With a new year to start anew, it is also the best time to iron out your finances. A popular new year’s resolution is to save money.
Facebook page Peso Sense has featured a few money-saving challenges that we could take ideas from. Read on for some inspiration:
This saving habit is one of the most popular ones. This is basically saving in peso increments weekly. For instance, you start with P100, the next week, you double it by setting aside P200. By third week, the amount has tripled.
Shade and save format
With this challenge, you don’t need a timeline on how to save money. You only have to complete the target number of coins and bills for the year.
50 pesos challenge
This challenge needs a bit of discipline. You have to treat your P50 bills as ‘invisible’ and set it aside whenever you come across it. Before you know it, you will be surprised with the dozens of P50 bills that you have.
Peso Sense offered other money-saving tips if you can’t choose among the challenges that suits you:
- Think of your financial and material goals. Let it inspire you to achieve them.
- Put up an emergency fund for your unexpected expenses. You never know when you’ll need it.
- Don’t splurge too much money on food. Eating in excess is bad for your health, anyway. But treat yourself once in a while.
- Have other sources of income other than your salary. Put up a small business or look for part-time jobs.