Students Learn Money Management Skills
Lakeland Bank staff visit Newton and Wantage schools for ‘Teach Children to Save’
OAK RIDGE, N.J., July 12, 2012 — Second grade students at Merriam Avenue School in Newton, and a third grade class at the Wantage School in Wantage learned basic money management skills during the 16th Annual Teach Children to Save program. Managers from Lakeland Bank visited the schools in Mayto teach children the value of a dollar, the difference between needs and wants, and how to save their money.
The Merriam Avenue School invited Lakeland Bank to participate in a special workshop on money designed just for their second grade classes. The Lakeland Bank lesson was one of eight stations the students visited to learn about money.
“We used hands-on participation to get the students excited about our lesson on money,” said Daniel Leary, branch manager Park Place. Leary and his colleague Mary Miller used a bowl of seashells to show how these types of items would have been used as currency to purchase things many years ago and through role play demonstrated how people traded items to get what they needed. Students also learned how to write a check to make a purchase.
At the Wantage School, the lesson given to Mrs. Bakker’s class focused on the importance of understanding needs and wants, setting goals to save, and using a three jar method to budget for spending, saving and charity. Lakeland Bank’s Jennifer Morciglio, branch manager of Sussex-Wantage, and Ginnie DeFinis, branch manager of Wantage, found the time in the classroom especially rewarding, and plan to teach a more advanced financial lesson next year.
“We’ve been presenting this lesson for many years to fourth graders, and this was the first time students already had a good understanding of this topic,” said Morciglio. “It was impressive to hear third graders were saving for their first car, college and even a bakery business.” She said this age group typically doesn’t have long-term savings goals and often just want luxury items.
Teach Saving at Home
Lakeland Bank strongly believes in teaching the importance of money management and offers the following tips to develop good financial habits for young savers:
- Understand the difference between needs and wants
- Start with a budget. A budget is a plan that helps track the money you earn and 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 use the three-jar method—one each for spending, saving and charitable donations.
- Open a savings account with the help of an adult. Lakeland Bank offers a Young Savers Account that can be opened with as little as $1 and will match the first deposit up to $10.
- Once you have a savings account, make deposits regularly. After all, the bank is the safest place for your money. Plus, your money will earn interest in a savings account.
Teach Children to Save Day is a national program that has, to date, reached more than 5 million children. Classroom materials 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 ideas about saving and more information on the Teach Children to Save program for parents and teachers, visit the American Bankers Association website at www.aba.com.
A Five-County Educational Effort
Lakeland Bank managers visited 23 New Jersey schools for Teach Children to Save in 2012:
Lowell Elementary School, Teaneck
Jefferson Elementary School, West Caldwell
Lincoln Elementary School, Caldwell
John Hill School, Boonton
Our Lady of Mount Carmel School, Boonton
William Mason Elementary School, Montville
Woodmont Elementary School, Montville
Apshawa Elementary School, Newfoundland
Marshall Hill Elementary School, West Milford
Paradise Knoll Elementary School, Oak Ridge
Saint Francis of Assisi Elementary School, Wanaque
Samuel R. Donald Elementary School, Bloomingdale
St. Catherine of Bologna School, Ringwood
Wanaque Elementary School, Wanaque
Frankford Township Elementary School, Branchville
Franklin School, Franklin
Hamburg School, Hardyston
Immaculate Conception Regional School, Franklin
Merriam Avenue School, Newton
Ogdensburg Elementary School, Ogdensburg
Sandyston-Walpack School, Layton
Wallkill Valley Regional High School, Hamburg
Wantage School, Wantage
Lakeland Bancorp, the holding company for Lakeland Bank, has an asset base of approximately $2.9 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 time on consumer loan applications. For more information about the bank’s full line of products and services, visit their website at lakelandbank.com.