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Myra Grace T. Mortega, Contributor
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January 09, 2014

FN Challenge: How to Save More Than P100,000 This 2014

Get started on your very own 52-week money challenge! By Myra Mortega
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In 2013, we challenged you to save P100,000 throughout the year. Jen, our staff writer, put her own money tips to the test by actually trying those herself. And while she did admit that she encountered quite a few hiccups along the way, she's P100,000 richer by the end of the year!

This time around, let's kick things up a notch by committing ourselves to save more than P100,000 by December 31, 2014. Ever heard of the 52-week money challenge that has been making rounds on social media recently? This saving scheme adopts the same principle--just set aside multiples of P100 every week all throughout the year, and you'll end up with a whopping P137,800 by the end of 2014!

What we love most about the 52-week money challenge is that you could tweak it to fit your budget. You could go for multiples of P10, P20, P30, P40, P50, or any amount that won't put a dent on your finances.

Committing to a weekly savings scheme may sound daunting at first, but it's not totally impossible. Have a self-imposed budget that you will follow at all costs. Stay on track by keeping tabs of your daily expenses with the FN Resolution Tracker, and try to see where you can cut corners. Ditch your daily cab rides (take the train or split the cost with your friends instead), go for cheaper coffee alternatives, bring your own baon to work instead of splurging on lunch and merienda, look for rakets for additional income, don't spend your 13th month pay, and resist the urge to spend, spend, spend! Don't lose sight of your goal, and you'll soon discover that you could pull through seemingly overwhelming challenges just through sheer willpower alone. Happy saving, FNites!

(Illustration by Sabrina Lajara)

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  • Akosiding Jan 09 2014 @ 04:20pm Report Abuse
       
    A MINIMUM WAGE EARNER CANNOT DO THIS. UP TO WEEK 15 IS BEARABLE BUT BEYOND THAN, THEN I SHOULD BE EARNING 20-30K A MONTH TO SAVE 2K-5K A WEEK.
  • Lynxette Jan 09 2014 @ 05:58pm Report Abuse
       
    lol! This schedule is ridiculous. You need 20,200 for week 49-52 which is December - a month where we usually spend a lot of money to buy gifts!

    This method is good for someone who earns more than 40,000 after taxes and does not spend a lot per month on living expenses.

    Make a more realistic schedule next time. Heck, saving 500 a week can go a long way. It may not be 100k after a year but at least you have some form of savings.
  • Lestartita Jan 10 2014 @ 04:40am Report Abuse
       
    I agree this is not realistic, some have 10K take home pay. Better is to look for a bank or organization who has a good interest scheme. :)
  • Lestartita Jan 10 2014 @ 04:47am Report Abuse
       
    I agree this is not realistic, some have 10K take home pay. Better is to look for a bank or organization who has a good interest scheme. :)
  • Jae Jan 10 2014 @ 09:44am Report Abuse
       
    The money challenge aims to teach people how to save. Little by little which was not archived by this article. I guess the target audience of this article is not the average person but someone who has extravagant excess to their take home pay. The concept is simple; you can choose what denomination you would prefer. It may be 20's, 30's so on. See what will work for you.
  • Glenn Encinares Jan 12 2014 @ 10:48am Report Abuse
       
    In reality, this is impossible specially for those who have low income and can't save that much because of expenses we are paying (like bills) but if you are really willing to earn you have to do something to earn extra income like do some online business or a part time job
  • Toinkee Jan 14 2014 @ 09:39pm Report Abuse
       
    My friends and I thoroughly enjoy the concept of this article. It has given us a sense of motivation. Though the amount is quite high (considering my personal monthly wage ranges from 15-25k), we have definitely taken it as a challenge and will do our best. ^_^

    Some of my friends have chosen a lower denomination. But this concept have totally sparked our interest and discipline. Still, our aim is to be able save money! YAY!

    Thanks for sharing.
    Cheers!
  • ElmerZ22 May 19 2014 @ 04:25pm Report Abuse
       
    Everything is possible once you accept/believe its possibilities but doubt it and "it will be done". There are a lot of possibilities to make this happen. Join me this May 31, 2014, Saturday, 7pm-8pm for a FREE webinar, all you need is an open mind and register here https://t.co/rh7XkWYFCp or read more about it here http://moneymatterscircle.blogspot.com/
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Myra Grace T. Mortega
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Myra Mortega-Calulo has been Female Network's Features Editor since June 2012, but she has been writing for FN as a freelance contributor since March 2010... Read more...
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