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.
