Joy Newhouse

Jun 24 2015

What Are You Saving For (Part 3 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 3 of a 5 part savings plan for kids’ series.

Savings Day

Once you’ve got your 3-Chamber bank made, you’ll have a place to put all your saved money. Saving is super important! There are quite a few reasons, but we’ll just name a few.

  • First, some stuff you want costs more than you have to spend and will require you to save a little each time you earn or receive money. Saving will assure you have money for things you want in the future.
  • The second reason—to avoid debt—is kind of hard to understand. We’ll tell you a little, but you may have to ask an adult to help you out. Debt means you owe more money than you have. You can steer clear of this by following one important rule: only spend what is in your spend chamber.

New Savings Goal

Set a savings goal
What are you saving for? It might be a new bike, going to college, or a car. Saving can be hard to do, but if you set a goal it will be easier.

Create a chart and mark it as your savings grow, then you can see your progress. Another good motivation is to hang a picture of what you’re saving for on the wall of your room, so you see it every day when you get up.

Start saving early
Maybe you are thinking that it won’t be very fun to save money, after all, that means that you don’t get to spend it right now. Well, think of it as “paying yourself first.” You’re not losing the money, you’re just putting it in a safe place so you can use it later for something big and special.

Take money to the bank
We’ve already talked about putting money in your 3-chamber bank. When your bank is filled with all the money you’ve been saving, it’s time to bring your money to Hills Bank. Ask an adult to take you and the money in your save chamber to your nearest Hills Bank location and make a deposit into your account.

If you don’t have an account yet, ask about joining the Penny Savers Club or Go! Program. Your money will be safely held at the bank and you’ll receive fun newsletters in the mail. Also, watch for your bank statement to come in the mail. It will tell you how much money is in your account and other good stuff.

P.S. You should also know that Hills Bank pays you something called interest. Interest is a little bit of money the bank adds to your account throughout the year, so your money is actually growing!

Now develop a plan to reach your goal, pay yourself first, and keep track of what you’ve saved, and you’ll be making that big purchase before you know it! We’d love to see what you’re saving for. Share a picture of it in the comments below!

Please visit our blog,, next Wednesday for part 4 of our 5 part series, “Spending Your Money” You’ll learn how to wisely spend what you’ve 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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