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Money in Three Jars

A teenager’s money can be split into needs, wants, and savings. Planning this split helps make spending clear and keeps money aside for emergencies.

In the picture

  1. The largest jar: money set aside for needs
  2. The middle jar: money set aside for wants
  3. The rightmost jar: money set aside for savings and emergencies
  4. The row of money pieces: income before it is shared out

Examples

  • Paying for bus fare and school lunch from the needs jar.
  • Putting birthday money into the savings jar for a broken phone or a rainy day.

Quiz: Money in Three Jars (Age 14)

  1. When sharing out income, what should be covered first?

    • Needs
    • Wants
    • Savings
  2. What is a budget?

    • A plan for where each part of your income will go
    • A record of money you have already spent
    • A rule that stops you from spending anything
  3. What is the savings part meant to help with?

    • Everyday needs like food
    • Surprises and emergencies
    • Things you want now

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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Age 14