Saturday, February 17, 2018

HOW MUCH MONEY CAN YOU SAVE IN 1 YEAR (100 Pesos Piggy Bank Challenge)

Every New Year, one of the things people often say they'd change or do is that they'd stop spending and start saving. But how many actually stick with it until the end of the year? I, too, used to find it difficult to save money for there are just so many temptations around. 

All throughout the year, we spend so much by buying things we don't really need or things we already have and then regret we didn't save when the year-end comes. Last year, however, I found an easy and stress-free way to save money!


Yup, by using the gool ol' PIGGY BANK!



 I got mine from Daiso for only Php 88. If you want to try this saving method, be sure you are using something you won't easily be able to open. The one I used was sealed on each cap so it helped because it prevented me from getting tempted to open it. Sa Tagalog po, IWAS KUPIT. *hehe* If you want to be extra thrifty, you could also use an empty container of a 5-galon water. Just dry it completely, create a small hole then glue the cap. That'd also work!

Another tip is to be SMART, literally. In business, this technique works so well! But I reckon it would also work when you're trying to save more.
Specific - Set a plan on how you'd like to save money. Is it in a piggy bank or in your banl account?
Measurable - Identify how you'd like to do it. Would you save Php 50 a day, Php 100 a day?
Achievable - It is important to set something you yourself believe is attainable and doable. 
Realistic - This is really crucial. Be sure you set a goal that you can actually do. Instead of planning to save Php 1,000 every day, (which is almost impossible in the PH, unless you have a business) setting the goal to Php 50 or Php 100 sounds more realistic. Also, you can always increase the amount you save as you go on.
Time-bound - Decide how long you want to do it for. It shouldn't be to stress or rush you, though, rather act as a guide an also a motivation. Is it 3 months, 6 months, 1 year, 2 years?



Above all, the ultimate goal is to START! We've let our self down many times by saving we would start saving only to do it for just few weeks and then go back to our old habit of impulse buying and unnecessary spending. I used to be that person who never saves anything. But last year, I tried this method and was impressed when I found out how much I saved using just my piggy bank!



Please WATCH THE embedded video to find out more about this saving technique.
The video is in Filipino but I added English Subtitles so be sure to click CC before watching!


Ultimately, I aimed to save Php 30,000. But do you think I was disappointed when I found out I only saved Php 13,000 in the jar? NO! In fact, I was impressed!


HERE'S HOW I DID IT.

 100 PESOS A DAY.

 At the start of 2017, I set a goal to not use every Php 100 bill I'd get and put it directly in my piggy bank. It was quite a challenge as for me, Php 100 bill is the most used as it's convenient to pay either for small amount or larger sum. But I had to stick to my SMART plan, right? So every time I'd go out, I'd pretend not to see every Php 100 bill I get and just keep it in my wallet. When I got home, I'd put it in the jar right away. I aimed to do it EVERYDAY for 1 whole year.

 The result was not what I initially had in mind but who wouldn't be happy with Php 13,000?!

 Fluffy for sure is quite stoked with the amount! *hehe*


Of course, you can change the technique depending on your need and budget. Saving every Php 20 or Php 50 daily would surely sum up big at the end of the year if you do it consistently. The key is to be CONSISTENT.


  WHAT DID I DO WITH THE MONEY?

 Another challenge comes when you finally have your cold cash! Don't you think it'd be funny if you saved for the whole year only to spend it in 1 day? My tip is to put it directly in your bank account so you don't randomly think of something to buy. Keep it safe in the bank then take your time to think of what you really want to do with it. If you end up wanting to spend it on something, go ahead! You deserve it after a year-long saving. But, if you decide to just keep it there, then much better! It means you have finally acquired the habit of saving in your system. You're doing so good!


 Remember the key words : SMART and CONSISTENT. It doesn't matter how much you're saving a day, what's important is that you're actually saving.

 Now that we welcome the NEW YEAR, try this technique. You might be surprised at the amount of money you're spending on things you can go about without and at how good you are in saving!

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♥

Kristine