Kelsey Larson's essay

2008 Citi Scholastics Essay Writing Contest

Third place winner: $200 college scholarship

Home: St. Anthony

High school: St. Anthony Village High School

The cerulean blue Crayola crayon is 28 inches in height and 19 inches in circumference. It is a piggy bank that was given to me by a favorite aunt as a Christmas present when I was five or six years old. Little did my aunt know then how that gift would provide a starting point for my financial education.

I decided it would be fun to try to fill it with pennies and wondered how long it would take. I started looking for pennies everywhere. I noticed many people just throwing them away. When I heard people say they had extra pennies I would smile and say, "I save pennies!" The prevalent attitude of people is that a few pennies are just not worth keeping. After about four years, the piggy bank was finally full with about $60. The face of the teller was priceless when I brought the filled crayon to the bank and told her I wanted to make a deposit to my savings account!

In addition to saving the pennies, I would also save up part of my allowance to buy toys and games. I was always excited when I had finally saved enough money to buy whatever I wanted. However, material things could only hold my excitement for so long until there was something new I wanted. Eventually, I began to experience the same sort of excitement as I began to watch my savings account grow.

My parents, who are pretty financially savvy, started teaching me financial basics including information about 401(k)s and Roths. Most people begin saving for retirement in middle age, but my parents have taught me the importance of starting early and the benefits of compound interest and dividends. At first, I have to admit, some of those newspaper and magazine articles and discussions with my parents were real yawners.

I wrote down my short and long-term financial goals. As I looked at my long-term goals, some of my short-term goals seemed a little indulgent so I erased some of them; however, I just had to have that iPod! When I was 13, I set a goal to save $2,000 in a Roth by the time I graduated from high school -- probably a very uncommon goal for someone my age.

I began to save in earnest and became very thrifty in my spending habits. It's amazing how much money you can save by being creative in your activities; for example, playing Frisbee in the park with my friends instead of spending money on movies and food. I made a collage of pictures of some of my goals. The piggy bank stands like a sentinel beside the collage, guarding my coins and reminding me to stay on track.

My goals necessitated working. My first job was working in my parents grinding shop, where the smell of coolant and grease would permeate my clothes. Phew! I have since changed jobs - thank goodness! I also have another higher paying job on the horizon for the summer. More money means faster progress towards my goal.

I have obtained my Roth goal! What an amazing feeling! I have now re-prioritized my goals to focus on college. Unfortunately, further deposits on my Roth will have to wait a few years, although the current balance can continue increasing in the meantime. My next goal of excelling in college will help my future earnings potential and Roth contributions.