It's a start of another year. Surely, one of your goals this year (and every year thereafter) is to increase your savings. This is why you are tempted to give money challenges a try to help you jumpstart your financial future. At the same time, you are "forced" to savem thereby helping you achieve your financial goals. You may not notice it, but this helps you develop skills like discipline, commitment, and responsibility.
With tons of ipon challenges circulating online, which among them will help you get your target amount?
Let's take a look:
52-Week Money Challenge
This is the most popular money challenge you can find online. The amount on how much you want to start varies and is dependent on how much you want to achieve every year. There is also a higher possibility that you get to save at least P100,000 by the end of the year.
To do this, you have to allot a specific amount to deposit every week, which you can start for as low as P1.00. Ideally, you start at P50 or P100, although some put higher amount at the start of the challenge. Every week, the amount increases, which means by the end of the year, the amount you have to deposit will be tripled (or even higher).
Although effective, the challenge here is during the Christmas season. You might have a hard time meeting your monthly deposit once the Season of Giving starts knocking at your door.
Daily Money Challenge
Let's say you cannot commit to a specific amount every week because your income is not regular. That's okay. You can try this daily money challenge wherein everyday, you will deposit whatever amount of money you can.
This is a flexible money savings challenge because you are not confined to a particular amount. You can deposit P5 or P1,000, depending on how much you can give on that particular day. Still, you won't be able to maximize your savings because the amount you could get at the end of the year will depend on how much you can give.
P50 Money Challenge
Did you know that you can save at least P18,000 if you save P50 everyday? That's not a bad amount considering how challenging it is to save money.
Everyday (or every week), commit to saving P50 and place it in a piggy bank or any container that could be hard to open. If you want to get higher savings, then you could deposit as many P50-bill as long as it is P50. You will surely be surprised with how much you'll get by the end of the year.
Loose Change Money Challenge
Admit it. Coins are too heavy on your pocket. If you're the type who want to "get rid" of coins, then have a piggy bank where you can place all spare change you collected this year. The amount you will get will depend on how much coins you were able to save, but at least you made those coins useful for you.
Bimonthly Money Challenge
The 52-Week money challenge is effective but let's face it, it could be hard to save for an amount that increases every year. If you like the idea of 52-week challenge but looking for something more flexible, then this Bi-Monthly Money Challenge may work for you.
Commit to depositiing a particular amount every payday, which is every 15 days. The good thing about this is that saving a specific amount is easier to incorporate in your budget because you have money to spare.
12-Month Saving Challenge
Let's say your budget cannot commit to twice a month savings. That's fine. Another option would be this 12-month saving challenge.
Every month, you will save a particular percentage from your monthly income. For instance, for the month of January, you will save one percent. For February, it's two percent of your monthly income, and it goes on until you reach 12 percent by December. You can set a higher percentage, but again, this will depend on how much you can fully commit.
What does this tell you? There are many ways to help you save money. Explore your options and find the ipon challenge that will best fit you and your lifestyle. You can do it.