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Tips for a Financially Smart Christmas
It christmas time again and here are our 12 tips for a financially smart Christmas.
- Budget, Budget, Budget. Plan how much you’re going to spend - and stick to it.
- Make a list. Decide what you're going to buy in advance. Decide in the store and you'll spend more!
- Pay with cash where possible. Avoid ‘expensive money’ via store cards, credit cards, catalogues and money lenders – they’ll cost you more
- If you borrow be sensible. Borrow where the interest is right.....not on your doorstep!
- Compare prices. Before you buy, compare online and between shops. You’ll be amazed at the difference.
- Use trustworthy vendors. Buy from reputable websites and check they guarantee delivery before Christmas.
- Check for sales. Many shops will have sales before Christmas. Ask around, and maybe you could get those presents for even less!
- Interest free deals. Look for interest free deals when buying furniture or electrical goods - but make sure to compare prices.
- Christmas clubs. Joining a Christmas club or buying a few savings stamps will help you now - it will also get you into the habit for next year.
- Read the small print. If you borrow or enter into a buy-now-pay-later deal, be careful. Some lenders will penalise you for paying it back early or, if you do not pay it within the interest free period, you could be subject to hefty interest payments.
- Under pressure? Talk to us first. Suffering from debt stress? Already owe money lenders? Call into your local credit union to discuss your options.
- Friends and family are priceless. It's easy to say but it's still true - the best gift at Christmas is being together - and that costs nothing. Many families do Kris Kringle or Secret Santa gifts. Some families only give gifts to children. There are many ways of saving money without taking away the magic.
Please share with us any of your own ideas for making christmas a special time.
Annual General Meeting 2012
A big thank you to all our members who attended the AGM meeting on the 4th of December in the Osprey Hotel. The below infographic highlights some of our success stories from the financial year 2011/12.
Cecil Doyle Community Bursary 2012
NAAS CREDIT UNION DONATES OVER €30,000 TO COMMUNITY GROUPS
Naas Credit Union held its inaugural Cecil Doyle Community Bursary awards on the 18th October and gave out over €30,000 to local community groups.
The Cecil Doyle, Naas Credit Union Bursary is a grant scheme funded by Naas Credit Union Ltd and is available for community organisations or groups that operate on a not for profit basis, with the primary aim of community development. This is the first year for the bursary to be held and the Credit Union was delighted with the response and number of entries submitted by local organisations.
Chairman of Naas Credit Union, Peter Fulam said, “We are really delighted with the response we got back from the local community. We got so many, very good submissions all worthy of monetary support and we are now delighted to be able to help many local organisations to continue their great work.”
Sixteen bursaries were awarded to various organisations including sporting groups, heritage, tidy towns health support groups, schools and a group which works tirelessly for the homeless in Naas.
Kildare Youth Services (KYS) was awarded the largest single bursary totalling €7,500 which will allow them to buy computer equipment and enable them to expand their Info Resource Centre. KYS is a voluntary organisation which provides a range of development and learning opportunities to young people throughout the county.
Naas Tidy Towns was awarded €5,000 for its new Well Lane project. The organisation does tremendous work in keeping the town clean and tidy and has always maintained pretty flower boxes and planting with a great sense of pride and care.
The Kildare COPD Support Group was awarded €4,000 in order to help them buy exercise equipment which would be a huge benefit to all the members. Chronic obstructive pulmonary disease (COPD) is a lung disease characterized by chronic obstruction of lung airflow that interferes with normal breathing and is not fully reversible. The bursary will also enable the Kildare COPD Support Group to bring in various experts to advise the members on breathing exercises and health issues.
Sean Murray, General Manager of Naas Credit Union said, “there are so many unsung heroes working away tirelessly in our community, giving their time up free of charge and for no personal gain to themselves. These are the people who are the real legends and heroes in our society and we applaud them for their efforts and are very proud to be able to assist them by creating this bursary”.
The bursary has been named after Cecil Doyle (86) President and founding member of Naas Credit Union who gave over 42 years of service to the organisation and firmly believes in helping and supporting the local community. He attended the awards night with his wife Kathleen and other members of his family.
THE FULL LIST OF BURSARY RECIPIENTS WAS AS FOLLOWS:Kildare Youth Services, Equipment / IT €7,500
Naas Tidy Towns, Well Lane Project €5,000
Kildare COPD Support Group, Equipment €4,000
St. Mary’s College, Piano €3,500
Parent’s Association Scoil Mhuire Ballymore Eustace, Sensory Garden €2,500
Naas Homeless, Sleeping Bags €1,000
Eadestown Tidy Towns, Local Signage €1,000
Sallins GAA, Goalposts €1,000
St. David’s Boxing Club, Equipment €1,000
Wolfe Tone Brass Band Ballymore Eustace, sheet music €1,000
Naas Arch Club, Equipment €1,000
Naas History Group, Book €1,000
Sallins Ladybird, Equipment and Trip €500
Anam Choir, Website €500
Naas Scouts, Equipment €500
Sallins Scouts, Equipment €500
For pictures of the prizegiving please see our facebook page.
€30,000 Community Bursary
NAAS CREDIT UNION SEARCHES FOR LOCAL HEROES AND LEGENDS!
