PROVIDENT FINANCIAL CONSULTANTS, LLC

Provident Sponsors Money Matters Program For Boys and Girls Club

Plus Three Money Lessons Every High School Graduate Should Know


"The Boys and Girls Club has been a fantastic resource to kids in the Oshkosh area for almost 50 years," says Provident Financial Consultant, Cassandra Dorn, CFP®.  "They make it a priority to ensure that kids in our area are having their basic needs met, as well as providing the tools to help them succeed after high school.  Earlier this year, an idea came about to create a program (Money Matters) to help teach teens about good fundamental money habits, and we were excited to support the program." 

“Teaching kids the basics of money and budgeting at a young age helps them establish good habits that will likely continue into adulthood,” shares Cassandra.  “The Boys and Girls Club does a good job focusing on the futures of area kids and working to prepare them as much as possible for life after high school.  The Money Matters program was a great opportunity for teens to learn the importance of planning ahead financially, budgeting and prioritizing their needs versus their wants.”

“Being a financial advisor in the Oshkosh area and a mother of three, there are a few basic money lessons that I feel are important for kids to have a firm grasp on by the time they graduate high school.  Those lessons include:

  1. A working knowledge of a budget.  If your child has a summer job during high school it’s a great opportunity to work with them and create a budget with their paychecks.  The ability to set a budget and adhere to it will play a big role in their financial success as they become independent young adults. 

    Growing up, my parents would have a portion of my paychecks go into a college savings account and let me determine how to spend the rest.  It was a great learning opportunity to prioritize what I needed money for, like filling up my car to get to softball practice.Then I would determine what I wanted to do with the rest, such as going out to eat with friends, or to the movies, etc.
     
  2. Understanding the importance of an emergency savings account.  Things like insurance deductibles, co-pays and security deposits are all costs that your child could face within the first five years of graduating high school.  They need to understand that when unforeseen financial costs arise, it’s imperative to have funds in place to be able to cover as much of those costs as possible to avoid financial strain.
     
  3. A thorough understanding of credit cards.  It’s hard for kids to understand that there’s not an endless supply of money with credit and debit cards because they don’t see a real exchange of money happening.  They need to know how important it is to pay off their credit card in full each month.  With the high interest rates on credit cards, debt can start snowballing quickly and become very difficult to recover from.

“I truly believe that teaching kids early and getting them involved in finances, whether that be helping with the grocery budget or tracking their college savings account, is key to being able to successfully manage their own finances one day,” says Cassandra.

Schedule a complimentary consultation with Cassandra to help create a financial plan that will pursue the financial goals for your family by calling 920-230-6898.