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Three Jars for Money

Money you receive can be split between needs, wants and savings. Planning this split helps your spending stay within the money you have.

In the picture

  1. The coin in the hand: the money you receive.
  2. The jar beside the lunchbox: money set aside for needs.
  3. The jar beside the toy car: money set aside for wants.
  4. The fullest jar beside the piggy bank: money set aside for savings.

Examples

  • Pocket money can be divided into bus fare, a game, and savings.
  • A birthday gift can be partly kept for snacks and partly put aside for later.

Quiz: Three Jars for Money (Age 12)

  1. What are the three parts that money you receive can be split between?

    • Needs, wants and savings
    • Bills, gifts and loans
    • Food, toys and games
  2. Which idea about needs, wants and savings does the card teach?

    • Savings come first, needs can wait, and wants protect future plans.
    • Wants come first, needs can wait, and savings can be spent right away.
    • Needs come first, wants can wait, and savings protect future plans.
  3. What does the card say a budget is?

    • A list of things you want even if you cannot afford them
    • A plan for money you already have, not a promise of more
    • A promise that you will have more money later

The answers, each with its explanation, are in the app. This lesson has left the free week, so its quiz is part of the subscription.

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Civics, Age 12