does everyone have more money in their pockets and are the bad times over then? The short answer is, no.

According to the KBC/ESRI Consumer Sentiment Index published on Thursday, Irish consumer sentiment was just holding steady in May as growing optimism about the outlook for the economy and jobs was offset by more caution about household finances. The consumer sentiment index slipped fractionally to 98.5 in May from 98.7 in April.

So confidence is not slipping but consumers “need to see a more tangible improvement in their own financial circumstances or at least a very real prospect that this will occur before long if the sentiment index is to move materially higher,” the report said.

The index points towards “a fairly healthy upturn in the economy as a whole” but the report highlights a disconnect between “very positive ‘macro’ conditions and a consumer who remains concerned about a lack of improvement in household spending power”.

Of the five main elements of the index, three posted monthly declines. These related to consumers’ own financial circumstances, while the two that improved relate to the outlook for the economy and for jobs.“We cannot be sure exactly what caused consumers to be a little more downbeat about their personal finances in May but several possibilities suggest themselves.

It could be the case that the roll-out of water charge bills served as a painful reminder of continuing pressures on household spending power,” the report says.

It also points to an “ongoing recovery in oil prices” and “significant increases in some elements of their living costs of late such as motor insurance”. Consumers who are renting are increasingly concerned by what may seem to be a relentless rise in accommodation costs.

So on a macro level everything might look healthy but on a micro level it’s the same old story. There is talk of a €2,000 wage restoration for public servants but that is some way off, and the private sector is unlikely to match governmental largesse.

The last Irish League of Credit Unions ‘What’s Left’ survey published late last year reported that nearly half a million Irish adults had nothing left at the end of the month once all bills were paid, while a further 1.7 million people said they had €100 or less left at the end of the month.

But pay rises aren’t the only way to become better off. You can also reduce your outgoings, and that doesn’t have to mean draining all the colour from your life.

Addressing the Oireachtas Finance Committee late last month, the outgoing head of the Central Bank Patrick Honohan said as many as 15,000 people could save over €1,000 each year by switching mortgage provider.

Only 15 per cent of Irish consumers changed their utility provider over the last 12 months, meaning 85 per cent are paying the highest possible tariffs and wasting as much as €400 a year. And less than 30 per cent of Irish consumers have ever changed their health insurance provider, meaning that at least three-quarters are paying more than they need to for health cover.

There are numerous ways to save money, if you just know how. And that is where we come in – and where you come in.

The Irish Times has recruited experts in the field of mortgages, utilities, credit cards and insurance products to advise readers who are willing to participate in an upcoming news series on disposable income.

We will also use our own expertise to help these consumers cut their day-to-day living costs in a tangible way.

We are looking for volunteers to take part in this money-saving exercise. We hope to save them thousands of euro each year, without draining any more colour from their lives.

If you would like to take part and are willing to talk about your finances, then send an email to pricewatch@irishtimes.com and we will be in touch.