2015 Savings Challenge was a success! And I am ready for 2016. I’m going to be a little bit conservative this year and opt for 10pesos increment. Also as I learned from last year, rather than putting aside money weekly, I will treat my 2016 #savingschallenge as an expense and put it aside every payday.
Read on for my 2015 experience and tips on how you too can take on the challenge.
TIP NUMBER 1 : Do it with friends. It is more fun plus they can keep you motivated and accountable. Last year, I saw the #savingschallenge posts on Facebook. It was intriguing and I wanted to try it. But since it was much more fun with friends, I invited Mara and Lalaine to do it with me. They were game and as an incentive, I got coin banks for us and even jazzed it up.
TIP NUMBER 2 : Find your number. It is important to first determine how much can you realistically and sustainably put aside regularly. Do the math. For me this was a matter of trimming excess (yes … coffee) and finding little ways to save (walking to work, bringing in home-cooked lunch). And the ending total, is great Christmas 2016 play money. If you have a big ticket item goal, you might want to go higher than 10peso increments but still … do your math! Will you still have enough money for transport or lunch with that savings challenge increment?
TIP NUMBER 3 : Make it an expense. After you know your number, COMMIT and make it an expense. Last year, I learned that I am able to do this better if I put it aside every pay day. I found it easier to control. It is sometimes hard to find a bit of extra for the coin bank. But if you have put is aside already, no problem.
TIP NUMBER 4 : Use a coin bank or not. I personally like coin banks and mine is really cute! haha. And if you are new to saving, this is a good way to form a habit. I read in JamesClear.com that there are 3Rs in habit change. Keep this in in mind: REMINDER (Every pay day), ROUTINE (put money in the coin bank) and REWARD (and feel a sense of accomplishment). And the pay off when you count at the end of the year… Priceless! You can even buddy up and ask a friend (a friend you can trust, okay) to be responsible for your coin bank. We put ours in the boss’ cabinet. Safe, secure…even from us. And I think, he even put in coins in there for us.
Or open another account and deposit it every pay day. Opt for online banking though because over the counter will be counterproductive.
Good luck and merry Christmas!
Oh and I think I will take on another challenge as well this 2016. I completed it a few years back and I want to do it again. So are you up for a 1000KM Challenge? I start running for on 1 January 2016. Tara?