Credit Union GR8 Savers Week is taking place from the 9th – 15th May 2011.
The aim of the initiative is to encourage young people to develop a savings habit in their local Credit Union.
The benefits of teaching children about money early on are both immediate and long term. In the short term, they may develop strong saving habits, learn how to make smart purchases and learn why they can’t immediately get everything they want. In the long term, we can help them avoid getting into debt. And by teaching the value of saving for the future, you can put them on the road to financial security.
www.gr8saver.ie
TOP TIPS FOR PARENTS TO HELP CHILDREN BECOME GR8 SAVERS
- Consider rewarding children for regular saving. The amount saved isn’t critical; rather it is the savings habit which it is most important to nurture. Helping children to save small amounts on a regular basis helps to imbed the habit.
- Encourage children not to buy on impulse but to take time to consider their decision.
- Help children to identify savings goals – both short term and long term. In many cases, the concept of saving only becomes real when the child can see the rewards at the end.
- Develop a savings plan or calendar to highlight when the goal will be achieved.
- Give pocket money in small denominations to encourage children to put a little aside.
- Consider linking pocket money to chores. This helps to embed the idea that money must be earned. The more effort required by the child to earn pocket money, the less likely s/he will be to squander it.
- If pocket money runs out at an early stage, don’t rush to replace it. Providing additional money at the drop of a hat will defeat the purpose of providing a set allowance to the child.
- Give children a piggy bank or better still, bring them down to the local credit union to become a GR8 Saver.
