First communion offers many financial firsts

Ireland is a country with every town founded around a religious center. Although in recent years faith has substantially waned, there are many sacraments that still hold a lot of cultural value. One of these is the sacrament of first communion, which commonly takes place in second class with the applicants usually around the ages of 7 or 8.

This widely celebrated day usually brings together families, all ready to celebrate the child’s initial steps towards being fully immersed in the catholic faith. These celebrations do not come without a price; in recent Ulster Bank surveys, parents have reported spending close to €900 to finance every detail of the big day. This number is significantly higher than previous years.

This hefty number is composed of a multitude of spending outlets: clothing fit for the occasion, party decor, prices of food and drink, and general entertainment for the after-communion party. As one could imagine, there prices add up quickly and can make this holy day one that parents fret having.

1 in 10 people throwing a communion …

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Child saving options

When it comes to opening a savings account, earlier is always better. Especially in Ireland, it can be extremely beneficial to start accounts for children at a young age. Personally, I believe that opening a savings account was a very influential step in the shaping of my financial views.

My first savings account was opened after my first communion, and I’m sure that many other irishmen have had this same experience. For me, this was a huge deal. The money I had gotten from such a special time in my life was now being used to finance my future.

As a child, it is easy to get lost in the concept of money, when you have cash or coins in your hand, it is far more valuable than any amount on a written check. Because of this child-like wonder, the actuality of the value of money is highly skewed.

By teaching your children early the power of independent saving and investing, they will be given the tools that enable them to continue down a more financially stable path …

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