Naas Credit Union has announced that it has made a bursary available to benefit local community groups and initiatives. The Cecil Doyle, Naas Credit Union Bursary is a grant scheme funded by Naas Credit Union Ltd and is available for community organisations or groups that operate on a not for profit basis, with the primary aim of community development. The bursary totals €30,000 with a maximum of €10,000 being awarded to any one group.
Cecil Doyle, (86) President and founding member of Naas Credit Union gave over 42 years of service to the organisation and firmly believes in helping and supporting the local community. “I have been involved in community development all my life and I know only too well how difficult it is for organisations to operate on little or no money. There are wonderful people and groups doing terrific work in our community with the sole aim of helping others. These are people who run sports and drama clubs, after school homework clubs, help the elderly or run initiatives which enrich our community and ask nothing in return. These are the real heroes and legends in our community, the people whose civic spirit and tireless work enriches our society. It is my hope that this bursary will go some way to support them in their great work.”
Grant applications are invited from community groups in the parishes of Naas, Kill, Caragh, Two Mile House, Sallins and Ballymore Eustace. Applications forms are available from Naas Credit Union and applicants are invited to apply now.
Sean Murray General Manager of Naas Credit Union said, “We are really excited about this initiative and are very much looking forward to receiving applications from all kinds of community groups”.
The closing date for receipt of applications to Naas Credit Union is 12.00 noon on the 12th of October after which the Board of the Credit Union will make their decision on the successful applicants. An awards night will be held on the 18th of October at which all of the successful applicants will be awarded their funds. Application forms for the Cecil Doyle Bursary are now available from Naas Credit Union and all community groups and organisations within the specified catchment areas are invited to apply.
The future for the Financial Services industry?
Hi all,
This month I am bringing you another video. This one talks a lot about banks, but the principles could apply just as much for how members use their Credit Union or local coffee shop as they do to Banks. I would be really interested in hearing what our members think about this particular video. Please post your comments below. I am away for a few days but I will catch up with all your comments when I am back. Thanks very much and I look forward to hearing our members views.
http://www.youtube.com/watch?feature=endscreen&NR=1&v=Z3v9KqDe7VQ&noredirect=1
Naas Credit Union - your place for Savings and Loans.
Sean Murray, General Manager
Difference Between Credit Unions and Banks
This month I decided to share a video that was made in Canada in 2008. The video explains the differences between a Credit Union and a Bank (admitidely in Canada, but the principles remain the same). The video explains the key difference between banks and Credit Unions as ownership. Members own their Credit Union and benefit from using its services.
I hope you enjoy the video. Naas Credit Union is working on our own video for how a credit union works which we will share with our members in the next couple of weeks. In the mean time enjoy.
Savings for Parents trying to encourange thier Kids to save
Naas Credit Union has prepared 8 tips for parents to help promote Savings by Young people.
8. Top tips from Naas Credit Union for Parents to encourage their Children to become savers
1. Consider rewarding children for regular saving, perhaps by topping up their savings amount. Helping children to save small amounts on a regular basis helps to imbed the saving habit.
2. Encourage children not to buy on impulse but to take time to consider their decision.
3. Help children to identify savings goals. In many cases, the concept of saving only becomes real when the child can see the rewards at the end.
4. Develop a savings plan or calendar to highlight when the goal will be achieved.
5. Give pocket money in small denominations to encourage children to put a little aside.
6. 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.
7. 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.
8. Give children a piggy bank or better still, bring them down to the Naas Credit Union to become a member*.
* Naas Credit Union runs school savings scheme in a number of Local Primary Schools for full details clik here
Top 10 Tips for Money Management
- Prepare and follow a realistic monthly budget. You can download a copy of the Naas Credit Union budget planner. Follow it closely and evaluate it regularly comparing actual expenses with planned expenses.
- We suggest that you pay your bills on time to avoid any late fees, this will also help you to maintain a good credit rating. It is important that you contact your creditors if you are finding it difficult to pay your bills on time.
- Check your Bank and Credit Card statements when they arrive. That will show you your spending patterns and help you identify if any unauthorised transactions occoured. You should also check your monthly payments to make sure they are correct.
- Your bank statements will also show you any unnecessary expenses. Make sure you are seeing value from all the Direct Debits every month.
- Determine your weekly shopping bills and other expenses. According to RTE's The Consumer Show 30% of food is "thrown out". Make sure you write a shopping list and stick to it. Remember to avoid shopping on an empty stomach!
- Try top clear your credit card in full each month, but, at least pay more then the minimum repayment.
- Use credit smartly and dont overextend. Try to keep your repayments to within 15% to 20% of your net income. If you have borrowings perhaps you can switch to a cheaper lender, look at the consumer website itsyourmoney.ie. Dont forget about us, Naas Credit Union offers very good value loans for all purposes.
- If you have credit card debt, look around for and switch to credit cards with lower rates. Credit card companies change their offers all the time and many offer balance transfers at 0% APR for a period of time, reducing interest accumulating. Again use the itsyourmoney.ie website.
- Distinguish between what you need and wants. Take care of needs first and be careful with your wants.
- Save for annual or one off expenses, try: 1) Saving 10% to 15% of your net income; 2) Accumulating 3 to 6 months salary in an emergency fund; 3) Putting money in a Retirement Savings Plan or in other tax-deductible plans, such as savings for your child's education.
But most of all, spend less than you earn. Good Luck.
Sean Murray, General Manager