Did you have a lot of direction when you were growing up about financial responsibility? Financial literacy is something that is often left out of a young person’s educational journey, but it’s very important! Thanks to PNC and State Farm, The Cabbage Patch is able to provide this much-needed program.
Andrew* started out at the Cabbage Patch as a Teen Leader, where he was first introduced to the concept of financial literacy. During his time as a teen leader, he was taught the importance of budgeting, saving, and planning for large expenditures carefully. Part of Teen Leadership is opening your first bank account. Leaders are paid a monthly stipend, half of which must go into the savings account, which is used as their college fund. Many of the teens spend the remainder, but Andrew must have taken the lesson about savings to heart, because he saved the vast majority of his money.
When Patch staff members invited some of our star Patchers to go on a special trip to Canada this summer, each teen was asked to save up $100 in spending money to attend. Many were concerned where they would come up with the money, and the camp director met one on one with them to help them make a savings plan. When she asked Andrew how he planned to save, he proudly said “I’ve already got it…I’m straight on money. My savings account is FAT!” Sure enough, Andrew had saved nearly $1000 in his two years as a Teen Leader and was ready to go! His situation got even better when an anonymous donor provided the spending money for all the kids in the group, so he got to keep that $100 in his college fund after all!
Since then, Andrew has served as a summer Counselor in Training, and a Teen Employee; the paychecks from both of these position go into the same bank account he started years ago as a Teen Leader, and a good portion still goes in to savings. “That’s my future…that’s my college fund.” Andrew says proudly. “I’m going to be careful and make sure I can buy everything I need and help my grandmother support me.” Do you want to join PNC and State Farm in funding much-needed life skills programs like Financial Literacy? Make a donation on our website! https://www.cabbagepatch.org/donate/