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How to save P15,000 (or more) at the end of the year from your bi-monthly salary?
Each time a new year begins, we read/hear a lot of money-saving tips you can try for the whole year. It’s always exciting to try as every targeted amount you’ve achieved in a given period makes you look forward to reaching the end goal.
But given that there are some of us who have the “ningas kugon” syndrome (only good at beginning something), the goal, no matter how doable, is barely achieved.
You must have heard of the “52-week Money Challenge” scattered all over blogs and social media. It’s among the stories featured on Yahoo! Philippines today, the version of which was done by the owner of the blog, kuripotpinay.com. Its basic idea is to save the targeted amount for 52 weeks by doing this math:
*For increment of P50 a week
Week 1: P50 (weekly increment) = P50 (total)
Week 2: P50 (Week 1 total) + P50 (weekly increment) = P100
Week 3: P100 (Week 2 total) + P50 (weekly increment) = P150
And so on until Week 52. On the last week of the year, you will have a total of P68,900 and that’s a huge amount, isn’t it? You can even save more if you make the weekly increment bigger than P50.
But for those who do not have enough to save (perhaps because of the thin amount they receive as salary minus all the bills and other expenses), would you consider saving at least P15,000 by the end of the year from every payday?
Let’s adopt the P50 base amount from that 52-Week Money Challenge.
|
Payday |
Amount |
Total |
Payday |
Amount |
Total |
|
15-Jan |
50 |
50 |
15-Jul |
650 |
4550 |
|
30-Jan |
100 |
150 |
31-Jul |
700 |
5250 |
|
15-Feb |
150 |
300 |
15-Aug |
750 |
6000 |
|
28-Feb |
200 |
500 |
31-Aug |
800 |
6800 |
|
15-Mar |
250 |
750 |
15-Sep |
850 |
7650 |
|
31-Mar |
300 |
1050 |
30-Sep |
900 |
8550 |
|
15-Apr |
350 |
1400 |
15-Oct |
950 |
9500 |
|
30-Apr |
400 |
1800 |
31-Oct |
1000 |
10500 |
|
15-May |
450 |
2250 |
15-Nov |
1050 |
11550 |
|
31-May |
500 |
2750 |
30-Nov |
1100 |
12650 |
|
15-Jun |
550 |
3300 |
15-Dec |
1150 |
13800 |
|
30-Jun |
600 |
3900 |
31-Dec |
1200 |
15000 |
If you receive your salary twice a month, you can consider this. Some people who are doing the weekly challenge sometimes find it difficult to save for the week they did not receive their pay. With Payday Savings Challenge, you can also try doubling the weekly increment if you want a bigger amount of savings.
This Payday Savings Challenge will teach us to appreciate the value of saving and how to manage our finances properly. Financial advisers tell us to set aside first the amount you want to save from your salary, then the amount to pay the bills, and whatever remains will be your working budget for two (or four) weeks depending on how often you receive your work pay.
You can apply for automatic save up if your bank offers this or have it the traditional way by getting a piggy bank or whatever container that won’t permit you to make “sungkit” each time you are tempted to. Haha.
