Riya, like many teenage school students, often found herself balancing multiple responsibilities. One afternoon, she needed to buy stationery for a class project and asked her mother for some money. Along with the cash, her mother handed her a grocery list for dinner. Riya set off with her to-do list in mind but soon found herself distracted by a newly opened chocolate shop. The temptation was too strong to resist, and she bought herself a chocolate bar, forgetting about the carrots and cabbage needed for dinner.
As she walked home, the realization struck her that she hadn’t completed the grocery shopping. Nervous about facing her mother, Riya entered the house and braced herself. Instead of receiving a scolding, Riya was taught an important life lesson. That day, she learned a method to better manage money—a system called B-E-S-T.
B is for Budget
The first part of the lesson focused on budgeting. While gadget scrolling at times makes all of us forgetful, a budget is a list of priorities where by writing down everything she needed, Riya could have allocated her funds better and avoided overspending on things she didn’t really need at that moment.
Try out once – Give a budgeted amount to your children and tell them to manage and organise their birthday party all by themselves! The money lessons will surprise you.
E is for Emergency
Next came the importance of an emergency fund. This extra money acts as a safety net when unexpected situations arise. Imagine, if Riya realized at the stationery shop that the cost of a paint box has increased way higher than it was earlier, how would she manage?
Try out once – Let your children have 2 piggy banks instead of just one, where one of them is dedicated to only emergencies and the other is for saving/spending. Having that cushion provides a sense of security.
S is for Savings
Savings are another crucial part of the B-E-S-T approach. Saving money isn’t just about putting cash away for the future—it’s about creating opportunities. Whether saving for a large purchase, like a new phone or a future trip, or simply putting aside small amounts over time, savings give you flexibility and freedom.
Riya wanted a Playstation as her birthday present. Every parent strives to give the best to their child. But teach a man fishing, don’t just hand over the fish – to feed him for life! This is a profound saying. Hence, Riya’s father promised 80% of the amount and told Riya to manage 20% from her pocket money savings. This was an ideal way to build the saving/investing habit at a young age. Try out once!
T is for Temptation
Finally, there’s temptation—the unavoidable desire to spend money on things that aren’t necessary but feel rewarding. And while avoiding all temptation might sound like the ideal way to save, it’s not realistic or healthy. The key is learning how to manage it within the framework of the B-E-S-T method.
Temptation isn’t inherently bad. In fact, after covering the essentials, setting aside emergency funds, and saving for future needs, it’s perfectly okay to indulge a little. A small amount can be dedicated to something fun—a reward for managing money well. In Riya’s case, if she had followed the system, she could have enjoyed the chocolate without feeling guilty because she would have taken care of the more important priorities first.
The B-E-S-T approach—Budget, Emergency, Savings, Temptation—is a system designed not just for managing money but for enjoying life without the stress of overspending. It teaches that while it’s important to cover essentials and save for the future, there’s room for life’s small pleasures.
Riya walked away from her experience with a new understanding of how to balance responsibility with enjoyment. The next time she had money to spend, she knew exactly how to approach it. With a clear budget, an emergency fund, and savings in place, she could confidently enjoy the occasional treat, knowing she had taken care of the things that mattered most.
(The writer is a Financial Educator with 15-plus years of experience, a published author, a TEDx Speaker who hosts multilingual podcast shows ‘LaxmiGyaan Library’ & ‘A Sip of Finance’)
