Ideas for Money Wisdom #1

💡 The way to buy the game is:

Save 10 NIS a week ← for 12 weeks ← at the end of that time, the game you wanted is yours! 🎮

Think about what you'd like to have.
What are the things you want or need to buy, but your parents won't agree to buy right now, for all kinds of reasons? 
Rank the things you thought of in order of how important they are to you.

Now ...
Take plastic cups (as many as the goals you have) and turn them into savings jars.
Glue the top of the cup and place it on paper.
Then, make an opening you can put the money through.
Write on each cup what its goal is.
Put the new jars on your bookshelf.

The next step:
Every time you get pocket money,
think about how to divide it between your different goals.
By percentages?
By some other split?
After you've decided how much money goes into each jar,
put the money into the matching "savings jar."

Good luck!!

When we divide our money by different goals, we create several things:
1. Focus
We know exactly what we want to achieve with the money we have, and we create a priority order for what matters more to us and what matters less.

2. Control
We're in control of the split and we know how much we have toward each of the goals we want to reach, and every "shekel" in the jar has a defined job that stops us from spending ("wasting") it on things that aren't in our priority order.

3. Delayed gratification
Dividing the money helps us understand that we can't buy everything "right now!" When we put money in the "sweets" jar or the "game" jar, we understand that to buy the game we need the whole amount, and we learn to prioritize our long-term wishes over our wish to buy something now, which would mean we couldn't buy the game, or it would take us longer to buy it.

4. Getting better at reaching goals
Instead of saving for something "general," when we set clear goals our motivation goes up. It's easier to put money aside and hold on to it when we're aiming for a goal like "a flight abroad," "a bicycle," "a PlayStation." 

5. Telling apart needs and wants
Dividing money into jars helps us understand what we "must" have and truly need, and what is a "luxury," something we don't necessarily have to have but want to have. This lets us manage our budget smartly and helps us avoid a future situation where we don't have enough "money" because of expenses we didn't plan for.