Your Money Matters

FINANCIAL ADVICE COLUMN Q&A SMEs, Credit Unions and Corporate Cost Saving Energy Tips at home Social Responsibility (CSR) Q: I’ve been hearing a lot of talk about saving energy in the home and I’d be interested in some tips on how I can do this and save money at the same time. What would you advise?

A: You can reduce your energy consumption and save money on your energy bills at the same time. Comhar Chreidmheasa Chorca Dhuibhne Firstly, you should shop around. Switching your gas and electricity providers only takes a matter of minutes and the average consumer can save around €300 by switching from standard tariffs to the cheapest on the market. For accredited price comparison websites go to www.bonkers.ieor www.switcher.ie. Secondly, you should try to reduce your usage. Remember to switch off all appliances when not in use, What is CSR? whether it’s the microwave or the TV, and make sure to switch them off fully and not just leave them on standby. This could save up to 20% of your appliances’ energy use, or between €50 and €100 a year on an Corporate Social Responsibility, or CSR, refers to businesses taking average household electricity bill. responsibility for their impact on society and contributing to the wellHeating & Insulation: This takes up a huge proportion of our energy bills so conserving heat will being of their communities, with community engagement being one save you money. Aim for 20°C in your living areas and 15 18°C in hallways and bedrooms. You can reduce of the key pillars of CSR alongside the concern with the workplace, your heating bill by 10% by turning down the heat by one degree. By insulating your attic you can cut your energy bill by 20%. Install a lagging jacket and you can save up to €2.50 per week in heating water costs. the marketplace and the environment. It is a business approach that Have your boiler serviced once a year to ensure it is operating efficiently. contributes to sustainable development by delivering economic, social Doors & Windows: Seal off your windows and doors to prevent heat loss due to draughts. Close and environmental benefits for all stakeholders. Companies are part of the doors to rooms that are not used often and keep your curtains closed at night, even in empty rooms. society in which they operate and can help contribute to the well-being Kitchen: This is the room in the house where we consume the most energy but there are lots of ways of their community. CSR is a business practice that benefits employees, to cut back. You should only put as much water as you need in the kettle, so if you’re only making a cup of tea, don’t fill the kettle to the top. Electric ovens are expensive to run, so where possible keep the oven door society and the environment. closed during cooking. Use a toaster instead of a grill to make toast at a fifth of the cost. When buying new appliances choose the most efficient model you can afford. According to Enterprise Ireland, 84% of businesses view CSR as being Bathroom: It costs the same amount of money to heat the water for one bath as it does for 5 showers, moderately or very important to them, and CSR policies can deliver so save money and take showers! tangible benefits to both large companies and SMEs that are good for Do yourself a favour and save money and energy at the same time! These are just the main examples of business and good for the community. In large multi-national companies, money saving tips but there are others, such as replacing your light bulbs with low energy bulbs, which use the efficient use of scarce resources and the reduction of their carbon about 5 times less electricity than a normal bulb, and you could also consider getting a night saver metre and installing an electricity monitor to find out which gadgets are using the most electricity. footprint to reduce their impact on the environment is of benefit to all of The SEAI has introduced grants that can help you make your home warmer and cheaper to run. Some us. This is also true in the case of SMEs but on a smaller scale. CSR is likely upgrades are free of charge for eligible households. Grants are also available and are not means tested. More to remain intuitive and informal in smaller companies, whereas larger companies may have more formal dedicated CSR resources. Initiatives information is available on their website at www.seai/grants.ie. If you meet their criteria and obtain grant approval you can also apply for a Green Loan from Comhar Chreidmheasa Chorca Dhuibhne as a bridging loan to cover your costs until the grant is paid or to cover costs not covered by the grant. Terms & such as volunteerism, fundraising, sponsorship, and the reduction of Conditions apply. Bí linn is beimí d leat! negative environmental impact are some of the ways that businesses Comhar Chreidmheasa Chorca Dhuibhne Teoranta can help society. For further information on taking the first steps towards eolas@cccdteo.ie www.cccdteo.com Comhar Chreidmheasa Chorca Dhuibhne Teoranta is regulated by the Central Bank of Ireland CSR in your business you can check out www.enterprise-ireland.com/csr.

What are the benefits of CSR?

There are dual benefits to the community engagement aspect of CSR. Firstly, the society or community associated with a business gain from the efforts of the company to enhance their wellbeing, and secondly CSR can enhance the business reputation while improving their competitiveness and their value. By integrating CSR into the strategic plan of a business, it helps to increase employee engagement through a sense of belonging and shared values which ultimately leads to accelerated business performance. Engaged employees are more likely to be natural promoters and advocates of their company.

Credit Unions and CSR

Although CSR is often seen as something undertaken by large corporates, it also has huge benefits for smaller companies and co-operatives, such as Credit Unions. In fact, one of the main operating principles of Credit Unions internationally is their social responsibility to their members and to the local community. The Credit Union ethos is all about people helping people while aiming to provide affordable finance to individuals in the community. We also aim to educate our members and the community on the wise use of money. By encouraging and facilitating greater personal control over finances, and by increasing the purchasing power of members, credit unions play an important role in promoting individual dignity, self-esteem and social inclusion within local communities. Credit Unions are owned by their members, who are people from the local community who save and borrow money from us, and the majority of loans issued to local people, are invested back into the local community.

CSR and Comhar Chreidmheasa Chorca Dhuibhne

As part of our 3-year Strategic Plan in Comhar Chreidmheasa Chorca Dhuibhne, we hope to increase our CSR initiatives in the coming years to the benefit of our local community in Corca Dhuibhne. From a CSR perspective, our main aspiration is community engagement. An example of this is our continued commitment to the use of bilingualism in our business. We recognise the significance of the preservation and the promotion of the Irish language and the importance of serving the language rights of the Gaeltacht community. We also hope to continue and develop our support of local organisations, events and festivals. Most Credit Unions have managed to maintain a permanent presence in their communities throughout the difficult economic environment, and have maintained a continuity of branch service to their communities. This has not been the case with some other financial institutions but Credit Unions have the competitive advantage of being embedded in their communities and have a reputation of being trustworthy institutions and connected to their members. It is the loyalty of these members that help to keep Credit Unions viable. To conclude, social responsibility contributes to the sustainability of communities, and this is especially important in rural settings like Corca Dhuibhne. If you run your own business or work for someone else, no matter how small the company, remember that a small difference you make locally can make a big difference collectively. Having people engaged in the local community and giving something back is vital to the enjoyment of living in a rural setting. Comhar Chreidmheasa Chorca Dhuibhne Teo. is regulated by the Central Bank of Ireland

Use your loose change to support your local rugby club -RUGBAI CHORCA DHUIBHNE And be in with a chance to win some cash to treat yourself.

Watch out for the envelopes printed for the purpose.Pop in a €2 coin and post it in one of boxes you will find in your hairdressers, retail outlets, and hopefully, pubs! Be sure and write your name and telephone number in the space provided. Each week an envelope will be drawn from all the envelopes posted and the takings will be split 50/50 between the winner and the rugby club.

Winners will be notified by phone and the result announced on local media and the Rugba Chorca Dhuibhne Facebook page.

FIRST DRAW 27TH MAY