Sarah York Financial Literacy Champion Talks Kids and Money with Sammy Rabbit: 13 Sammy Rabbit “Gold Karat” Takeaways
by Team Sammy
We had a Sammyriffic Childhood Money Memory podcast and discussion recently with Sarah York
Watch the video above or listen to the audio of the interview below!
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Below, find a little about Sarah and a list of 13 Sammy Rabbit “Gold Karat” takeaways from the podcast!
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About Sarah
Sarah York is the Chief Marketing and Digital Officer at Spave. She is also a wife, mom, amateur cultural anthropologist, classic car enthusiast, and lover of all things Halloween.
She is passionate about making a positive impact and relishes working in the tech space.
Sarah believes every one of us can benefit from financial education!
13 Sammy Rabbit Gold Karat Takeaways from Sarah York Financial Literacy Champion!
(1) Sarah thought long and hard. She had several childhood money memories to select from.
Sarah shares that prior to having her mom, her grandmother worked at the IRS. Sarah's grandmother was always good at budgeting and math.
Sarah remembers as a small child going with her grandmother to the bank. After her grandmother made a deposit and received the amount of cash that she wanted back, they would both go to the corner of the bank and sit at a table where Sarah's grandmother would organize her cash into envelopes.
The envelopes were all part of her budget. Sarah remembers her grandmother planned her money whether it was spending on groceries or saving in the Christmas Club.
Trips to the bank, sitting at the table, organizing money into envelopes became a tradition for Sarah and her grandmother as well as a cherished memory for Sarah that "stuck" with her through the years.
Sarah and grandmother really didn't talk money, but Sarah saw and observed everything. It gave great exposure into budgeting ones money.
(2) Sarah discovered that when you plan your money, a little can go a long way! What a great money habit for any kid and all kids to learn!!!
(3) Sarah gives her daughter earning opportunities at home. She wants her daughter to learn the same lesson as well - when you plan your money, a little can go a long way!
When Sarah's 5 year old daughter contributes and works she receives some money. She takes some of that money and deposits it into her piggy bank.
Change goes into the piggy bank and dollars go into envelopes. Sarah's daughter uses some of the money for a treat at the store and the rest goes into an official bank account.
(4) So Sarah and her husband have started the financial education process early with their daughter. They want her to learn all the important lessons, a little at a time, like putting some money away for a rainy day, working to earn money, planning / budgeting spending and feeling good about treating yourself a bit when you have earned some money.
(5) As a child, Sarah was quite the earner and entrepreneur herself. She took on jobs as a baby sitter, sold jewelry and performed a variety of other tasks as she had a goal to purchase Wayne Gretzky roller blades!
Sarah is happy to share her daughter is showing signs of being a budding entrepreneur herself!
Earn, plan, put money aside, these are lessons Sarah and her husband think are important to begin slowly and steadily teaching their daughter.
create cherished life-long memories!
(6) I asked Sarah to share her thoughts on one her first saving memories when she deposited some of her hard earned money at the credit union and how empowering that might have been.
She agreed, it was empowering. It was something she largely accomplished on her own. It was a great feeling.
(7) Sarah further shared it's important to continue to learn. She pointed out the landscape is constantly changing, so it's a good idea to stay up to date and understand your personal finance options.
(8) Sarah saved change as a child. She used a piggy bank for that. She also separated and planned her spending using envelopes. By doing that she was able to use her piggy bank savings for fun things, like periodic ice cream treats. It was wonderful because she could do that on her own.
She and her husband now save change in a bowl. Her daughter uses that change for little things here and there including making transfers and deposits into her piggy bank. Sarah says it serves as another teaching tool.
Sarah says piggy banks have come a long way since she was a child. She had a small truck piggy bank as a child that her grandfather gave her. He'd get them from the lumber yard he worked at. Sarah loved it. Her piggy bank was "cool!" It had wheels!
On the other hand, her daughter wanted a robot for Christmas. So, they got her a robot piggy bank. This piggy bank talks. Whenever a deposit is made the robot piggy says, "good job!" It encourages kids to save! And it has the ability to move. It provides kids lots of opportunity to interact with it and their savings.
Advance 1 child’s financial literacy today!
(9) Sarah does not have any serious concerns talking to or teaching her daughter about money. However, she points out schools are not really doing anything to help kids get a good understanding of money basics. She would love to see schools get a little involved in teaching basic money skills to kids.
(10) I asked Sarah to comment on something she had previously shared with me that her parents had passed onto her and whether that guidance is still relevant today.
Sarah's parents advised that if she worked hard and got an education she could achieve success.
Sarah thinks the guidance is still relevant but points out there are many paths to success. Regardless of whether you go to college or not, what is going to make a difference is what you do with the knowledge you acquire, whatever its source.
What is also going to make a difference no matter your profession is what you do with the money you bring in. She witnessed this last lesson first hand. Her grandfather never made a lot of money working, but because he was a good money manager, he was able to provide the family in a lot ways others who made more were not.
(11) When it comes to a career, do your best to find work that is fulfilling!
(12) The big lessons she learned, believes in and would want to teach kids are make your money work for you; and use the money you earn wisely!
Figure out how to use the money you do have to its maximum potential.
(13) Sarah is delighted to report she now works at a company called Spave that has an App that helps people make great spending and giving choices.
Discover more about Sarah York at her profile on LinkedIn:
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