Go For the Goal, "Doing the 52-Week Money Challenge 2015"

A friend on Facebook posted this and it never leaves my mind. It's a 52-Week Money Challenge where people save increasing amounts throughout the year.

Example:
Juan dela Cruz started to save P50 in the first week of the year, P100 the next, P150 after that, and so on until he saves P2, 600 by week 52. He will save a total of P68, 900 by the end of the year.

I remember the time when I started working eleven years ago. I opened a savings account with a passbook, so that I can see my accumulated savings plus interest grows bigger and bigger. My goal was to forget the savings so as to avoid cash withdrawals. But it is so liquid that when a want or a need arise, all I need is a withdrawal slip and hola! Cash in bank back to the minimum balance.

But not this is time around. I am very determined to make it work. 

So How Does It Works?

First, you should decide what increment you want to take. It can be 10, 20, 30, 40 and 50. It's really up to you. I decided to choose 20. Why 20? Because I want to be realistic as possible. I know in my heart that I can do it in a P20 increment until the very last week without straining the monthly budget.

Secondly, you need to have a goal. Like travelling with family or friends, buy a gadget, etc. For me, it starts with a big "S". SAVINGS. Yes. All I want is thousands richer by the end of the year. 

Third, a piggy bank, jar or a bank account. Look at mine. Isn't it cute? I already used it before and now, it'll be doing me another favor. Take care of my money, will yeah, red piggy?

Fourth, the chart. This is the chart of  P20 increment. You can strictly save the amount weekly or if your salary is on the 15th and 30th, then you can save twice in a month provided that you will save the full amount monthly.

But I wanted to save big this January, cash coming from my 2014 Christmas gift. So I decided to do the reverse instead and save once only in a month. In my case, I am receiving a monthly allowance from my Singapore-based husband. So this is how my saving plan goes.

My 52-Week Reverse Savings Plan

                                                        Week 01 - P1,040

                                                        Week 02 - P1,020

                                                        Week 03 - P,1000

                                                        Week 04 - P980

                                                        Week 05 - P960

                                                        .....

                                                        .....

                                                        .....

                                                        Week 48 - P100

                                                        Week 49 - P80

                                                        Week 50 - P60

                                                        Week 51 - P40

                                                        Week 52 - P20

And I would still save the same amount of P27,560!

I am excited for this challenge and I hope you will too. If we will not do it now, then when? 

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"The way to build your savings is by spending less each month."

-Suze Orman