I posted the 50-saving challenge in the hopes of inspiring those people who are working 5 to 6 days or even 7 days a week and yet, they are having difficulty saving money.
This is not to show off my wealth *wink* so please don’t judge me. 🙂
I am motivated to save money so I have some cash to spend during emergency situations (COVID-19 outbreak), to buy stuff for me or my daughter, to invest and to travel to any beautiful places like Albay’s Mayon volcano, Masbate’s Burias Group of Islands and Camarines Norte’s Calaguas island.
This is not really new to you. In fact, a lot of people have already posted their own “Ipon challenge” (savings challenge) in Facebook. I was inspired by them too. There are also some good tips from Pesos and Sense about investing but we will discuss it in my next blog.
I have been doing this for the past 3 years. I usually open my piggy bank every end of the year and deposit my savings to the bank.
Before the end of 2019, I have managed to save more than 30,000 pesos within a year. Maybe this is not much for some people, but I am proud of it.
I have two piggy banks. One for coins and the other one is for 50-peso bill only. Yes, only for bills that are 50 pesos.
The general rule is to save every 50-peso bill you receive.
You might be asking, why 50 pesos? Why not 20 or 100-peso bills? The answer is very simple. 20 and 100-peso bills are common bills that we are receiving as change in coffee shop, restaurant, fast food chain, etc. We rarely receive 50-peso bills. Try to observe it.
Now, if you go and save 20-peso bill, you might end up nothing on your wallet because, again, this is very common. So it is better to go with the 50-peso bill.
Let me share some tips.
- Invisible to your eyes. Whenever you get a change of 50-peso bill, you should separate them from the other bills. In short, they become “invisible” to your eyes.
- One 50-peso bill per day. If you receive more than one 50-peso bill as a change, reflect if you can save them all or if you still have to put some in your wallet for spending. If you have to spend them, it is better to save at least one 50-peso bill that should go directly to your piggy bank.
- Do not count them. If you need to sort them to get some extra space in your piggy bank because it is already full, go and sort them but do not count. If you count them, you will start thinking of the things that you like and then you will be tempted to buy them.
- Do not stop until year end. Get another piggy bank if the current one is already full and can no longer be sorted to get some extra space. Remember, you will only open your piggy bank(s) at the end of the year.
- Stay motivated and enjoy. Saving is really fun. It might be difficult because you are slicing some portion of your salary but always remember, you are doing it not to torture yourself but to prepare for the future.
Please note that you may still spend your 50-peso bills in your wallet if you don’t have other bills or you only have your said bills left in your wallet.
Feeling challenged? Go and try it. I am very sure you will enjoy saving money.
Saving money is not hard. With determination, motivation and discipline, you can save enough for your future.
PS: I don’t lend money so do not attempt to ask. 🙂