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)