Consumer Corner: How much cash should I put in a Communion card?

Consumer Corner: How much should I put in a Communion card?

There’s a well-known saying that anyone who is careful with their finances still has their Communion money sitting in the credit union.

Of course, the thinking behind this is that Communion is the first time in many people’s lives when they get a windfall of cash. A lot about Communion has changed over the years, but for anyone new to this world, deciding how much to put in the card could pose a serious dilemma. There are also questions around who to give a card to.

A survey from Ulster Bank found that on average children receive around €600 as gifts when making their Communion. The survey also found that around 6% of parents said their children made more than €1,000 from the big day. That’s a lot of cash for someone so young.

John Lowe of Moneydoctors.ie said that we should also remember that, money aside, a Communion day is a special event in a Christian’s life and the person is made a fuss of all day from the ceremony to the meal and presents, including cash.

He recommends putting €20 in the card.

“The child is around eight years of age, so nothing over €20, otherwise they will firstly not appreciate it and secondly may think little of those donating less,” he said.

“You might be an aunt living only on her pension, so any donation is a significant potential hardship.”

MAKE LIFE EASIER

Mr Lowe does point out, however, that what is put in the card will likely be more for godchildren or close family.

Parent Niamh Smith said that her daughter made her Communion last year and they had an agreement among the parents in the class that they would not give cards to other children in the same class.

“This made life so much easier for all involved as we didn’t have to worry about it, and everyone was really happy about it, as it was across the board,” she said.

On average feedback from parents was that people gave around €50 in the Communion card if they were coming to a party at the house, but anyone not going to the party gave around €10 or €20.

Many parents who took part in the Ulster Bank survey did also say that their kids would be saving some of the money, while two-thirds of parents did feel that their kids would be better educated on money and financial planning.

Mark Coan, founder of moneysherpa.ie, said that teaching kids the value of money is more important than helping them buy a snazzy phone or trainers.

He is urging people to try to resist the temptation to give more than they should and instead try to “lowball” it.

“If every relative and family friend gets into a giving ‘arms race’, then the sums of money given quickly become silly,” he said.

“Be brave and stick to around a tenner unless you are really close to the child, and don’t worry — you’re not going to be called out for being a scrooge; no communicant’s parent is going to trace the donations back, and who gave what always gets lost in the Communion carnage.”

Communication seems to be key in deciding what to give, too. So chatting among family and friends circles and agreeing an amount will help eliminate the dreaded questions about how much to give.

CHIP IN, ASK QUESTIONS

Also, remember that you will likely have some siblings in the mix who you will slip €5 to, and this can add up too.

Also with the class, take the brave step in the parents’ WhatsApp group and suggest not giving cards among the class. You could have some very happy parents who would be delighted to agree to that.

Karen Burke, another parent whose son made his First Holy Communion three years ago, said that she really encouraged him to spread out what he did with his money as much as he could.

“He made around €700 in total from his Communion, and we encouraged him to buy one ‘big ticket’ item, which he did, and then he treated his family to dinner on the Sunday and he has €400 still remaining, which is sitting in a credit union account,” she said.

“He is planning to use some of it when we take a trip to Eurodisney this Christmas, but at least it puts a value on the money for him.”

Mr Lowe encourages parents to take their son or daughter down to their local post office, credit union, or bank and open their first account and induct them into the ways of the world after the big day.

Regional manager for South Munster Money and Budgeting Service, Ursula Collins, said that with so much information available today, education on money management has never been more important, and the earlier in life this begins, the greater impact it will have on a young person’s financial future.

“We want to ensure that students begin to develop their money management skills in school, by providing them with the knowledge and tools to budget, to spend wisely, and to set realistic savings goals,” she said.