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.

We have outlined our top budgeting tips to get people through the 2012 Christmas season

 1:      Budget, Budget, Budget. 
Plan how much you can afford to spend – and stick to it.

2:       Make a list.
Decide what you're going to buy in advance. Decide in the store and you'll spend more!

3:       Pay with cash where possible.
Avoid loans, credit cards, store cards, catalogues and money lenders – they'll cost you more.

4:      If you borrow be sensible.    

Borrow where the interest is right…..not on your doorstep!

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

 6:      Use trustworthy vendors.
Buy from reputable websites and check they guarantee delivery before Christmas.

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

8:       Interest Free Deals.
Look for interest-free deals when buying furniture or electrical goods – but make sure to compare prices.

 9:      Christmas Clubs.
Joining a Christmas club or buying a few savings stamps will help you now – it will also get you into the habit for next year.

 10:    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.

11:    Under pressure? Talk to us first.
Suffering from debt stress? Already owe money lenders? Call into your local credit union to discuss your options.

12:     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.