Another new year, another set of resolutions to follow. For some, they’re financial: getting rid of bad spending habits and managing money right. If you’re looking to save yourself some money this year--Php 68,900 to be exact--consider taking on the 52-week money challenge!
Introducing the 52-Week Money Challenge
The concept of this challenge: Stowing away cash as savings in weekly increments
How to Do It: Save P50 in the first week, then increase this amount by P50 every week (P100 in the second week, P150 in the third week, and so on). If you stick to this challenge faithfully, you’ll have Php 68,900 in your bank by the end of the year!
The 52-Week Money Challenge Starter Pack
1. Your Goal
One effective way to stay motivated is to keep in mind your end goal and the reason why you started the challenge in the first place.
2. Your ‘Piggy Bank’
You’re never too old to have a piggy bank! This challenge will require a safe and secure container to keep the amount that you’ll be saving per week.
NOTE: Any container will do, but it would be best to choose one that will make it hard for you to access or count your money.
3. Your Money Challenge Template
There are various templates that you can use to guide you as you progress with the challenge. Choose the one that works best for you--depending mainly on your earnings and the amount that you are capable of saving.
Seems simple, right?
A major drawback of this scheme is that it requires you to set aside specific amounts regardless of how much you earn. At some point, the increments might be too large to be sustained.
But don’t give up--we have some hacks to help you!
52-Week Money Challenge Hacks
Develop a Budget Plan
One way to get around the problem is by setting up a weekly budget plan. For each paycheck, plan where every peso is going. This lessens impulse buying and unnecessary expenditures. Repeated spending, even though in small amounts, can actually cause you a ton in the long-run. Skip “small” purchases that you can do without and you’ll be surprised with how much you’ll be able to save.
Separate Your Wants from Needs
What better way to save than by cutting down on unnecessary expenses? There are countless ways to overcome excessive spending but it all boils down to distinguishing your wants from your needs.
Keep Yourself on Track
Print out a chart to track your challenge and cross off the weeks as you fulfill them. Write down reminders in sticky notes and in your own phone to constantly remind you to set aside money.
Devise Your Own Saving Plan
If you find that this scheme does not match your salary, you can always devise your own budget plan. Take this 12-month version of the saving challenge, for example. Under this method, you won’t have to cut a specific amount off your weekly allowance. Instead, the amount will be based on your monthly salary.
There are habits that will not only spare you from unnecessary expenses, but lead you to a healthier lifestyle as well. If you can, quit or at least reduce habits like smoking or trips to the coffee shop. The effort to save money might also save you a trip to the doctor as well!
Whatever money-saving challenge you’ll take on, make sure to stay motivated and goal-oriented. Good luck this 2018!
Have you tried the 52-week money challenge before? How did it turn out? Let us know in the comments!
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