First Holy Communions and Confirmations are just around the corner – my do they fly around. Undoubtedly a time for celebration, this can also be a very stressful time for parents, grandparents and even the kids. Financially, the rising cost of clothes, hotels and entertainment for the big day can put significant financial strain on parents attempting to finance their children’s First Holy Communion or Confirmation.

Avoid Moneylenders & Credit Cards!

Parents who are struggling financially may opt for moneylenders who charge incredibly high-interest rates and can tie families into future debt. Moneylenders aren’t just your so called “loan sharks”, numerous regulated money lenders can be found on many of our high streets. Quite often, parents can find themselves having to borrow again just to meet loan repayments. Furthermore, Credit Cards have high interest repayments that can be tough to pay back.

Top Tips…

1) Set the Budget

Estimate your income and expenditure for the weeks leading up to the Communion or Confirmation, and budget accordingly. It is important that you are honest with the expected spend, and don’t underestimate it.

2) Keep Track

Keep all your receipts or note down what you are spending your money on. This will help you to understand where your money is going – and it may be an eye-opener.

3) Be Prudent

Shop around, and make sure you are getting the best deals. Look at price comparison websites and don’t forget your local stores and shops, which can often have great deals or offers.

4) Save

Try to save a little every week. This can be put towards the cost of, for example, the First Holy Communion or Confirmation outfit. Or you can use it to make repayments if you find yourself having to borrow to cover costs.

5) Budgeting Tools

For the individual that likes to use technology there are several budgeting apps available on the app store and google play store; a simple search will give you many to choose from. The League of Credit Unions have launched a paper based budgeting tool called “My Budget Buddy” which is available to download from our website: https://firstchoicecreditunion.ie/downloads/

 

Thinking of getting a loan?

Before taking out a loan of any kind, it’s worth taking the time to understand how lending works. That way you can compare the benefits and be aware of the risks. Some of the things that make a First Choice Credit Union loan different are –

• We don’t charge administration fees or transaction charges
• Interest rates are fair and reasonable and capped by law
• Repayments are calculated on your reducing balance, so you pay less interest with each repayment
• Once eligible for a credit union loan, repayment terms can be designed around your needs
• In the event of your death, your credit union loan is insured – subject to terms, conditions and eligibility criteria – at no direct cost to you
• You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster!

Your credit union is flexible. You agree a payment plan that suits you today and if your situation changes, you simply talk to your credit union about possibly changing your repayment plan. Your credit union is there to help you – the member – not to make a profit for someone else.

Applying for a First Choice Credit Union Loan is easy:

1) Apply in Branch

Just pop in to any of our branches in Castlebar, Ballyhaunis, Balla or Achill where members of staff will be more than happy to go through all the options available to you.

2) Apply online

You can send us an email at loans@fccu.ie or simply complete our loan application form which can be found by clicking below.

 

3)  Give us a call

Pick up the phone and call us on 094 9022969. You can even ask for a member of our lending team.