Money Saving Tips This 2018

Is saving money your New Year’s resolution? Then read up!

Here are simple ways to save money this year:

  1. The “Per 50” Challenge

Start by saving P50 on your first week. The week after, save P100. After every week, keep adding P50. Here’s a chart to guide you:

Week

Date

Amount

Total

Week

Date

Amount

Total

1

1-Jan

50

50

27

2-Jul

1350

18900

2

8-Jan

100

150

28

9-Jul

1400

20300

3

15-Jan

150

300

29

16-Jul

1450

21750

4

22-Jan

200

500

30

23-Jul

1500

23250

5

29-Jan

250

750

31

30-Jul

1550

24800

6

5-Feb

300

1050

32

6-Aug

1600

26400

7

12-Feb

350

1400

33

13-Aug

1650

28050

8

19-Feb

400

1800

34

20-Aug

1700

29750

9

26-Feb

450

2250

35

27-Aug

1750

31500

10

5-Mar

500

2750

36

3-Sep

1800

33300

11

12-Mar

550

3300

37

10-Sep

1850

35150

12

19-Mar

600

3900

38

17-Sep

1900

37050

13

26-Mar

650

4550

39

24-Sep

1950

39000

14

2-Apr

700

5250

40

1-Oct

2000

41000

15

9-Apr

750

6000

41

8-Oct

2050

43050

16

16-Apr

800

6800

42

15-Oct

2100

45150

17

23-Apr

850

7650

43

22-Oct

2150

47300

18

30-Apr

900

8550

44

29-Oct

2200

49500

19

7-May

950

9500

45

5-Nov

2250

51750

20

14-May

1000

10500

46

12-Nov

2300

54050

21

21-May

1050

11550

47

19-Nov

2350

56400

22

28-May

1100

12650

48

26-Nov

2400

58800

23

4-Jun

1150

13800

49

3-Dec

2450

61250

24

11-Jun

1200

15000

50

10-Dec

2500

63750

25

18-Jun

1250

16250

51

17-Dec

2550

66300

26

25-Jun

1300

17550

52

24-Dec

2600

68900

It gets challenging, but you can expect to save up to P68,900!

  1. Budget accordingly

To budget well, list down your monthly expenses (e.g. phone bill, electric bill, rent, etc.). Then subtract the total amount from your take home pay. Take 50% of the remaining amount for your savings. The other 50% is for you to use freely.

  1. Every peso counts

This won’t get you to P68,000 a year, but saving an estimate of P3,000 for just using piggybanks is a great start!

Now, let’s assume you have a weekly budget of P1000 from Monday to Sunday. Every Sunday night, put your loose change (coins) into your piggy bank. You might want to have one piggy bank for every denomination (e.g. P0.25, P1, P5, P10). This is helpful when you begin to count the amount towards the end of the year. It also helps you estimate how much of the bigger denominations you’ve been saving, which can be exciting.

Saving is always challenging. Who doesn’t love going out and treating ourselves? But do keep in mind that it is an important thing to do, especially for your family and the time you decide to retire.

Have you any money-saving hacks for us? Share them! We’d love to hear from you.

Happy saving this 2018!

Sources:

  • http://content.time.com/time/specials/packages/completelist/0,29569,2040218,00.html
  • http://ph.theasianparent.com/52-week-money-challenge-philippines/

If you're an overseas Filipino and you want to save money on sending gifts to your family in the Philippines, choose Sendah!