Joy Newhouse

Jun 17 2015

Save, Spend, Share: The 3-Chamber Method (Part 2 of 5)

Hills Bank Savings Plan for Kids
Sometimes it’s hard to know how to get your child off to the right start saving money, so as parents, grandparents, and mentors to youth, we at Hills Bank have brought together our experiences and financial knowledge to share with you. This is part 2 of a 5 part savings plan for kids series. 

In our first post in the series, we explained where money comes from, but now that you have money, where do you put it? You could put it in your shoe, but that might slow you down during gym time and pinch your toes. You could put it in your pockets, but it could be lost in the laundry. Why not make a special container that you keep in your room or other safe place?

Here are some ideas for creating a cool “bank” just for you!

  1. Pick a container. You’ll need to have three (3) separate chambers to keep your money divided. Use an item found at home, or buy one at the store. Here are some ideas to get you thinking: peanut butter jars, facial tissue boxes, or milk cartons.
  2. Decorate with style. Break out the paint, stickers, construction paper and more. Use whatever you like to give your bank style.
  3. Create an opening. Make a slot in the top of each chamber large enough to let your money in, but small enough that it can’t spill out. Ask an adult to help you.
  4. Deposit your money. Listen carefully because we have a special way of doing it. Divide the amounts equally into each of the 3 chambers—save, spend, and share. Keep reading to learn why!
Save Spend Share 3-Chamber Method

Save, Spend, Share: 3-Chamber Method

When your awesome new bank is ready to store your cash and coin, start thinking about what you’ll do with your money. The options are endless, but if you try to do all of them you’ll be out of money in a flash! Plus you might not use it the best way possible. Don’t get dizzy trying to figure this out, we’ve got some tips to help you save for later so you don’t run out, get fun stuff for yourself now, and are even able to share with others.

We call this the 3-chamber method and you’re going to love it! If you’ve made your own 3-chamber bank, share it with us in the comments below — we’d love to see it.

Please visit our blog,, next Wednesday for part 3 of our 5 part series, “What Are You Saving For?” You’ll learn what to do with that money you just earned!

savings-plan-for-kidsDownload our Savings Plan for Kids that has many great ideas for managing money.
View the complete 5-Part Savings Plan for Kids Series

Joy Newhouse

About Joy Newhouse

Joy Newhouse is Vice President and Branch Manager at Hills Bank’s Cedar Rapids location on Blairs Ferry Road. She has been at Hills Bank since 2002 helping customers with deposit and loan needs. Joy has three active, school-aged children and spends most her weekends at basketball, baseball, and softball tournaments throughout Eastern Iowa. Joy can be reached at

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