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Young Spenders Learn How to Become Young Savers

at Lakeland Bank’s Teach Children to Save Workshops
OAK RIDGE, N.J., May 10, 2011 —  Fourth graders throughout North Jersey learned that saving money is important and can be fun, according to Lakeland Bank branch managers who recently conducted Teach Children to Save workshops for nearly 1,350 youngsters at 25 area schools. For more than a decade, Lakeland Bank has participated in the American Banker’s Association Teach Children to Save program to help young spenders become savvy adults who are responsible with their earnings. The campaign also raises awareness about the important role banks play in helping young people develop positive lifelong savings habits.
“Most Americans don’t think they save enough,” said Thomas J. Shara, president and CEO of Lakeland Bank. “We’re trying to turn that around early on. With the right guidance, young people can learn to make smarter financial decisions and avoid many of the problems adults faced in the recent recession.”
Teach Children to Save Day programs on April 12 included students from Trinity Christian School of Montville visiting the Lakeland Bank branch in their neighborhood for a workshop and behind-the-scenes tour. Students at the Woodmont School of Pine Brook, and Saint Catherine of Bologna School of Ringwood, received similar lessons at their school. Branch managers covered basic money management skills including how to distinguish between needs and wants; the difference between checking and savings accounts, and a safe deposit box and the vault; as well as how to properly write a check. The children had plenty of questions and expressed interest in the subjects of spending and saving money.
Branch managers offered the students five main tips about saving money to help make their dreams come true:
  • It’s never too early to start saving for the future.
  • Start with a budget. A budget is a plan that helps you keep track of the money that you earn and that you spend.
  • Create a savings plan and make it fun! Set up a chore chart and ask your parents for an allowance for completing tasks. Then save a portion of what you earn each week. Many kids like the three-jar method—one for spending, one for saving and one for charitable donations.
  • Open a savings account. Many banks offer kids’savings accounts. Your parents or a trusted adult can help you open an account at a local bank branch.
  • Once you have a savings account, make sure you use it. Make deposits regularly. After all, the bank is the safest place for your money. Plus, your money will earn interest in a savings account.
Classroom materials that were used on National Teach Children to Save Day support curriculum standards established by the National Council of Teachers of Mathematics (NCTM), the National Council of Teachers of English (NCTE) and the Family and Consumer Sciences (FACS). For more tips and ideas about saving and more information on NTCSD for parents and teachers, visit the American Bankers Association website at www.aba.com.
Additional schools that participated in the program this spring included: Jefferson Elementary School, Caldwell; Rockaway Valley School and John Hill School, Boonton; Frankford Elementary School, Branchville; Sandyston Walpack School, Sandyston; Valley View and William Mason Elementary Schools, Montville; Hilldale Elementary School, Pine Brook; Ogdensburg Elementary School, Ogdensburg; Immaculate Conception School and Franklin Elementary School, Franklin; Reverend Brown School, Sparta; Wanaque Elementary School, Wanaque; Haskell Elementary School and St. Francis School, Haskell; Paradise Knoll School and White Rock Elementary, Oak Ridge; Merriam Avenue School, Newton; Stony Brook Elementary School, Rockaway; Maple Road School and West Brook School, West Milford; and Samuel R. Donald School, Bloomingdale.
Lakeland Bancorp, the holding company for Lakeland Bank, has an asset base of approximately $2.8 billion and 47 offices spanning six northern New Jersey counties: Bergen, Essex, Morris, Passaic, Sussex and Warren. Lakeland Bank offers an extensive array of consumer and commercial products and services, including online banking, localized commercial lending teams and 24-hour-or-less turnaround on consumer loan applications. For more information about the full line of products and services, visit its website at LakelandBank.com.
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