Congratulations to Our Youth Saving Challenge Winner!
Congratulations to our Youth Saving Challenge Winner
During the month of April, POECU participated in Youth Month; a national event to give back to the youth of our community. This year’s theme was all about saving and developing good saving habits while young. To encourage good saving habits, POECU participated in the Youth Saving Challenge, where any member under 18 who opened a savings account with us during the month of April would be entered to win a $50 deposit into their savings account. This year, the winner of that challenge is Charles Watkins V.
Charles Watkins V, age 16, and his mother Dena Watkins came to POECU on Wednesday, May 10th to have a chat about saving. Charles is currently a student at Ben Franklin High School and NOCCA. When I asked him what he is currently saving up for, Charles replied, “I’m really interested in media arts and film, so I am saving up for a camera and some props.” He also added that he will be driving soon, so he needs to save up some money for gas as well.
In speaking with Dena Watkins, she informed me that Charles has always been excellent with saving his money. “On his birthday and Christmas his father and I will give him some money and Charles always saved it – he would keep it in his room. I took Charles to POECU and he asked me if he could open a savings account.” And that is exactly what they did. I told Charles that it was smart of him to move his money into a savings account – or as we call it at POECU, a shareholder’s account – because the money will begin compounding interest.
A little tip for everyone – having a savings account (especially one with a credit union) is worlds better than saving your money in cash at your house. Not only is it safer; but having your money in a savings account will actually make money for you due to compound interest (POECU offers competitive dividend rates to maximize your earnings). Keeping your money in cash will actually cause your savings to lose value over time due to inflation.
We are so excited for Charles, and can’t wait to see all of the wonderful art he will make. We can already tell that he has a bright future ahead of him. Congratulations, Charles!