There are a few ways to encourage children to save –

1. The first is to set the example – tell them that you are saving at the moment – maybe for a new car, an extension or the next summer holiday
2. Make it a competition – encourage all of your children to compete and have a prize for the person who has saved the most in a particular time or if it is just one child you are trying to encourage and they are saving for a particular goal e.g. a portable tv for their bedroom then maybe you could agree to buy them the dvd player if they save it by a particular time
3. Keep it visual – It is hard for children to visualise the savings in a bank account and it isn’t very exciting so make a chart or a poster to encourage them and show them their progress
4. Top up their savings – encourage them to save harder by perhaps doing a 1 to 1 match with their contributions (obviously dependent on age and amount)
5. Having them be a part of the team – Involve them with the spending plans eg. if they have saved their own spending money for the summer holidays – maybe they could pick a daytrip destination when you arrive

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The benefits include:

• Up to 52% travel cost savings for staff
• Up to 10.75% savings for employers on PRSI
• No more queues for Luas tickets
• Journeys are cheaper with prepaid tickets than with cash

How it works:

• The cost of the Tax Saver Commuter Ticket is deducted from the employee’s salary before taxation.
• The corresponding amount paid by the employer to provide a monthly or annual Luas pass will be regarded as an expense incurred by the employer for the purposes of the Tax Acts.

According to Revenue Commissioner’s guidelines, the above is not available to self employed individuals.

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