Giving your child the savings habit is one of the most important gifts you can ever pass on to the next generation. It’s a habit that can keep on giving for the rest of their lives.
Help them become a member today!
Our youngest members are among the most important here at Credit Union Plus, as they’ll be the savers and borrowers of tomorrow, allowing us to continue playing our part in the financial and social life of our community. Children of any age can become a member, subject to approval by their parents or guardians, so why not introduce your children to the savings habit today? You’ll be developing a discipline that will stand them in good stead for the rest of their lives.
Savings Tips for young Members
- Set a savings GOAL!
- This could be a short term goal, something which you can save up to buy in a few weeks or it might be something bigger which will take a long time to save for. It is easier to save when you know what you’re saving for.
- If you get pocket money or gifts of money, save a little each time. You’ll be surprised how quickly your savings will grow.
- Save Regularly
- It is important to save regularly, maybe even every week, no matter how small the amount. This helps to develop a good savings habit.
Tips for parents / guardians to help children save:
- Consider rewarding children for regular saving. The amount saved isn’t that important; 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 and hinder their learning to manage money for themselves.
- Give children a piggy bank or better still, bring them down to the local credit union to become a member and save regularly
To open a child’s accounts the following documents are required:
- Birth Cert/ Passport for child.
- Proof of PPS No. (Document showing PPS number and name)
- Photo ID for parent/guardian (Current Passport/ Drivers Licence)
- Proof of Address for parent/guardian (Bank Statement or Utility Bill e.g. Electricity/Gas/Water/Phone dated within last 6 months)