Wednesday, February 26, 2014

The 52 Week Money Challenge - Other Versions

Original post here.

As I've mentioned before, I took the 52 week money challenge in order to save money. At first, it was easy to save but with the amount incrementing by Php 50 every week, it's becoming a bit hard to manage and produce the needed amount to save. So, I made other variations of the challenge which I think may be easier to achieve.

I know that there are lower values/increments (5s, 10s, and 20s) but it will only give me a small amount by the end of the year. I want something bigger so I created these which will produce a fair amount of savings by the end of the year.

The first one that I made starts at Php 50 but the increment will be every month (by Php 50 also). It will only total to Php 18200 by the end of the year but I think it will be easier to achieve:

It can also be done in reverse, start with the big amount (Php 650) first then end with the smallest (Php 50). Why? Because come the "Ber" months, most of us will have more expenses (especially during December) and it may be a bit hard to save a bigger amount when we have lots of things to buy.

If you want a bigger amount come December, the increment can be done every 2 weeks (still by Php 50):

Another option is to save every pay day (every 15th and 30th) or every month. The every pay day scheme will have an increment of Php 250 every month. This is one of the easiest because the amount needed to be saved can be set aside immediately once you receive your salary every 2 weeks:

The last one that I created is the every month scheme. This is the easiest. Once you receive your salary, whether it be on the 15th or the 30th, immediately set aside the amount needed to save. This one starts at Php 500 and will have an increment of Php 500 every month. You can also reverse this if you think you'll have a hard time saving a big amount during the "ber" months:

You can actually make your own scheme depending on the amount you want to save at the end of the year or the amount you want to keep every week or month. The main goal here is to be able to save a big amount of money by the end of the year.

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