There is one mantra that everyone tries to live by once the clock strikes 12 on New Year’s Eve: “New year, new me.”
Along with long lists of New Year’s Resolutions are wishes for good luck, good health, and more wealth. And what better to start 2017 than by spending less and saving more of your earnings.
Here are a few money challenges you can try this year to take charge of your finances and, ultimately, reward yourself toward the end of the year.
52-Week Money Challenge
It’s promising, and a few people on social media attest to its effectivity. All you need is a gargantuan piggy bank and a printed template as your checker.
How much should you put in? Just multiply the amount by the week you are in. Depending on how much you want to start, you can reach up to P137,800 worth of savings.
However, this money challenge is indeed a trying financial test, especially if you are aiming to bag P137,800 at the end of 2017. It is apparent that the amount to save gets significantly bigger as you go further. For minimum-wage earners to employees who take home around P25,000, the numbers projected amount to almost half of their income.
The more convenient approach is to take the heavier lift first and do the challenge in reverse. This is more attainable especially if you just recently received your Christmas bonus and/or 13th month pay. The ordeal will get lighter in the long run.
12-Month Money Challenge
The premise of this money-saving challenge is as a simple walk on the park. The amount you need to save per month is based on the percentage of which month you are currently in. Say, for instance, April is the fourth month of the year, then four percent of your monthly pay goes to your savings.
Unlike the 52-Week Challenge and other money-saving challenges that require a specific amount, it requires a percentage of monthly earnings, which is only fair and practical. At the same time, it increases the portion you save.
365 Days Money Challenge
This one is simple. The amount that you have to set aside is the number of the day in the year you’re in. So you might be wondering how much is 1+2+3+4+5…up to 365? That’s a whopping P66,795, which is the sum of what you will get by the end of the year. A simple concept with a big reward.
Weekly Ipon Challenge
The money-saving challenge that’s highly recommended for starters. This is also applicable for those who are paying debts and who are on a tight budget but want to save at least.
No complicated computations, just specific amounts. What you save is what you get. If you constantly save P50 per week, you’ll get P2,600 at the end of the year. If you save P1,000 per week, you’ll celebrate the New Year’s Eve with P52,000.
30-Day Money Challenge
This challenge is best for teaching your kids about savings on a small scale. Every month they can get P465. At the end of the year, they can get P5,580, if they save 465 for 12 months.