Teach Kids to Save is celebrated today, April 12. One of our newest Stockman customers, Sarah K., agreed to an interview on why she recently opened a savings account at only five years old.
So, Sarah, we understand you opened a savings account. How old are you?
Yes I did. I’m five years old and I’m in Kindergarten.
Why did you open a savings account at your age?
Because it (a savings account) makes me happy and helps me to save money.
Why do you think it’s important to save money?
So I can buy things.
What would you tell other kids your age they should do with money?
They should (open a savings account) because they might just be amazed.
Should they have a savings account?
Do you have any savings goals?
Yes, I am trying to save for a robot unicorn. It has wheels and can roll around. It costs lots of money.
Do you have an allowance?
Yes. If I do some of my jobs, I get some of the money. If I do all of my jobs, I get all of the money.
How much do you get for your allowance?
Lots of money, like $30. I have to wash dishes, make my bed and clean my room.
(Side note: Sarah’s mom emailed me this after our call. “I heard that Sarah said her allowance is $30 a week, she wishes! It’s closer to $3 a week.” To a 5 year old, $3.00 seems like $30.00. We know this will change when Sarah is a teenager.)
What do you think of when you hear the words
- Cash? Money
- Saving? A lot of something!
- Rich or wealthy? I don’t know what that means.
When you get older, how do you think having a savings account might help you?
We would have asked Sarah that question, but her friend arrived and they needed to play, which is why a savings account is a great thing for anyone to have. Put your money to work for you so you can play when your friends show up.
We want to thank Sarah, her mom, and dad for allowing us to interview her. We hope this blog inspires you to start a savings account or encourage a child to start saving today, and remember that the minimum balance of $100 is waived for those under 18.
For more information about Teach Kids to Save go to https://www.aba.com/engagement/pages/teachchildrentosave.aspx and click on the links.