North Shore Bank’s “you can” series is about you.
Your hopes. Your plans. Your slice of the American Dream. And we understand that the goals you set don’t have to match anyone else’s. This is your life to live. Let us help you live it.
Remember: No matter where you’re starting out, You CAN move forward and achieve your financial goals. Our team is here to help you at every step along the way!
Shannon Weber of North Shore Bank
Who are you, and what is your role? How long have you been with North Shore Bank?
My name is Shannon Weber, and I am a branch manager at North Shore Bank’s Shorewood location. I have been with the bank for just over five years now.
What are some tips you could share for talking to a spouse or partner about money?
Talking about money can be a really personal conversation – even with your spouse or partner. Be open to the conversation you are about to have, and be willing to agree to disagree. Together, create a financial game plan with shared spending and savings goals that are realistic.
When planning to have a child, how would you suggest someone start preparing for the expenses of parenthood?
Start by creating a new budget: Identify how much you’ll need to add to your monthly budget to pay for things like food, diapers and daycare. If this is your first child, you will likely have a number of one-time expenses for things like a car seat, crib and stroller. Don’t forget about the hospital costs – take time to review your health insurance policy to understand your deductibles and out-of-pocket maximums. Once you’ve identified these costs, then take a look at your current expenses to see where you need to make adjustments.
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What are some fun, interactive ways to teach young children about money?
Bring your little one to the bank! When I brought my daughter to the bank with her piggy bank, I let her empty her coins into the coin machine to watch it all add up. We then opened a savings account for her and talked about how the funds can continue to grow. She felt so grown up! North Shore Bank partners with Banzai, a fantastic online educational program that focuses on budgeting, borrowing and general personal finance for all ages. For children, it provides a fun, interactive game to teach the value of making wise spending and saving decisions.
What options are available for children’s savings accounts, and at what age can a child open their own student checking account?
We offer the Seymour Savings account (Seymour the Seagull is our mascot!). This account is designed to help children understand the importance of saving money. For teens starting at 13 years old, as long as they have a parent or guardian jointly on the account with them, we offer a Student Checking account. With no monthly service fee or minimum balance requirement, they can learn how a checking account works, start budgeting and saving for the future.
What tips do you have for parents who want to start their child’s college fund?
Look at your budget and see how much you are comfortable putting aside now for college. You really do not want to wait and find yourself using some of your retirement savings later down the road. Speak with your banker to talk about account options that can help your savings grow over time. Together, we can design a practical and personalized plan that gets you where you want to be.
What other financial resources do you have for families?
I encourage you to reach out to your local North Shore Bank office. If we haven’t yet had the pleasure to partner with you, we’d love the opportunity to help you achieve the life you want. Visit our online Financial Wellness Center, featuring interactive tools to help you confidently manage your money: northshorebank.teachbanzai.com/wellness.
Lastly, I’d like to invite you to join our You Can Happy Hour Meetup on October 20, 2021 from 5:30 to 7:30 p.m at The North End (1551 N Water St). Come chat with our bankers in a casual setting where you can get your specific financial questions answered. To register, visit this link.
You can take charge of your financial future, and we’ll be here to assist you and your family along the way!
Sponsored by North Shore Bank. Member FDIC.
