Skibbereen Credit Union carried out a survey on the average costs of Christmas to get an idea of how much the ‘ basics’ cost and we found that most people under estimate the cost greatly. We found that while people tended to be aware of the costs of presents (approx. €650) and Christmas dinners (€250), other costs such as Christmas nights out, hairdressing appointments and new clothes for the festive period were forgotten. Costs that revolve around socialising can last well into the New Year and if the January sales shopping trips are taken into consideration, the costs can tip up to €1,500.

You can avoid financial pressure this year by using our tips for Christmas savings.

Budget, Budget, Budget

Plan how much you can afford to spend – and stick to it.

Make a list

Decide what you're going to buy in advance. If you decide in the store, you'll end up spending more!

Pay with cash where possible

Avoid loans, credit cards, store cards, catalogues and money lenders – they'll end up costing you more. Leave your credit card at home when shopping and just bring cash. It will be easier to stick to your budget and avoid temptation that way.

Compare prices

Before you buy, compare prices online and between shops. You’ll be amazed at the difference.

Start saving for Christmas now

Saving just €5, €10 or €15 per week can ensure you and your family have a few less expenses to worry about.

Start shopping early

Plenty of shops have already started stocking Christmas items. Spread the cost of this year’s Christmas by buying your chocolates early and putting them away until the festive season actually starts.

Use trustworthy vendors

Buy from reputable websites and check they guarantee delivery before Christmas. Make sure you buy early as delivery can be delayed around the holidays.

Check for Sales

Many shops will have sales before Christmas. Ask around, and maybe you could get those presents for even less!

Read the small print

If you borrow or enter into a buy-now-pay-later deal, be careful. Some lenders will penalise you for paying it back early or, if you do not pay it within the interest free period, you could be subject to hefty interest payments.

Under pressure? Talk to us first

Suffering from debt stress? Already owe money lenders? Call into your local Credit Union to discuss your options.

Friends and Family are priceless

It's easy to say but it's still true – the best gift at Christmas is being together – and that costs nothing. Many families do Kris Kringle or Secret Santa gifts. Some families only give gifts to children. There are many ways of saving money without taking away the magic.

Prepare for next Christmas

This year’s Christmas may not have happened yet, but if you plan even further ahead you can save more next year. Christmas decorations, wrapping paper and cards are usually on sale just after Christmas, so if you stock up in the sales next year will be even cheaper. 

Using our Budget App, you can keep tabs on all your spending over a period of time. After a 4 weeks, the app builds up an accurate profile of your spending patterns and allows you to see at a glance the strengths and weaknesses of your personal finance plans.

You can download the App to your phone or tablet, and can even use your login details to use it on multiple devices.

Android

Launch your browser and go to www.budget.skibbereencu.ie

Hit the menu button and select “Add to Homescreen”

Choose your title and hit Add

The app will be saved to your phones homescreen

iPhone

Launch the Safari browser and go to www.budget.skibbereencu.ie. Tap the Share button(the box with the arrow pointing up) and select Add to Home Screen. You can then rename and hit Add.

The app will be saved to your phones homescreen

To remove the app, just long-press the app and remove it as you would any other app icon. 

If you have credit card debt and are only making the minimum monthly repayment, it can feel never ending. This is because the minimum repayment you make might be only a little higher than the interest each month so the amount you owe will reduce very slowly. Here are some tips on tackling your credit card debts.

Tips on tackling your credit card debt

• Stop using your card. You can’t clear your debt if you keep adding to it. Leave your card at home to avoid temptation.

• Pay off as much as you can each month, so that you reduce your debt as soon as possible. If you are only making the minimum repayment each month, it will take you a long time to pay off your balance. Paying as much as you can above the minimum payment could help you reach debt-free status quicker.

• Ask your credit card provider if they will consider reducing the interest rate. This will reduce the repayment amount of your credit card debt each month.

• Consider reducing the credit limit to an amount you can actually afford to spend each month so you are not able to run up debt you cannot repay.

• Don’t miss repayments or pay later than the due date or you incur late payment fees. To avoid theses late payments, you can set up a monthly standing order or direct debit for the minimum monthly repayments.

• Choose a credit card that you can access online. This will help you to track your spending and your credit card balance.

• Avoid using your card to withdraw cash, as interest can be higher than the interest rate for purchases. There is also a cash advance fee.

• Consider whether a debit card would be a better option for you in the long term. Or you can consider getting a prepaid card that can be used for purchases wherever a credit card is accepted.

If you are experiencing trouble making your repayments and don’t know what to do and need advice, get in touch with Skibbereen Credit Union and a member of our experienced staff will discuss the options available to you. For any further inquiries contact us on 028 21883 or online at www.skibbereencu.ie. 

