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?
In case you need more guidance on [how to save
money](https://revamp-pilot.homecredit.ph/Stories/5-Common-Pinoy-Money-Habits-That-Are-Making-Your-Wallet-Suffer),
pay bills online, and other money tips, we have more articles
for you to browse below.