Whether we want to admit it or not, savings will always be a big word. But to be successful with this, you need to look beyond the word and start incorporating a solid strategy that can make the whole process of saving up easier.
Enter money challenges. Money challenges are financial ‘tasks’ designed to make the idea of saving more manageable. Rather than going for a shotgun-style way of putting money away, money challenges are backed by a solid plan that can slowly ease you into saving.
Successful and well-designed money challenges are composed of the following factors:
- Reason for saving – without a clear goal in mind, you can’t expect to have a clear direction. Set a purpose for your savings first to serve as your motivation.
- Goal amount and timeline – it’s going to be easier for you to break down how much you’re going to save during a particular timeline if you have a set amount that you want to work for. For example, if your goal is to save PHP10,000 by the end of the year, it will be easier for you to decide how much you need to keep away in a day, week, etc.
- How to keep it – there are many options depending on your preference and general behavior towards finances. If you’re confident that you’re not easily swayed to use your money, you can always keep it in a savings account where it can earn a small amount of interest. If you think you need extra ‘control’, however, it might be better to keep it in a container that is not easy to access like a good ol’ piggy bank or coin bank.
Money Challenges You Can Try:
Ready to start your money savings challenge? Here are a few options for you!
- The 52-week Challenge
How it works:
After deciding on your goal amount, divide it in increments throughout 52 weeks. The core of this challenge is to start small so you ease into the idea of saving before moving on to bigger amounts. For example, you can aim to save PHP50 on your first week and keep away as big as PHP3,000 on your 52nd week.
- The 10,750php Ipon Challenge
This money goal divides amount to certain increments which you can check off as you go along. The allocation is simple: you need to save 100 pieces of P1 (end amount: 100php), 90 pieces of P5 (end amount P450), 80 pieces of P10 (end amount: P800), 70 pieces of P20 (end amount P1,400), 60 pieces of P50 (end amount: P3,000), and 50 pieces of P100 (end amount: P5,000). You’ll be able to save up a total of P10,750 at the end of this challenge.
- The P50 Money Challenge
Not sure if you can commit to a regular saving habit yet? The P50 Money Challenge is the best option for you. This doesn’t have a specific goal amount, but its mechanics are more manageable. You just need to keep all P50 bills and save them for as long as you want. The good thing about this challenge is that P50 is not as common as other bills, but it can still pile up to create a significant amount of savings because the amount is more manageable.
Easy, right? Which of these money challenges are you willing to try?