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Youth learn about saving

By Staff | Apr 28, 2010

Northwest Bank president Sara Mix and Jody Schroeder teach Estherville Lincoln Central students about the importance of saving money during National Teach Children to Save Day. EDN photo by David Swartz

Patty wants to buy a hamster and has $12 to spend for the animal and all that comes with it.

The hamster costs $5. After buying the food ($2) and bedding ($4), there’s only a $1 left and you haven’t bought a cage yet. What do you do?

That was one of the problems posed to Estherville Lincoln Central second-graders by Sara Mix and Jody Schroeder of Northwest Bank on National Teach Children to Save Day Tuesday.

Mix and Schroeder asked the children to think of ways to save money and the difference between wants and needs.

For example the hamster needs food, a cage, and bedding, but maybe the cage is donated by a family member or neighbor.

Instead of buying a big package of bedding, maybe a smaller one is purchased.

And if Patty wants a toy for the hamster, like a wheel to run in, maybe she has to save her dollars to purchase it later.

The bankers’ message was “it’s always a good time to start saving money-when you want a new bicycle, or eventually a car or maybe even for college.”