||Copyright © 1998 The Seattle Times
Lifestyles : Saturday, October 31, 1998
How money grows
Whether your school has a savings program or your child opens an account at a local bank, the money can build. Here's what the "How to Make a Million Calculator," at http://www.saveforamerica.org , calculated:
-- If a child saves an average of $2 a week year-round (52 weeks compounding monthly with 3 percent interest), it totals $107.60 at the end of one year, $685.80 at the end of six years of elementary school and $1,655.58 at the end of 13 years of school.
-- If that average deposit is $5 a week, it totals $269.01 at the end of one year, $1,714.51 at the end of six years and $4,138.95 at the end of 13 years of school.
How school savings programs work
Schools and/or parent volunteers set up programs on school computers with help from a local bank. Washington Mutual provides a computer disk program; Savings for America banks work with an online Internet program.
Volunteers or school staff host bank days, track deposits and take money to a local bank each week.
Kids make regular deposits of 10 cents or more and get receipts to help them track in a savings register. They can earn stickers or prizes.
Teachers can use curricula provided by banks or online to teach about money. Washington Mutual staff can make class presentations.
Money can be withdrawn any time at a local bank.
To start a school program
Washington Mutual, 800-756-8000
Save for America, 425-746-0331 or 888-520-1077, or online at: http://www.saveforamerica.org
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