As we welcome another year, we also begin our New Year’s Resolution. If one of your to-do’s in the list is to save money, doing the Money Savings Challenge will help you achieve your goal.
How does the challenge work? Every week or every month you’ll be saving an amount of money depending on your chosen increment. For example, if you’ll be saving every week with an Php 50.00, you’ll save as much as Php 68,900.00
However, just like how some new year’s solution ideas, it remains to be an ideal thing to do. To make this idea a reality, here are some tips to successfully accomplish the Money Challenge:
1: Set your goals.
Determine how much you would want to save at the end of the challenge. You can save a minimum of Php 7,800 to the sky is the limit.
2: Create a timetable.
As mentioned earlier, the Money Challenge works either within 52 weeks or 12 months. Don’t forget to have an actual timetable whichever challenge you choose so you know how much to save in a week/month.
Additional tip: If you chose the 52-week challenge but your pay day is every 15th and 30th of the month, you can compute how much you need to save for two consecutive weeks and then save this amount from your salary. You can also do this for the 12-month challenge.
3: Customize your money challenge.
If you must. There are suggested money challenges but you’re not required to follow them strictly.
4. Be realistic.
Don’t go for a big increment. Consider your salary and expenses. How much can you really save within your salary? Don’t take on a money challenge which you can’t follow and finish by the end of the year. It’s better to have a small increment that you can finish at the end of the year rather than a big increment but won’t be able to finish the challenge.
I have tried the weekly increment of Php 50.00 for two consecutive years but I ended up not finishing it during the 2nd quarter of the year. But this 2016, I decided to take on the 12-month challenge with a monthly increment of Php 200.00. Though it’s just a small increment what matters is I’m successful now.
5: Save in advance.
Yes, you have a timetable. But it doesn’t mean that’s the only amount you can put on your savings. Don’t wait for the following week/ month id you have extra money. If you can finish your money challenge ahead of time, why not take on another challenge to save more?
6: Place your savings in a safe place.
Don’t place it somewhere you can just take anytime when you don’t have money. Open a bank account if you must. Resist the urge to spend your savings. Your savings in this money challenge should be separate from your emergency fund.
BONUS TIP: You can open a mutual fund in Sunlife for as low as Php 5,000. Here you can safely place your hard-earned savings and grow your money at the same time.
The next time you ask yourself how to save money, try the Money Challenge. It’s possible to save money within 52 weeks or 12 months. In fact, as of writing, I’m almost done with my 2016 money challenge even though it’s just half of the year. And I’m planning to take on my second set of Money Challenge. Why not take your own Money Savings Challenge now? Good luck!