When your child develops a saving habit at a young age, it will stay with them for life. Saving provides a sense of responsibility and independence to a child, and gives them decision-making skills and promotes maturity.

Saving money is one of the best ways to teach children to make decisions and act responsibly. Here are our children savings guideline:

Give your child a savings goal

Let your child pick out a toy or game, and work out how long it will take to save for it. That way, they will have a reward to look forward to when they reach their goal, and will be encouraged to continue saving.

Give saving advice to children

but let it up to them to decide how to spend their money

Encourage children to recognise impulse buying

Children do not have the same level of foresight as adults, so explain that a purchase now means they won’t have as much money later.

Link their pocket money to household chores 

Pocket money should be earned, the same way as Mum or Dad earn their money by going to work. By associating money with work, children will be able to put a value on their savings and it might even encourage them to help out around the house more often!

There are many options available to you to help your child save with Skibbereen Credit Union. You can open an account for your child in the same way you opened your own account, or set up a sub-account within your own account. Your child can also use our School Savings Stamps to begin developing their habit. Saving Stamps are available in schools throughout our common bond and cost €1 each. A full book can be exchanged in any of our offices in Skibbereen, Schull and Drimoleague.

It’s time again to start preparing your child for the new school year. While your children might be more pre-occupied with the loss of their free time over the Summer holidays and the prospect of homework, parents will have many big purchasing decisions to make. Here are a few tips to help ease the burden and let you focus at getting your child ready without the stress.

The biggest cost any parent will face each year is the school uniform. We all know that there is a lot or wear and tear when it comes to our children’s clothes, especially with their uniform that they wear 5 days a week. Reducing the cost involved in a uniform can end up saving you a lot of money.

Most school jumpers have a crest on them, so you will need to buy this from the main suppliers, but shirts and trousers can be bought almost anywhere at a fraction of the cost. Shop around for any of the generic uniform items. Ties can also be part of a school uniform, but should last longer as it won’t need to be replaced as your child grows.

Buy a high quality schoolbag. It will last longer, and can be passed down to younger siblings or cousins as your child ages and moves onto secondary school where they’ll need a bigger bag to keep up with their workload.

Buying school stationery in bulk will also save money in the long term. Copybooks and pens don’t have an expiry date, and it’s often cheaper to buy them in bulk than individually.

If you want to set up a savings plan for your child’s education, then Skibbereen Credit Union is the place for you.  

It’s time again to start preparing your child for the new school year. While your children might be more pre-occupied with the loss of their free time over the Summer holidays and the prospect of homework, parents will have many big purchasing decisions to make. With a recent ILCU survey finding that the cost of a child returning to school to be around €400, and 1 in 20 parents needing to borrow to cover the costs, Skibbereen Credit Union has some tips to help ease the burden and let you focus at getting your child ready without the stress.

The biggest cost any parent will face each year is the school uniform. We all know that there is a lot or wear and tear when it comes to our children’s clothes, especially with their uniform that they wear 5 days a week. Reducing the cost involved in a uniform can end up saving you a lot of money.

Most school jumpers have a crest on them, so you will need to buy this from the main suppliers, but shirts and trousers can be bought almost anywhere at a fraction of the cost. Shop around for any of the generic uniform items. Ties can also be part of a school uniform, but should last longer as it won’t need to be replaced as your child grows.

Buy a high quality schoolbag. It will last longer, and can be passed down to younger siblings or cousins as your child ages and moves onto secondary school where they’ll need a bigger bag to keep up with their workload.

Buying school stationery in bulk will also save money in the long term. Copybooks and pens don’t have an expiry date, and it’s often cheaper to buy them in bulk than individually.

If you want to set up a savings plan for your child’s education, then Skibbereen Credit Union is the place for you.  

Create a Savings Habit and CU'r Savings Grow

Setting money aside for savings can be difficult but with a little effort and determination it can become a habit. The amount you save is not as important as establishing the habit itself. Decide on the amount and let this be your first "payment" out of your income each week.

This is what the Mon€y Saver Account with Skibbereen Credit Union is for.

How the Mon€y Saver works

• The Mon€y Saver Account is a 2 year fixed rate deposit account with 2% AER on year one and 2% AER on year two.
• Members must be at least 16 years of age at the time of opening the account.
• Lodge any amount from €10 to €200 each month.
• A minimum monthly lodgement must be made each month for the first 12 months, failure to do so will break the terms and conditions of the account.
• Withdrawals are deemed to break the terms and conditions of the account.

Member Benefits

• The Mon€y Saver provides you with the option to save between €10 and €200 a month and payments can be by direct debit.
• The Mon€y Saver account can be used as security against a loan.
• The Mon€y Saver account helps you develop the habit of saving and assists you in achieving your financial goals, e.g. a car, holidays, your children's education etc.
• The Mon€y Saver account gives you an opportunity to teach your teenage children how to manage their money and the value of saving.

For full details on the Mon€y Saver Account, contact Skibbereen Credit Union on 028 21883 or visit our website. To open a Monéy Saver Account, call into one of our offices to speak to a member of staff.

With the help of our new Christmas Saving account you can save up enough money in time for Christmas. Did you know the average cost of Christmas is €1,020? Neither did we until we carried out our recent survey.

We found that presents cost approx €650 and Christmas dinners came in around €250. However, other costs such as Christmas nights out, hairdressing appointments and new clothes for the festive period were not remembered when patrons were asked to add up their bills.

How can one prepare for the ever rising costs of Christmas? Especially in these rough economic times? The answer is simple. Saving just €5, €10 or €15 per week can ensure you and your family have one less thing to worry about. Click here for more details on our Christmas Saving account.