FOR PEOPLE WHO HAVE DIFFICULTIES SAVING AND BUDGETING, IN ORDER TO ACHIEVE NEAR-TERM FINANCIAL GOALS, IT MAY BE BEST TO MAKE YOUR GOALS, AND PROGRESS TOWARDS THOSE GOALS, TANGIBLE / PHYSICAL. USE “BUCKETS” (jars, cans, manila envelopes) AND PUT ACTUAL CASH OR TOKENS INTO EACH OF THEM AS YOU ACCUMULATE DOLLARS TOWARD YOUR GOALS.

Advantages of having a clear, open jar: you can see it fill, you can pull out the money and count it, it disciplines you to not grab money for other purposes, and your children can more easily understand see and learn these necessary lessons.

Another advantage is to be able to see the slow accumulation of money, then how all the money is spent, in one fell swoop (slow to make the money but fast to spend it).

Charles Tadros, M.D.

July 22, 2021

Saint Louis, Missouri