10 Savings Challenges to Start Now So Your Wallet Can Thank You Later

(SPOT.ph) The start of a year is an invitation for resolutions both new and rehashed from years past, like spending less and saving more. With inflation and post-lockdown recovery weighing people down, it's empowering to take hold of your finances and have extra at the end of the day. Committing to a savings goal is tough, which is why we've rounded up savings challenges to inject some fun into financial responsibility.

Here are some basic rules: Have a separate account or container for your savings, nominate an accountability buddy, and write everything down for challenges that demand tracking. Most importantly, learn more about yourself and your spending along the way!

Also read: Adulting 101: What is the Pag-IBIG MP2 Savings?

Start your ipon era strong with these savings challenges:

P50 Challenge

This challenge is exactly what it says on the tin: the goal is to save P50 per day to arrive at P18,250 total savings by the end of the year. Some people set up a piggy bank for this so they aren't tempted to take money out, while some have a chart to highlight once they've dropped their P50 for the day.

If you don't have P50 exactly, you can always advance the savings and put in a bigger denomination to account for the next days.

52-week challenge

Consistency is key for this challenge as it demands weekly additions to your pool of funds. There are two ways to do it—you either start small on the first week and increase the added amount after every week, or save a fixed amount per week.

Opt for P20 on Week 1 then double after every week to take things slow or promise to set aside P100 or even P500 every week, depending on your budget. If you set aside P500 every week before even spending anything, you'll end up with P26,000 at the end of the year.

Also read: Looking for a High-Interest Savings Account? Here Are Your Options

Denomination challenge

For this challenge, you need to save by denomination. Check out the breakdown below:

• 100 x P1 = P100
• 90 x P5 = P450
• 80 x P10 = P800
• 70 x P20 = P1,400
• 60 x P50 = P3,000
• 50 x P100 = P5,000
• 40 x P200 = P8,000
• 30 x P500 = 15,000
• 20 x P1,000  = P20,000

The grand total is P53,750 which is a lot, but you can take out the P200 one since the bill is rare, or remove the P1,000 since that's a huge amount of money as is. Adjust accordingly!

The P20- or P50-bill challenge

Every single P20 you encounter this year must be stowed away for a rainy day. Doesn't matter if it's a coin or a bill, if it's crisp or holding onto a lifeline, as long as it's a P20 denomination, you have to say goodbye now and say hello to the savings later.

If your budget allows and you're feeling ambitious, take it a notch higher and keep every P50 you come across. P100 sounds like a lot but if you can afford to bid farewell to those bills for the next 12 months, feel free to do so, too.

Unlike the other savings challenges that are time-bound and have a fixed goal, the bill challenge yields varying results. It's a great challenge for flexing your discipline, but if you have a specific amount in mind, you might want to go for a different one. 

No spend challenge

Everybody’s got their own spending vice—be it shoes, wine nights out, or spontaneous trips. The no-spend challenge invites you to cut those extraneous spends out for a period of time to save a few bucks.

For caffeine fiends, it means saying goodbye to your cup of joe for a week, a month, or some can even go as far as a year. All the times you don't spend on your chosen item is a step closer to your savings goal. Plus, it's a great way to kick bad spending habits or assess what really matters to you.

Also read: GUIDE: Banks That Allow You to Open a Savings Account Online

Break the bad habit challenge

We’re not one to capitalize on bad behaviors you want to change in the coming months, but you might as well hit two birds with one stone with this challenge.

As an example, we'll use swearing. Every time you swear, either verbally or in text, you have to put money in the savings jar. Have fun with it; each profanity could have a corresponding fee, or get your friends in on it so you’re held accountable until the end. They'll probably make you suffer and turn everything into a "Gotcha!" moment but at least you're saving money.

If you’re looking to break another habit, like hitting snooze on that 5 a.m. alarm you've had for the past five years, it could also work. Again, you set the time, amounts, and final savings goal depending on your financial situation.

Also read: It's High Time to Open Another Bank Account, Here's Why

Spending mistake challenge

We'll admit, this challenge is both easier and more fun with a friend involved. Let's say you love getting lunch at work instead of packing your own to cut back on spending. Whatever amount you've spent will have to go into the savings jar. P150 for a coffee? P150 for savings too.

Your friends knowing means you have your personal callout crew, and if you're really besties for life, you can even send them the cash so you really feel it leave your wallet (digital or physical).

Minimalism challenge

This one's a bit tougher than the rest because it will rely on your willpower and discipline to get you through. First things first—differentiate your wants from your needs. For an entire month, or even a whole year, you can spend on needs like shampoo and sacks of rice, but you can't spend on wants like a similar top in a different color or another notebook.

Technically this isn't so much "saving" as it is "spending less" but not only will this reduce the incoming clutter in your space, it will also strengthen your ability to decide what's absolutely essential.

Also read: Try These Money-Making New Year's Resolutions For a Prosperous 2023

Fan challenge

Artists are back on tour after two years of lockdowns, which means you'll need cash to buy their concert tickets. The Fan Challenge can work for any fandom or artist with modified rules, but this will work best for K-Pop stans.

Every time your bias or your fave group drops content, you have to put money into your savings. Every Twitter post could be P20, posts with photos is P50. A livestream is automatic P100 into the savings. Every Weverse, Bubble, or Universe comment means P20 into the savings, depending on the frequency of the idol's posting. All that matters is you save no matter what.

Multiply 365 challenge

We made that name up, but hear us out. Take the month, like 12 for December, and the date it currently is, so let's pretend Christmas, the 25th. Multiply those two numbers to get P300—that's how much you're setting aside on Christmas day. Do this daily—don't worry, you'll never have to save more than P372—and you can save up to a sweet P37,578 if you complete it. Tip: you can use smaller days like January 1 (P1) to prepare for days that demand a lot, like November 30 (P110).