It’s surely a happy New Year for you, but let’s face it, your wallet and savings account isn’t. The season of giving AKA spending has most likely taken a toll on your finances. It’s time to start saving up again.
While controlling yourself on post-holiday discounts or airline seat sales can be as difficult as keeping your New Year’s resolution, saving is totally doable with a lot of discipline, honesty, patience, and grit.
Here are saving challenges you can try this year.
52-Week Money Challenge
It’s been five years since this method of saving money went viral online, but it remains a go-to challenge because of the supposed amount you can get by the end of the year. It works this way: you save P50 on week 1 and increase it by P50 every week. By week 52, you are supposed to have P68,900. While difficult to sustain (as you need to save P7,000 to P10,000 monthly in the latter third of the year. For minimum wage earners, you can lower your start P20 or even a peso. Here’s a guide and template that you can follow.
Another money-saving method that went viral almost two years ago, this challenges anyone to save every P50 bill that they earn. In just five months, the creator of the challenge had a whopping P42,300 or 846 pieces of red bills. While there’s no certain total at the end of the challenge, the amount could pleasantly surprise you.
Spare Change Challenge
If you find it burdensome to set a specific amount of money to save, fret not. You can start with your spare change. Your total savings at the end of the year might not come in five figures, but at least you’re training yourself of one important trait: habit-building. This money challenge is simple. Just set aside all the spare change in your purse or those you see lying around the house.
Match Your Spending Challenge
We know the feeling of seeing great deals on payday (and most recently, holiday) sale. It’s utterly tempting, even when most of the discounted items are not necessities. As a way for you to save money and curb unhealthy spending habit, try saving the same amount you spent for every unnecessary purchase. For instance, if you bought a top for P2,000 that you could easily save up for and buy on your next shopping trip, then you should also set aside P2,000 on your piggy bank.
No Cash, No Spend Challenge
If you’re a credit card dependent who spent (instead of saved) a whole lot from the previous year, you might want to try the “No Cash, No Spend” challenge. How does it work, you ask? “If you can’t pay in cash, don’t buy it,” says finance guru Dave Ramsey. You can save as much as P16,000 by simply paying in cash as much as possible.
What money saving challenge will you try this year?
Illustrations by Madel Crudo