Page 5 - Jolt Spring 2020 Newsletter

RAISING MONEY

SMART KIDS

It’s never too early (or too late) to
develop healthy financial habits. Here
are tips to help teach children valuable
money management skills.

1. Teach by example: The best
way to instill good financial habits is by
“walking the talk.” Include your kids in
the complete grocery shopping process –
planning, budgeting, and comparing prices and
quality. If they urge you to buy something that
is over budget, explain that spending more on the
item you’re purchasing today is not as important as
saving up for something else you need or want in
the future.

2. Live within your means: Children benefit from learning to prioritize
their spending. When kids want an expensive “status” item, like hundred-dollar athletic shoes,
consider having them pay the portion of the price that exceeds what you think is reasonable.
They’ll appreciate the item more and may think twice about paying that much when
they outgrow the pair in six months.

3. Encourage savings: For your sake and theirs, encourage your
children to make saving a fixed category in their spending plan.
Discuss goals and calculate how much should be put away
each month. Break down savings into long-term, for college
or a car, and short-term, for a new bike or a class trip. If
you see your children about to make a mistake in spending
their allowance, let them. Better to learn on a small scale
now, than lose money with big mistakes later.

Jolt’s Spark Savers Kids Club is a great way to start positive
saving habits and spark your child’s interest in learning about
money. Sign up for a Spark Savers account today with
a minimum deposit of just $5.00 for money skills that
will last a lifetime.

EMPLOYEE OF THE MONTH

Kimberly Villaire Maryann Schaffer Courtney Pasnik
JANUARY FEBRUARY MARCH