Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE -

daugh­ter has just made her First Holy Com­mu­nion. She has re­ceived a lot of money from friends and rel­a­tives. I would like to use this op­por­tu­nity to help her de­velop some good habits around sav­ing and spend­ing. Have you any tips on how I should go about choos­ing a sav­ings ac­count for her — or any sug­ges­tions on how I could help her to man­age her money? Roisin, Car­ling­ford, Co Louth ONE of the best ways to help chil­dren learn about money is to en­cour­age them to open a sav­ings ac­count. Banks, credit unions and the Post Of­fice of­fer kids’ sav­ings ac­counts. If the ac­count has on­line ac­cess or a sav­ings book, you can show your child at any time how her sav­ings are grow­ing.

The key to con­tin­u­ing the sav­ings habit longterm is to keep it fun and keep them in­volved. Many fi­nan­cial in­sti­tu­tions have en­ter­tain­ing char­ac­ters and on­line re­sources which can help to make sav­ing fun and in­ter­est­ing for kids.

En­cour­age your daugh­ter to keep up good fi­nan­cial habits. Once she opens a sav­ings ac­count, en­cour­age her to save some of her pocket money reg­u­larly. En­cour­ag­ing her to put money aside, ei­ther as a lump sum or in a reg­u­lar sav­ings plan, helps form the sav­ing habit.

Pocket money can help chil­dren un­der­stand what money can buy them and that, if they want to buy some­thing big, they will have to save up for it. It is im­por­tant that they un­der­stand that they will need to make th­ese choices, and it cre­ates op­por­tu­ni­ties to have dis­cus­sions about what they plan to do with their money.

The im­por­tant thing about pocket money is set­ting out the rules in ad­vance — how much will they get and on what ba­sis it is given. For ex­am­ple, do they have to com­plete chores to earn it? It is im­por­tant to re­main con­sis­tent with th­ese rules as it helps chil­dren de­velop an un­der­stand­ing of the value of money. of com­pa­nies who can check the his­tory of a car for you for a fee.

If you search on­line, you can com­pare the cost of carrying out a check from the com­pa­nies that of­fer this ser­vice. This check may un­cover in­for­ma­tion which the dealer may not have in­formed you about. You should also go back to the garage and ask them to con­firm, in writ­ing, what the mileage of the car was when you bought it — and ask them to pro­vide any ev­i­dence of the mileage.

If you buy a car from a dealer, you should be able to rely on ac­cu­rate in­for­ma­tion. The car should be of mer­chantable qual­ity which means that it should be of rea­son­able, ac­cept­able qual­ity given the age and his­tory of the car — and road­wor­thy. It should also be as de­scribed and match the ver­bal de­scrip­tion or in any ad­ver­tise­ment.

Deal­ers who mis­lead con­sumers about the cars they are sell­ing, or who sell un­safe cars, are break­ing the law. It is an of­fence for a dealer to pro­vide mis­lead­ing in­for­ma­tion about the car in­clud­ing its his­tory, mileage, spec­i­fi­ca­tion and any re­pair work needed. It is also an of­fence un­der con­sumer law for a dealer to with­hold ma­te­rial in­for­ma­tion when sell­ing a car.

If you be­lieve that you were given false in­for­ma­tion about the car’s con­di­tion or mileage, you should con­tact the CCPC through its con­sumer helpline on 1890 432 432.

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