Since the establishment of the first credit union, we’ve been encouraging children to save. Here is a quick list of our tips to encourage children to save.
- Consider rewarding children for regular saving (perhaps by topping up their savings).
- Help children to identify a short-term goal to save towards.
- Make saving interesting, develop a savings plan or calendar to show when and how the goal can be reached or help children to hang up a picture of what they’re saving for.
- Let children learn that they have to save up to buy something they really want. Don’t let them get into the habit of running to you every time they need more money.
- Explain how dividends and interest work. When they put their money in a savings account, these savings earn more money at the end of the year.
- Encourage your child to join our school savings scheme. We currently operate the saving scheme in the local primary schools. With staff members visiting to collect the savings once a week. Providing an opportunity for children to learn how to save regularly. The focus is not the amount saved, rather it’s on developing a habit of regular saving.
- Give the children a piggy bank to help them save or better still bring them down to St. Michaels to open a savings account!
We would like to here about any tips that you might have for encouraging children to save! There are more ways than ever to get in contact! Post your children’s savings tips on any of our social media pages: Facebook Twitter Instagram
Or you can email them to us at info@stmichaelscu.ie.
The next time you in the office and let the savings habit begin and open a children’s saving account!
St. Michaels Credit Union 