23 September 2024
Junior Savers Week 2024 (For Wishes)
It’s never too early to start teaching children the value of money, building lifelong financial skills to attain their wishes.
Here are some tips that you can use to put your child on track to financial independence & good money management!
How To Join Your Junior Saver
Drop in and talk to us about setting up a junior savers account for your little ones! Make sure you provide the following documentation;
- 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/Phone bill dated within the last 6 months.
Junior Saver's Tip 1 - Help your children set savings goals
Helping your children set savings goals will teach them valuable financial habits and life skills that can benefit them in the long-term. Here are some key reasons ;
- Builds financial responsibility
- Develops discipline and patience
- Teaches goal setting
- Fosters a sense of achievement
- Instills positive money habits early
- Introduces basic maths and problem solving skills
- Promotes understanding of needs vs wants
Junior Saver's Tip 2 - Giving pocket money as small change makes it easier for children to save!
When children receive small amounts of money regularly, it aligns with the idea of saving in increments. Instead of feeling overwhelmed by large sums, they start to learn to appreciate the value of small contributions adding up over time. Not only this, but saving small change in a piggy bank or jar provides a visible and concrete representation of progress.
This makes it more motivating and rewarding for your children! Overall, giving pocket money as small change to your children creates an environment where they can easily understand and practice saving, fostering lasting financial habits that will benefit them as they grow. It’s never too early to start teaching your little ones good financial habits! Drop in or apply online and open a savings account for them at Ballyconnell Credit Union today! We have a surprise for every junior saver that joins this week!
Junior Saver's Tip 3 - Encourage saving : Give extra money for good behaviour!
Tying extra pocket money with good behaviour, such as helping with chores, doing well in school, or being kind, reinforces positive habits. Your children will begin to realise that responsible actions has rewards, motivating them to repeat this behaviour.
On top of this, they’ll start to associate hard work or good decisions with financial benefit. This will then help them understand that in life, effort and responsibility often lead to better outcomes, including financial gain. If children are taught to regularly save the extra money they learn for good behaviour, they will develop a habit of not spending all of their income. Over time this will instill the mindset of saving for future goals instead of spending every penny carelessly.
This is an important lesson they will need to learn for the future. So in summary, giving your children extra money not only motivates them to behave better, but it also helps the develop valuable saving habits. This approach will teach your children that their actions have rewards and that these rewards can be managed wisely to benefit their future.
Junior Saver's Tip 4 - Having a Credit Union account will help children to start saving their own pot of gold!
Opening a savings account in the credit union for your young ones gives them their first experience with a formal banking system. It helps them understand how financial institutions work and what savings are. By having their own savings accounts, they can feel a sense of pride and ownership over their money.
In short, a credit union savings account acts as a secure and supportive platform for children to start building their own pot of gold! It introduces them to essential financial concepts, encourages responsible saving habits, and helps them understand the value of long term financial growth.
Junior Saver's Tip 5 - Tell children to save regularly and not to impulse buy!
Teaching your children to save regularly and not impulse buying has several benefits!
Instills discipline and consistency - By setting aside a portion of their pocket money on a consistent basis, they will learn how to form positive habits that will benefit them especially when it comes to money management.
Fosters long term thinking - Saving regularly helps children think beyond immediate wants & will teach them how to plan for long term, meaningful goals.
Builds financial security - When children begin to save consistently, they begin to form their own ‘safety net’. Over time, they understand that savings can provide security for unexpected situations.
Teaches budgeting skills - Saving regularly will force children to prioritise their spending’s.
In summary, teaching your children to save regularly and avoid impulse buying not only helps them grow their savings but also builds lifelong skills in discipline, budgeting, and goal-setting. It equips them to make thoughtful financial choices, ensuring they can reach their financial goals while avoiding unnecessary spending.