The real secret to controlling your savings successfully is to know where your money is going. Keeping track of your spending is vital to your saving ability, we are all aware of necessary big bills to be paid weekly or monthly but it can be the everyday small spending which can play havoc on our ability to save and budget properly. Keeping track of all theses requires discipline and is not easy, which is where our Budget App comes in.  

Skibbereen Credit Union's continuing commitment to providing services that are of real practical value to its members and represent a significant advance in the use of technology allow members to have direct control over their savings at their fingertips. The App can be used online or can be downloaded free to your smart-phone or tablet.

Once you are ready to enter information, you can keep tabs on all your spending under the necessary headings over a certain period of time. After a short period the app builds up an accurate profile of your spending patterns and allows you to see at a glance the strengths and weaknesses of your personal finance plans. Perhaps the amount you hoped to save monthly for the holiday is falling short, or perhaps you can see patterns of spending that you realise you can trim significantly and restore your level of savings. You can check out our online guide for more help.

Tracking your spending in this manner provides a longer view, where goals are planned for. People who adapt this approach also get a clearer picture of their habits or beliefs that they may have developed about money and may provide a much-needed wake-up call.

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.  

With the 15-2 car market about to kick off, Skibbereen Credit Union would like to remind all our members that we currently offer a discounted Car Loan rate of 5.99% (6.16%APR), one of the cheapest rates in the marketplace to own your own car.

There are two main benefits to financing your purchase with a credit union loan. Firstly, having a pre-arranged loan gives you all the power of a cash-buyer and puts you in the driver's seat, so to speak, when negotiating a price, so you are more likely to wrangle a better deal. Secondly, you immediately become the owner of the car. Owning your car from day one means that you have more control over the type of insurance you take out, since other financial packages will require you take out a comprehensive policy. You can also choose to sell your car at any time without affecting your loan, while huge costs may be incurred while selling under a hire purchase agreement. With a hire purchase agreement, you pay to hire the car, without actually owning it until you make the last payment.

In comparison with other financial institutions, this rate is extremely competitive. Many dealers will offer hire purchase as a way of paying for your car but there are many reasons why these can be expensive and end up costing a lot more than what your credit union offers.

We encourage you to compare our rates to what other financial institutions offer. You’ll find our rates and terms very competitive. It’s easy to apply: call into our office, talk to us over the phone, or complete an application online. Happy driving!

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.

A New Resource for Students from the ILCU

The Irish League of Credit Unions (ILCU) recently launched Clued In – a new resource aimed at educating teens about money and financial matters. This was released along with a survey, also carried out by the ILCU, which found that parents feel that schools should do more to teach students about financial topics. The ILCU’s response was to create a resource that is available to young people in schools to help educate teenagers about money matters.

Clued In is aimed at secondary students and explains various aspects of personal finances and explores the role of credit unions. Clued In provides information on credit cards, loans and credit scores, and offers an insight into how people run into financial difficulty and how to identify the common pitfalls of financial planning. Money, budgeting and the role of credit unions factor heavily into Clued In, and there are a number of exercises that help students to understand all the information being taught to them.

Skibbereen Credit Union plays an active role in our community’s schools. We run a School Savings Scheme for primary school students to encourage the development of a savings habit at a young age, and we host the annual Credit Union Schools Quiz which has seen Kilcoe National School reach the All Ireland Final in Dublin this April. We are committed to providing excellent service to our members, including the youth, and we believe that Clued In is a valuable resource for the schools in our community.

On September 19 2014, Irish Public Sector Organisations stopped accepting and writing cheques to businesses. Cheques are one of the most expensive and inefficient methods of payment for businesses as a result of bank charges, stamp duty, postage, time spent making lodgements, and unpaid cheques. The Government want to encourage business to reduce their reliance on cheques by choosing to use more efficient payment methods such as EFTs or direct debits instead. September 19 was designated as e-Day to help businesses to facilitate the changeover from cheques while reducing their costs.

The costs associated with cheques are the main reason the e-Day has been implemented. Users can expect to pay to lodge a cheque to a bank account, along with Government stamp duty of 50 cent. Consumers must also buy their cheques from their bank, and are held liable for any bounced cheques. By avoiding these payments, the Government is set to see huge savings, which will be echoed by the businesses that also cut back on their cheque-writing.

There are several alternatives to cheques (and cash) available to the public. Here is Skibbereen Credit Union, we offer our members many different options, including direct debits and EFTs, to ensure that payments are completed with the lowest cost to the member. We allow our members to store their payment details in their Credit Union accounts, so that they can make repeat payments to the same account without the need to supply the information again and again. Direct debits can also be used to automate payments, making saving and loan repayments even easier.

For more information on our alternatives to cheques, you can visit our website.