I once read in an organizing book that if you have a delegated place for something, organizing will be easier. I’ve done that and though I haven’t aced it, we have labeled multiple storage boxes so things are easier to find and keep at home.
A few months back, I always find myself running out of money for myself, even if I only have a few things I purchase on a daily basis. I perpetually wrote down where the money goes and there goes the obvious culprit – the small things you buy on a daily basis, at home, like soda.
Although it’s easier to say to cut on soda, it’s harder to teach dogs new tricks. I decided to place money jars at home so there will be a less need to take money from my allowance, and for easier tracking.
Now, I’m not talking about a single money jar. I’m talking about multiple jars for multiple reasons. Let me share you some of my money jars at home:
For Expenses that are hard to track, like our everyday coke, sometimes merienda, for the quick trips to the sari sari store and anything that requires money for unforeseen hunger or thirst Jar
As the description says it all, this is the jar you dip your hands on to when you need a quick trip to the sari-sari store, or a convenience store, when at home. Those sudden chocolate cravings and there’s none in the fridge, or that simple soda fix after a home cooked meal.
Budget: I start with 200 pesos per payday – that makes an allowance of 20 5 days, saving yourself two soda free days. You can gradually increase this in the course of time if you have extra.
Emergency Jar
This, is not the emergency fund you need to build that contains 4-6 months worth of your expenses. You don’t keep that much at home, especially in a jar that can easily entice you. This is where you get the money you pay for ‘we ran out of gas’ moments, or I need an Advil.
Budget: I started with 100 pesos per payday. We normally ran out of LPG Every after three months or four, and we have more than enough to pay for it without shelling a peso from the Palengke Budget.
Entertainment Jar
Cost of movie tickets are so expensive that even if there’s a 24 hour cinema on weekends nearby, you won’t see us dropping by anytime soon. Shelling a little amount of money makes us ask ourselves – is it worth watching? Is it worth dipping our hands in this jar?
Budget: I started with 50-75 pesos per payday. Three months after, you can exclaim to your husband: hey, we have enough to buy two movie tickets! Let’s lock the kids and go on a movie date, watchutink?
You can increase this amount, if you like going to the movies. Our household isn’t, and we’re into those more affordable thrills, like bringing kids at the park that requires little or no amount to shell out.
Short term goal Jar
A new tattoo? A new hard drive? New shoes?
This jar is like a conscience jar. Do I really like to have a tattoo so much? Or can I wait a little longer and get some for now? Your short term goal shouldn’t be an extravagant one and should cost not more than 3000 pesos. Anything beyond that should have it’s own space inside your bank, earning interest on a daily basis. Aside being a conscience jar, consider this as your rewards jar – a passive savings accumulated in a span of time so you can do whatever you want to do about it.
Budget: I started with 150 pesos per payday.
Although i find these jars essential, I’m still missing multiple money jars that hurts the budget from time to time:
School Activities Jar
My son’s school is creative finding ways to ruin my budget but I will never let them win! Although we buy school supplies in bulk, there will always be a school activity that would require you to shell money for it. This is mostly non-negotiable.
Probable budget: 200 pesos per payday, depending on how creative your son’s school is. I think I might need a 500 peso per payday budget on this, so I can also dip my hands here for his field trip.
PMS Jar
THIS IS A NEED IN EVERY HOUSEHOLD. This is MANDATORY. I have to use the all caps button since I should’ve had one A LONG TIME AGO. My PMS cravings vary, but mostly, I need two cakes in different flavors – Chocolate and Brazo de Mercedes. Sometimes, it’s ice cream. Sometimes, it’s a rice all you can meal.
This terribly ruins the budget and no matter how hard I try to be financially mature 3 weeks in a month, when its days before my period, you’d see me crying like a helpless baby, willing to ruin everything I kept up for long.
How about you, what other money jars can you think of?
maelfatalis 