Planning your child’s communion day?

April 25, 2016

Preparing for a First Holy Communion is an exciting time but with so many things to consider, the costs can add up quickly. Check out our tips to help with planning the big day:

Start saving

It is never too late to save. If you have a Communion next year, now is a perfect time to start saving. If you put aside a little each month you will be surprised at how quickly it will add up.  Check out our savings Money Tool to compare the interest rates available on the savings accounts offered by the main providers.

Work out your budget

Work out how much you can afford to spend. Figure out a realistic budget and keep track of all your spending to make sure you don’t overspend. Make a list of everything that you have to buy such as the outfit, accessories and shoes. Then decide how much you are going to spend on each item and stick to it.

Cutting your Communion costs

There are a number of ways that you can cut costs when planning your child’s special day:

• If money is tight consider something simple – maybe a nice picnic in one of our many public parks or woodland areas. Another option might be to ask your child what they might like to do with just the immediate family – maybe a trip to the zoo.

• If you have decided to have a party at home, ask guests to bring along a dish to help share the cost and the work.

• If you are looking to buy a communion outfit, keep an eye out in second-hand clothes shops/charity shops, buy and sell websites and social media groups. Also keep an eye out in high street shops and department stores. If you have a child who will be taking their Communion next year you could consider buying their outfit this year when the sales hit.

• Be creative! If you don’t have the money for all the extras think about what you can do yourself. For instance, you could make a head dress by adding some white ribbons to a hair comb, or buy a plain white cardigan and plain white socks and sew embellishments on to them yourself.

• If you need to pay a deposit for a product or reservation, only pay a small amount if possible and use your debit or credit card rather than paying cash. Remember, most deposits are usually non-refundable so if you pay a deposit and then change your mind, the supplier does not have to return your deposit.

• Check out our money saving tips for teaching your child good money skills.

 

Struggling to meet the cost

If you are struggling to stay within your budget and feel that you need to borrow, try to borrow as little as you can. Remember, you will have other expenses such as back to school costs that you will also need to budget for later in the year, so try not to get into debt for just one day. If you really do need to borrow, shop around to find out about the best value loans available from the banks or your credit union, if you are a member.  Work out how much the loan will cost you and how long it will take you to repay it.

If you are thinking of using a moneylender, avoid illegal moneylenders and make sure any moneylender you deal with is licensed by the Central Bank of Ireland. If you’re not sure, look up the the Central Bank’s Register of Moneylenders.

Paying by credit card

If you are using your credit card to pay for some of the costs, have a plan as to how you will repay the money. You can check out our credit card Money Tool – the interest on credit card purchases currently ranges from 13.6% to 22.7%, so find out how much interest you are paying.

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