Savings – The More, the Better, Saving for a Purpose
Savings – The More, the Better, Saving for a purpose
Several years ago, I hired my godson for the summer to cut and edge up the lawn. One day after paying him, we talked about saving money for the future. I asked his mom if it was okay for him to open a savings account at the local credit union. She agreed. We went to the bank; the credit union representative spoke to him about banking and savings and he made his first deposit. We talked about goals and I asked him to decide what this account would be used for. He decided that the money would be saved for college. He was in the 8th grade at the time the account was opened. He recently graduated from high school and his savings account is growing. He has a part-time job, started college, and is still putting money into the account. He recently opened his checking account and decided the money would be saved to buy a car. He is listening.
Update: He bought his car with cash.