12/30/2011 09:32 am ET

Fischer Cook, 8, Donates Life Savings To South Carolina Family That Lost Home (VIDEO)

When 8-year-old Fischer Cook heard that a family of five lost their home in a house fire, he immediately took action.

"I heard about their house being burnt down and I decided to give them my $300 in my bank account," the South Carolina third grader told WTOL.

The fire that engulfed a trailer near Summerville left a single mother, her three kids, mother and handicapped brother without a place to live.

Fischer decided to donate the money he collected from birthdays and making it to honor roll to the family in need, according to WTOL. Word of Fischer's generosity spread throughout the community, inspiring locals to match his gift and bring the total donations to about $1,000.