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Kid blows family’s savings on candy

By Claes Bell · Bankrate.com
Friday, November 9, 2012
Posted: 4 pm ET

People get annoyed about institutions charging them bank fees to access their own money, but bank accounts do have the underrated benefit of making it impossible for a disturbed child to steal your life savings and use it to buy mass quantities of candy.

That's exactly what happened in Ukraine, where a young boy is in deep trouble with his parents. From the Russian News and Information Agency RIA Novosti:

A 9-year-old boy has emptied his parents' piggy bank, spending almost $4,000 on candy in the Ukrainian city of Konotop, the Ukrainian edition of Russia's Komsomolskaya Pravda daily said Wednesday.

A total of $3,300 and 500 euro (about $600) -- the family's entire savings -- went missing from the stash, which was kept hidden under a sofa.

"The disappearance was first spotted by the father, a shift worker who had just returned home," said Tatyana Kushnerova of the local police department. "He opened the stash and saw that it was empty."

After a brief family row, the son admitted stealing the money, saying he wanted to buy some sweets.

During his autumn vacation, the boy took various sums of money from the stash and converted it into Ukrainian hryvnas with the help of an adult acquaintance. The man, who has been diagnosed with a mental disorder, always received the biggest note for his services.

As the boy was unable to eat all the candy he bought, he shared it with friends.

I get a lot of people in the comments section of this blog and on social media threatening to take out their cash and stuff it under a mattress because of insultingly low interest rates, high bank fees, etc. But while the fact that the kid went and blew all this money on candy is kind of funny, this incident illustrates exactly why keeping large amounts of cash around your home rather than in a checking or savings account is a terrible idea.

To get an idea of how much $4,000 is for a Ukranian family, the gross national income per capita in Ukraine is $3,120 a year compared to $48,450 in the U.S., according to the World Bank. In other words, losing that $4,000 probably felt like what an American family would feel in losing $62,115.

Now, I'm sure the family had some good reasons for keeping the money in cash. Ukraine is experiencing massive inflation of around 10 percent annually right now, so the family was probably keeping its money in hard-currency euros to avoid that.

But whatever reasons that you have for keeping a large amount of cash in your home, it's important to remember that in doing so, you're risking a total loss. After all, when it comes to money, all it takes is one family member or friend who knows about your stash to succumb to temptation for that cash to be gone.

What do you think? Have you ever lost a stash of cash? Did you wish afterward it had been sitting in a bank instead?

Follow me on Twitter: @ClaesBell.

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125 Comments
Molly
November 19, 2012 at 10:32 pm

Daphne do you really think GOD needs money... Charity begins at home, and her KID is your grandchild.

Mala Sangre
November 19, 2012 at 10:12 pm

and so the saying. ' don't put all your eggs in one basket ". don't put anything where your kids can find it either. that's why kids often aren't that surprised on Christmas.

jason
November 19, 2012 at 10:08 pm

why would you keepthat much money in your house? Atleast Have a safe ifyour not going to keep your money in the bank

WOLVERINE 750
November 19, 2012 at 8:35 pm

How is it possible for a boy to buy so much candy in UKraine? That would be a whole truck load. Something in this story is not adding up. How much candy can one person buy for $53,600.00 dollars?

J.
November 19, 2012 at 6:42 pm

Hey Daphne, maybe you should help your daughter out more and she wouldnt have to lower herself to do that. Family first always. The Church will be alright without a weekly payday.

Olivia
November 19, 2012 at 5:32 pm

When I was 8 I took 5 cents from several coins my mother had placed under a dresser scarf, along with several other coins. How was I to know there was only one nickel and she would be looking for it, or needing it? I used it to buy a candy bar, even offered my oldest sister half. When my mother asked where her nickle was, you guessed it, my sister ratted me out. I was given a "talking to" that to this day has made me the most honest person on the planet. My mother put so much guilt into me that I won't even take extra change given to me at the store and the incident also made me more responsible. This of course doesn't compare to thousands of dollars worth of candy, but that's my story. zzzzzzzzzzzzzz lmfao

conrad
November 19, 2012 at 5:14 pm

My mother had a container of silver half-dollars saved in her sock drawer. As 2nd grade kids we didn't understand the value of those fifty-cent pieces and took them 1 by 1 until they were gone.... to buy candy from the laundromat on the way to school.

I always felt bad about it and confessed once I was an adult. She said she always thought my dad was the one who took them. They'd be worth quite a bit now ... so yes, kids and hidden money = temptation for sugar and are not a good combination.

cissy
November 19, 2012 at 2:07 am

I was pregnant with my first child. I had had so much trouble with banks and their fees. When I got paid, and got m income tax refund, I decided to put it in what I thought was a smart hiding place. My baby came early, and while I was in the hospital after a c-section, a "friend" of my husband's offered to put the baby bed together for us, with my husband at the hospital with me, his buddy ransacked our apt, found my $2,000 and took every penny, he also didn't put the bed together. At the time I made about $650 a week and my husband the same so we felt the loss of that money, especially with the new baby.

Daphne
November 18, 2012 at 10:20 pm

My daughter, a grown-up; took money from my church tithe envelope to pay for a birthday party for her kid- with an I.O.U. that I didn't see until MUCH later- very BAD! She owes' it to GOD who is going to be taken OUT of her hide at the rate of 20% (for NOT tithing HERSELF)- and stealing from this money set aside for CHARITY.

Gretchen
November 18, 2012 at 8:02 pm

William - More than likely the family can't afford a safe. Get a clue, and get a life.