An Cosantóir

www.military.ie the defence forces magazine | 25 Helping all our families prepare for communion & confirmation by ANSAC Credit Union 2016 Communion and Confirmations season is once more upon us and it can be an ex- pensive time for parents, adding pressure to already stretched household budgets. It is important that our members know that the credit union is here to help - whether it is to set up a savings or budget plan in advance of the big event or to assist families with a small modest loan. Research undertaken by the Irish League of Credit Unions (ILCU) in the past years has found that the average amount of money received by a child for communion is €471, however, according to www.mummypages.ie this can jump to a whop- ping €703 per child when parties, gifts and fuss are factored in. In general, parents find that clothes are the biggest cost associated with communion, while food and drink are the big- gest costs associated with a confirmation. According to ILCU research 64% of parents whose children received their com- munion in the past 3 years found that clothes were the biggest cost as opposed to 54% of parents of children who received their confirmation. This may be due to the fact that children may wear their uniforms for their confirmation. However, for both communion and confirmation buying clothes new is the most popular option. In relation to funding the costs of communion and confirmation, 21% of respon- dents stated that they use credit cards to cover some of the costs of communion, with 15% using this method to finance confirmation costs. An even more worry- ing result is that almost one in 8 (12%) families finance at least part of the costs of communion via moneylenders, with the percentage using moneylenders to help to finance the costs of confirmation dropping to one in 25 (4%) families for confirma- tion. Most parents encouraged their children to save most of the money given to them for their communion or confirmation. Those making their confirmation were more likely to be encouraged to save than those receiving their communion. The great thing about a personal loan at ANSAC Credit Union is that there are no hidden fees or transaction charges and credit union interest rates are fair and reasonable and are capped by law. Repayments are calculated on your reducing balance, so you pay less interest with each repayment. your credit union loan is also insured in the event of your death – subject to terms and conditions - at no direct cost to you. Other lenders charge for this. you can pay off your loan early, make additional lump sum repayments or increase your regular repayments all without a penalty. Rosie Casey from ANSAC Credit Union said: "The ethos of the credit union is simple – we are here to offer friendly, accessible financial services through savings and modest loan services. We would urge anyone who is planning for the costs of communion or confirmation to contact the office on 01-8554489 and speak to us. ANSAC Credit union offers its members budgeting and savings advice as well as competitive rates on loans." MONEy MATTERS ANSAC Credit Union Limited, 75/76 Amiens Street, Dublin 1. DO1 X535 Phone: 01-8554489 Fax: 01-8558067 Email info@ansaccu.ie Web: www.ansaccu.ie

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