Castlebar Credit Union
Credit Union GR8 Savers Week
17, May 2011 - 18:15

Credit Union GR8 Savers Week will take place from the 9th - 15th May 2011. The aim of the initiative is to encourage young people, particularly primary school children, to develop a savings habit in their local credit union.

GR8 Saver Essay contest, Students are invited to submit entries to the 2nd Annual Essay Contest

Prize: We'll pick a Winner from each age group for a place in
Camp Mania Summer Camp for the week starting
4th July 2011 to 8th July 2011.

Essays should be no more than 200 words each and should address the theme, "Being a GR8 saver starts..... or Saving with the Credit Union can...." . The contest is intended to encourage students to recognize the value of starting a savings habit early with their Credit Union.

Download GR8 Saver Essay Contest Entry Form & Rules 2011.

Closing Date for entries: Tuesday 31st May 2011

Become a GR8Saver with your local credit union. It's a GR8 way for young people like you to start saving for the things you want.

If you get pocket money, put a little aside each time you receive it. You'll be surprised how quickly it builds up.
It is important to save on a regular basis, no matter how small the amount is. This helps to develop a savings habit.
Join a savings scheme in your school or ask your parent or guardian to take you to your local credit union - and start saving today. CU soon!

For some GR8 tips on saving log on to www.gr8saver.ie
It's not easy being a child today. The difference between wants and needs is rapidly disappearing, with children assuming they ‘must have' the latest fad because a friend has it or they've seen it on TV.

At the same time, children have access to more money than previous generations. This may come from a variety of sources, be it pocket money, birthday gifts or other occasions. The benefits of teaching your 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, you 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.

Learning the Value of Money
In a child's world, money comes from Mum's purse or Dad's pocket. When this runs out, a machine magically spouts out money by tapping in a few numbers. Children need to understand that money is earned and that you can only spend what you earn.

Pocket money is a good way to help children learn to make their own decisions and live with them. How much to give will depend on age, maturity, responsibilities and the family's financial situation.

• Give advice to children but let them make their own spending decisions
• and mistakes.
• Encourage children not to buy on impulse but to think about other options
• which they can spend their money on.
• Consider linking pocket money to chores. Pocket money must be earned,
• the same way Mum or Dad earn money by going to work.
• Encourage children to put a little aside each week to save up for
• something really special.
• Give the pocket money in small denominations to encourage children to put some aside as savings.

Savings Habit
Saving is a habit. It is learned by doing. If a child can develop a savings habit at a young age, it stays with them for life. Saving gives children a feeling of independence and a sense of responsibility. Having their own savings account helps children to learn how to manage their money. The key element is not how much they save; it's developing the habit of saving small amounts on a regular basis.

Tips to Encourage Savings

• Consider rewarding children for regular saving (perhaps topping up
• savings)
• Help children to identify 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.
• Give children a piggy bank to help them save or better still, bring them
• down to the local credit union to open a savings account
• CU at Your Place !

Since their formation, credit unions have been encouraging children to save. Enquire at your local credit union about opening a savings account for your child or joining the local school credit union. And let the savings habit begin