2015 is coming in a few days! Are you excited on what’s in store for us in the coming new year? I am! What are you most looking forward to? What are your goals that you would want to achieve?
One of my goals is to have financial freedom. Four years ago, I started investing in mutual funds (MF) and got our life insurance with investments both from Sunlife. This 2014, I opened a Unit Investment Trust Fund (UITF) in BPI, a Citisec Financial account and another MF with PhilEquity. I don’t have a lot of money and we are not rich but because of financial literate circle of friends, I wanted to start seriously saving for my family’s future. As they say, it is always better to start saving NOW.
Last year, I came across a one-of-a-kind challenge of saving money in a year. It is the 52-Week Money Challenge that I learned from friends who saw it from this blog. Basically, the idea of the challenge is to save weekly for one whole year. The amount to be saved weekly is by increments of 10, 20, 30, 40, 50 or whatever amount you want to start with. It can depend on how much you want to save for a particular goal and of course, on your income.
Here is a chart I made in Excel using increments of 50. You can be strict in following the amount to be saved weekly or you can skip a week and then add that missed week to another week. Just make sure you can catch up with the total amount. My goal is to have another international travel with my family in 2016. So I’m taking this challenge to add to our travel fund what I can save here.
If you noticed, the amount to be saved in January is very easy to do but it becomes more challenging towards the end of the year (Think about the expenses during Christmas season). You can use your 13-month pay for the bulk amount to be saved in December. But this won’t work for me since I don’t get to have a bonus pay in my work 🙁
So, instead of doing the chart above, I joined a few friends who will be taking the challenge but doing the REVERSE 50 52-Week Money Challenge.
Here is the chart I will be using:
Basically, I will be saving the higher amount at the start of 2015 so it would be easier towards the end of 2015. So starting January 1, 2015, the excess money we got from monetary gifts this Christmas will already be used for this challenge. I’ve read that others will be using the traditional piggy bank, jars or open a new bank account solely for this. For me, maybe I’ll use my BPI Save-Up account or look for a big piggy bank lol!
Good bye to unecessary expenses! Good luck to me! 🙂 Good luck also to my family and friends who will also be doing this money challenge.
You can download the excel files I made here (these are the revised files, thanks for those who noticed the error) –> 52WeekMoneyChallenge and 52WeekMoneyChallenge_Reverse. This templates use the increments of 50. Just change the amount and it will automatically compute. Don’t forget to put your goal! 🙂