Let's Talk: Money-saving tips for parents to cut the cost of communions and confirmations
The big days are coming: here's how to plan
Bouncy castles and wallets at the ready. Communion and Confirmation season is about to begin.
These events can be very expensive for families. Figures from Ulster Bank show that on average an Irish First Communion costs around €929. Clothes cost on average over €200 while the party costs around €357.
It is all about planning for events like Communions and Confirmations. You will hopefully know the date a few months in advance which should give you plenty of time to plan and save and book early.
Planning will also help you pick up bargains as you see them. It is also worth keeping an eye on post Communion and Confirmation sales as you can pick up bargains for the following year.
Paul Merriman of AskPaul said a First Communion or Confirmation is a memorable event for a child and their family but with these events, stress levels and costs can be high. “As such, we apply pressure on ourselves to make it an extra special day,” he said.
Paul has some money-saving tips for parents to help them enjoy the day without having to stress about money.
Firstly write down the necessary items that you need for the big day, he says. Browse online and research shops for sale offerings.
Ask family and friends if they have suitable dresses or suits that you can borrow to minimise spending. You can also minimise entertainment costs by having a family get together at home as opposed to going out.
“If a family member or close friend is also celebrating the day, it is worth asking to team up which will split the costs,” said Paul.
He does highlight that you should try to avoid borrowing at all costs.
“I know that this is not always possible but if you cannot save each week or month, you will struggle to repay the loan each week or month. Once you know what your budget will be for the day, creating a savings plan is a must,” said Paul.
Some options for saving for the big day would be a savings plan among friends or family or a set up a Revolut Vault or an An Post, Credit Union or bank savings account. It would take around six months to save €1,200 if you were putting away €50 per week or €200 per month.
“Having a separate savings account would be recommended to ensure the funds are slightly “out of reach”. Savings must be treated as an expense so that you do not find yourself dipping in and out of the account for other day to day expenses,” said Paul.
However, with the cost of Communions so high parents may be consoled by the fact that children rake in an average of €600 on the day and 23% kids even get more than €800.
This can be a great opportunity to teach children about saving money and managing money. Many banks have Junior saver accounts and post Communion and Confirmation can be a great time to open these accounts.
Champ of the Week: Lillian is nominating O’Connell’s Butchers, The Lough, Cork
Lillian said she would like to commend the butchers this week as she has been a customer there for 20 years and every time she goes in the staff have a smile on their faces.
She said that her grandchildren now also love going with her, as they always get a free lollipop.
She said Mick and his team there are so helpful and pleasant and are always so happy to help.
Lillian said that friends of hers travel from all over Cork to shop at this ‘butchers by the Lough’ as it is such a great place to visit.
Lillian said that they certainly deserve to be recognised as they always go above and beyond for their customers.
- To nominate your Champ of the Week, contact hennessy.niamh@gmail.com or on Twitter on @ni22 - DMs open.
