Managing communion and confirmation cash: How to give your kids a strong financial foundation
29 April 2025
Help your kids get used to managing their money.
Financial expert Paul Merriman on gaining control of your spending habits.
‘Journal.ie article, 21st April 2025’
We know that lots of children around the country will be looking for somewhere to put money gifted from First Communion, Confirmation or specials occasions! So, we wanted to let you know about An Post Money Mate - a debit card, current account appfor kids aged 7-15. An Post Money Mate lets kids learn to Manage, earn, save, and spend responsibly— all with the support and oversight of parents.
Here's some tips to help teach your kids money skills for life:
DECIDING WHAT TO spend your communion and confirmation money on is a rite of passage for many Irish children, and the gifting of money remains a strong cultural tradition to this day.
While clothes, video games and smartphones will certainly be a major temptation for most kids, sacrament season is also an opportunity for them to start saving and building strong financial habits from an early age.
A child’s first communion or confirmation might also be the perfect time to set up an An Post Money Mate account, which is a current account, debit card and app specifically for kids aged 7-15.
The An Post Money Mate account allows parents to see how much money is in the account, where it is being spent and set spending limits. The An Post Money Mate app is also there to help kids under 16 get used to managing their money, and allows parents to block ATM, shop or online use.
Paul Merriman, the financial adviser behind Ask Paul, has some other essential tips for how parents can use communion or confirmation cash as an opportunity to help teach their kids essential skills, including financial literacy and making smart choices when it comes to spending their money.
Why is it important for children to learn the value of money early in life?
Learning financial lessons early in life helps children understand that every euro has a purpose. It builds a foundation of discipline, responsibility, and appreciation for hard-earned money. When kids grasp that money isn’t limitless, they develop a respect for budgeting and saving, which sets them up for sound financial decisions throughout their lives.
What are good financial habits to start your kids off with?
Start simple: encourage saving a small portion of any money they receive and explain the idea of budgeting through weekly or monthly allowance. Using tools like the An Post Money Mate can help them visualise where their money is going. Teach them to divide their money into different pockets for spending and saving. These habits foster confidence and instils practical financial management skills early on.
Is it a good idea to introduce financial goals to children?
Absolutely. Setting even small financial goals teaches children the value of planning and delayed gratification. Whether it’s saving for a toy or a special outing, putting a goal in place encourages kids to think ahead and make thoughtful choices. This practice not only makes saving fun but also builds a mindset that balances short term desires with long-term benefits.
What should I do if my child wants to spend all their communion money in one go?
It’s natural for kids to want immediate gratification, so discuss the benefits of saving some money for future needs or even for a special treat down the line. You might suggest splitting the money into portions. For example, some of the money could be used for instant fun while the remainder is fenced off for saving. This approach shows them that managing money isn’t all about restriction, but about making choices that provide long term rewards.
Is bringing my kids shopping with me to explain price tags etc a good option, how should we go about this?
Yes, taking your kids shopping is a fantastic hands-on learning experience. Use real world scenarios to explain how price tags work, compare costs, and discuss what makes one product a better value than another.
Let them handle small transactions under your supervision. This practical exposure makes abstract concepts tangible and by asking questions and exploring choices together your kids will gain a deeper intuitive understanding of money management.
To learn more about an An Post Money Mate account, visit the An Post Money website.
Terms & Conditions apply. An Post is authorised by the Minister for Finance to provide payment services and is regulated by the Central Bank of Ireland in the provision of such services.