Three Jars for Your Money

In the picture

1. 1Needs jar: the biggest share goes to food, home and essentials
2. 2Wants jar: a smaller share for fun, like sport or the cinema
3. 3Savings jar: a share kept aside for later or for surprises
4. 4Open wallet: all the income is planned, nothing is left unassigned

Examples

• With your pocket money, you put some aside for school lunch, some for a film with friends and some in a savings box.
• A family pays rent and groceries first, plans a small outing, and puts a little into a savings account each month.

Quiz: Three Jars for Your Money (Age 13)

1. 1

   In a budget, which share of your money should usually be the biggest?

   • Needs, like food and home
   • Savings, kept aside for later
   • Wants, like sport or the cinema
2. 2

   What does a balanced budget never do?

   • Put some money aside for surprises
   • Plan to spend more money than comes in
   • Give needs the biggest share
3. 3

   When should you split your money into needs, wants and savings?

   • Only when you want to buy something big
   • At the end of the month, using whatever is left
   • As soon as you receive it, before spending any

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.