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Plan & Save

What To Do With Your Money

You just celebrated your birthday and your favorite Aunt Betty gave you $50 - awesome! There is so much you can do with $50 - one way is to save it. Yes I said save it - not spend it. It's nice to immediately spend money you just received, but what if you set that money aside and keep adding to it over a period of time instead. Consider the following scenario:

Over a 6-month period of time, you receive:
+
$25 for your birthday
$50 for Christmas
$100 total for mowing your neighbor's yard 10 times
$480 total from your weekly allowance ($20/week)
$655 total saved!
Instead of spending money from each of those events individually for small things like going to the movies, etc. - you can save each of those amounts. In this case, saving each amount and letting it add up results in $655 total! Even if you just save half of that $655 (which would be $327.50) - magine what you could buy compared to what you would buy with just $20 or $50.

Set Goals

As you can see in the scenario above, small amounts of money can really add up if you set money aside instead of spending it immediately. You may not always have something specific you want to save for, but what if you do have something you want to save your money for? We all have goals in life and sometimes you have to plan in order to achieve those goals.

Short-term goals:
These goals generally can be reached in three months or less. For example, saving money for that big concert coming to town.
Intermediate goals:
These goals generally can be reached between three months and one year. For example, your family takes a big summer vacation each year and you always like to get yourself some souvenirs and send your friends postcards of you relaxing in the nice, warm sun.
Long-term goals:
These goals usually take over a year to achieve. For example, saving money for college (it's only 4 years away).



More fun with money! Use these helpful web sites:
Financial Football
Making Change
U.S.Mint.gov/kids
Mapping Your Future