I have been doing the "Six Money Jars" for a year now and it has created wonders in my financial life. I learned about it when I attended the "Wealth Course: Module 1" at Starbucks, Pearl Drive.
They call it the simplest and most effective way of money management and I agree for the following reasons:
1.It is so easy children can do it too.
2.Your money is segregated by accounts, specifically six. You have the FFA for business and investments, LTSS for long term expenses or luxuries, EDUC for workshops, seminars and books, NEC for daily expenses, PLAY for once a month or quarterly splurging and GIVE for donations, tights, loans.
3. All you need it to create a habit first before increasing the amount. I started the money jars by segregating P20 per week, then it grew to P100, up to 500, so on and so forth.
4. It's very flexible because it can be used for business. FFA for Business Improvements, LTSS for expansion needs, EDUC for employee developement, NEC for overhead cost, PLAY for company outings and gatherings and GIVE for Community Programs, Charity Donations, Feeding programs.
5. It create awareness of your Financial Status. The percentage of each account is so small that if you have a salary of P10,000 you can only invest P1,000.
If you want to learn more about the Money Jars log-on to http//www.ca2020.net(If it is your first time viewing the site put Coach Armand Cruz as the person who introduced you to it.)
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