AJ stands for Andrew Jackson, our 7th president. His reputation for toughness earned him the nickname "Old Hickory." A hero of the War of 1812, Jackson has appeared on the $20 bill since 1928.

Divvy up the money

Can you save 50% of all money you receive?

List all your sources of income each month—for example, allowance, part-time jobs, extra chores—and the money you earn from each. Total your monthly earnings.

List all your expense items each month, both things you have to spend on (for example, bus fare) and things you want to spend on (for example, snack, movies, gifts). Total your monthly expenses.

The difference between what you earn each month and what you spend is the money you can save.

Set it aside in your credit union savings account for your short-term, medium-term, and long-term goals. Spread this money around the three columns.
Check out Sadie's spending goals. Sadie's Spending Goals

Sadie receives $200 a month from work and her allowance. After her expenses, including a charitable donation, she has $100 a monh for her goals. Here is her spending plan:

• Short-term goal: Woodworking class ($40)—save $20 per month;
• Medium-term goals: Soccer cleats ($95), tournament trip ($125)—save $40 per month;
• Long-term goal: Used motorbike ($650)—save $40 per month.

Close

Refine your goals

If you don't have enough to meet all of your goals, ask yourself:

• Which are most important to you?


• Which short-term goals can become medium-term goals, and which medium-term goals can become long-term goals?


• How can you earn more money?


• Which things that you want to spend money on can you give up for a while so that you can save more money for your goals?

  Which of the following is a long-term goal?

  Halloween party

  iPod

  Class trip to Waterworld

  Which of the following is a long-term goal?

  0% Halloween party

  50% iPod

  50% Class trip to Waterworld

  

Chances are you'll have to adjust your spending plan. Even then, you probably won't have enough money for everything you want.

If your plan's not working, change it until it does.

Just don't give up. Winning quarterbacks don't, and neither should you.

EECU What makes credit unions so great? Members like you. Every dollar you invest in your credit union earns you money while other members borrow it. When you're ready for a loan, other members' savings will be there to help you out at the lowest possible cost.