MENTOR, Ohio, November 21, 2012 … It’s important to learn how to save when you’re young because that’s when you form habits that last a lifetime. Just like learning to ride a bike, many skills are easier to master when you’re young than when you’re an adult. The easiest way to start is by opening a savings account and making deposits regularly. Then sit back and watch your money grow! To help you start saving, children who open a 5-Year KidSave Passbook CD will receive a $25 deposit into their account compliments of Lake National Bank in Mentor. Also, as additional deposits are made, children will be eligible for prizes from the Lake National Bank treasure chest.
Lake National Bank offers the following tips for money-savvy parents raising money-smart kids:
- Set the example of a responsible money manager by paying bills on time, being a conscientious spender and an active saver. Children tend to emulate their parents’ personal finance habits.
- Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions, and be prepared to answer them – even the tough ones.
- Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
- Open a savings account for your children and take them with you to make deposits, so they can learn how to be hands-on in their money management.
- Let friends and family know about your child’s savings goal. They’ll be more likely to give cash for special occasions, which means more trips to the bank.
- Engage your community. Many schools and community organizations share your commitment to creating a money-savvy generation. Engage a coalition of support to provide youth with the education they need to succeed
About Lake National Bank
Lake National Bank was founded in 2005 and is Lake County’s only locally owned and operated bank. Lake National Bank offers a full line of retail and commercial banking services, including online banking and bill pay. In addition, customers can utilize the bank’s telephone banking system and enjoy 24-hour access to its free Money Pass ATM system. For more information on Lake National Bank, please call 440-205-8100 or visit www.lakenationalbank.com.
This notice contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, the effects of economic market conditions on demand for Lake National Bank’s products, legislative or regulatory developments concerning the national banking system, competitive forces and other risks. The forward-looking statements speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and Lake National Bank undertakes no obligation to update any such statements.