January 07, 2018

Fun & Creative Ways to Save Money

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  • It’s always fun to spend but often a challenge to save. So how about we make saving fun, too? If you’re doing something that is fun, then you won’t have a hard time carrying on.

    Here are some fun and creative money-saving challenges that will let you fulfill your New Year’s Resolution of saving money more easily!

    52-Week Money Challenge

    The 52-Week Money Challenge was famously introduced by the Life As You Live It blog and localized by a Filipino blogger on Kuripot Pinay. This money challenge makes you save in weekly increments.

    You can choose as little as one-peso increments, which will let you save Php 1,378 after 52 weeks. Doing 100-peso weekly increments can make you save Php 137,800!

    IMAGE Kuripot Pinay

    12-Month Saving Challenge

    The 12-Month Money Challenge, proposed by Alvin T. Tabañag on Rappler, is said to be “more practical, realistic, and sustainable” than the 52-Week Challenge. Instead of setting specific amounts per week, the 12-Month Challenge puts into consideration the monthly salary of the individual.

    This challenge works with the formula:

    base amount + (month % x monthly income)

    where “base amount” can be as low as 0, and “month %” corresponds to the month number).

    If you choose the lowest base amount and, say, you earn Php 20,000 in a month, you can save Php 15,600 at the end of the year!

    Envelope Savings Challenge

    The Envelope Savings Challenge is a creative and organized way to save money in no time. You can choose the number of envelopes you want to fill—say, 10 envelopes—and label them from 100 to 1,000. The goal is for you to fill each envelope with the corresponding amount. Once you fill all of them, bring them to the bank and add them to your savings. The more envelopes you keep, the bigger amount you will save!

    No-Spend Weekends

    How much do you usually spend on weekends—for shopping, eating out, or watching movies? If you refrain from doing all those things for at least one weekend, then it can also help you save more money in the long run.

    Determine the average amount of money you spend on a typical weekend and set it aside over a no-spend weekend. Set at least one no-spend weekend in a month, and see how much you can save at the end of the year!

    IMAGE The Wallet Moth

    Do you have other fun ways to save money this year? Share them with us in the comments!

    Images from: Kuripot PinayThe Wallet Moth

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