Ohio Operating Engineers FCU Spring 2018 Edition
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BUDGET: How To Be Wise With Your Money

We want you to become BUDGET-wise and dollar-friendly! What does that mean? Learn how to use a budget or a simple plan to help you figure out how much of your money can be spent and how it will be spent. By creating and sticking with a budget, you'll make wiser choices when it comes to your cash, and you'll see your dollars grow!

B - Balance where your money goes. Keep a daily record of how much you're spending and what you spent it on. Being aware of your spending habits will probably make you more careful and help you save more easily.

U - Understand wants vs. needs. A "want" is something you would like to have or do, while a "need" is something you must have or do in order to survive. What are your necessities and what can you live without? Cut back on "wants" and save more!

D - Divide and deposit earnings into your share account regularly. On the same day each week, take some of the money you've earned and put it in a safe place at home for those things you hope to get soon. Then put aside a few dollars in your wallet or purse, for a little bit of spend money. Finally, take the remainder of your cash and put it away, safe and sound, in your credit union Share Savings Account, for the future.

G - Goal-setting for saving. You probably have important things to save for like a new bike, that latest video game, or your friend's birthday. If you plan ahead, you can cut out wasteful spending to have the money when you need it. Or maybe you just want to see how much you can save in a week or a month - put your mind to it and you can do it!

E - Eliminate wasteful spending. Focus your time and energy on learning how to save rather than spend by avoiding places and people that might tempt you to buy stuff you don't need. You'll start seeing the money in your credit union savings account grow.

T - Treat yourself. If you've been sticking to your budget, it's okay to splurge on something you love once in a while. A special treat will often give you the momentum to keep going on the right track!

How To Become A Money Genius

If you want to be smart about money, you just need to do three things: Spend, Save, and Share. Here's how it works. Every time you get money - as a gift, an allowance, or doing extra chores - divide it into three parts. The first part is to spend. The second is to save. The third is to share with those in need. Now, sometimes the parts won't be equal. Say you want to buy a new electronic game. It costs $100. That's more than you have in your "spend" pile. You will need to put more money aside in your "save" pile. You will have less to spend now. But you will be able to spend it on what you really want later. Put your savings into your share account at the credit union. That way you won't be tempted to spend it. Your "share" money can help out people in need. For example, you can donate to a food pantry for those who don't have enough to eat.

The most important thing to remember is to be the boss of your money. Don't let it be the boss of you. That will help you become a money genius.

Credit Union Kids Club is Brought to You By
Ohio Operating Engineers FCU
3515 Prospect Avenue, Room 200
Cleveland, OH 44115

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