Easy Money-Saving Challenges to Try in 2018

Fingers crossed your piggy bank fills up!

 

(SPOT.ph) When you were a kid, saving up was easy—you just dropped part of your allowance into your piggy bank and you were good to go. Now that you’re all grown up, though, with all the varied expenses that #adulting entails, saving your hard-earned money can be hard.

 

But few things can motivate a person as strongly as a challenge. So if you’ve always wanted to make a habit of saving but have always had trouble sticking to it in the past, here are five simple challenges to take on this year:

 

 

The Coin Collector

All you need to do is save every P10 coin that comes into your possession. Follow the old adage, “Out of sight, out of mind,” and stow your tenners as soon as possible—that way, you’re not tempted to spend them.

 

 

The 365-Day Challenge

The idea is to save the peso amount that corresponds to the day of the month, multiplied by the order number of the month itself. For example: on July 12, you’ll need to set aside P12 x 7, or P84.

 

The further along the month and year you are, the bigger the amount will be. Rest assured, though, you’ll never have to go higher than P372 in a single day. At the end of the year, you should have a cool P37,578 in savings.

 

 

The Not-To-Do List

Make a list of all your excess expenses—basically anything beyond rent, food, transport money, groceries, and utilities. Write down these items on slips of paper, and at the start of the week, blindly pick one or two. Whatever you end up choosing, you need to cut out from your week’s spending.

 

If you want to go the extra mile, you can also assign a certain amount to every item (equal to how much you would spend on it), and save up that much for the week.

 

 

The Random Savings Chart

Make a chart with 52 boxes. Then, using a random generator, fill out the boxes with numbers—this will be the amount of cash you need to save. As each week of the year goes by, cross out a box then go on to another one. How much you save depends on how high or low you limit your number generator; we recommend a 50-500 setting if you’re not used to saving much.

 

 

The Cashless Challenge

The less cash you withdraw from the bank, the less you will be tempted to spend on non-essentials, so make it your goal to eventually not carry any. To do this, each month, settle a chosen regular expense without using cash. For example: in January, load up your credits using only your phone; in May, pay all of your bills without going to a payment center; in October, do all of your shopping online. Get into the habit and challenge yourself with more and more cashless transactions every month—before you know it, you won’t be needing any cash to pay for anything at all!

 

The best part of this money-saving plan? On top of helping you keep a better hold on your budget, you can also save on transportation fare, enjoy waived sending fees, and even earn rebates (a.k.a extra savings!) when using the right payment service. In fact, one mobile wallet that does this is GCash, which can be used for tons of transactions and is easy to navigate, even for first-time users. Head here for more details. 

 

There’s no one way to save money that’s easy for everyone, so it’s up to you to follow the method that suits you best. Happy saving!

This article was created by Summit Storylabs in partnership with GCash.
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