By Kimberly Morgan-West | Senior Goal Card Program Coordinator
The Children's Savings Account (CSA) Initiative was established in 2018 and is a special savings plan program to help students accumulate funds for post-secondary expenses (college application fees, entrance exams, tuition, books, laptop computer, etc.). This initiative is intended to serve as a model that will help high school students to become more familiar with traditional banking institutions. EB, a sophomore at Melrose High, is a student athlete who has great expectations of the CSA program. She is one of 20 students selected to participate in the pilot program.
“The CSA program has been very beneficial because it teaches you to save for the future and how to budget your money.” stated her mother, Ms. Bolden. “Once EB graduates, she will use the money to purchase her portable computer, things for her dorm room, and have money for her needs while at school,” said Bolden, “she will continue to save whatever is left.”
Every month until graduation, each participant is required to make a deposit into their savings account, and RISE will match the deposit at a dollar-for-dollar rate. This means that for every $1 dollar that a participant deposits into their CSA account, RISE will match it with $1 up to the participant’s stated total savings goal.
Every month, EB exceeds her maximum savings deposit of $50. “It has not been hard at all. I’m trying to teach EB the value of money, the importance of saving, and to not just go out and spend all of your money.” said Ms. Bolden. She believes that teaching EB the importance of saving will help her to be more responsible because she will not continuously look to her parent’s for help because she has learned how to budget her spending. Most importantly, it will teach EB the importance of having a financial plan and setting goals.
Melrose High School student EB, is definitely scoring big through her involvement with the RISE CSA Initiative.
By Tangela Morgan | Development Director
By Kimberly Morgan-West | Senior Goal Card Program Coordinator
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