Through JCS’s Financial Wellness program, the organization is providing coaching for community members, including those who do not qualify for financial assistance. That means helping them create a spending and savings plan and then working with them as they implement it. 

“Everyone approaches money differently,” explains Ben. “We work with each individual or family on a one-on-one basis, giving them suggestions on how to reduce expenses in ways they didn’t think about before.” 

At the same JCS is implementing new approaches to help individuals develop a lifetime of effective money management, which can be particularly beneficial during challenging economic times. 

It’s called behavioral economics. Instead of merely looking at traditional interventions — budgeting, cost/benefit analysis, etc. — they look at learned behaviors and family habits around money. Then they address the underlying behaviors in order to make change. 

“Many individuals never had role models to explain to them how to manage money,” says Joan Grayson Cohen, JCS Executive Director. “And without that history, they often cannot keep to a plan and quickly overspend, making it hard for many to become financially stable for the long-term.” 

“For example,” Ben explains, “if you didn’t have much growing up, you may have a hard time spending. Or the reverse — you may spend everything you take in because you are overcompensating. Or you came from a family that never talked about money. Can you have a healthy conversation about spending concerns with your partner?” 

“Our goal is to help you manage your money effectively and feel confident about it. It’s particularly important during an uncertain economy,” he adds. 

Here are a few tips from JCS: 

1. Set aside an emergency fund. This will ensure your financial goals aren’t sidelined when unexpected expenses arise.  
2. Pay yourself first. Make sure your essential expenses are covered, including savings, before you spend on discretionary items.
3. Spend time to think about your goals and look at your financial situation from a ‘birds eye’ view. Align your day-to-day money system with those long-term goals. 

Resources:

The Associated system remains committed to providing help when finances get tough. 

• CHAI: Eviction and foreclosure prevention, chaibaltimore.org
• Hebrew Free Loan: Interest-free loans, hebrewfreeloan.org
• J Camp: Camp scholarships, jcc.org
• JCS: Employment, financial assistance, budgeting, jcsbaltimore.org