Want to save over P130,000 by the end of the year? Then give the 52-week Money Challenge a try! Read this to find out how it works.
If saving money was one of your New Year's resolutions, but you (honestly) haven't gotten to doing so, then start with the 52-week Money Challenge today!
After having gone viral on several social media sites and blogs in the United States, the challenge found its way to our shores. In fact, Filipinos have already put their own spin on it and have managed to overcome the challenge, ergo the birth of the 52-week Money Challenge Philippines edition.
Rhea Mocorro, also known as the Kuripot Pinay, localized the challenge and took it on in 2014. By the end of the year, she had managed to save over Php60,000!
How does the 52-week Money Challenge work?
Basically, it's saving in peso increments weekly.
For example, you decide to save 50 pesos in your first week. The next week, you double that amount, putting away 100 pesos. By the third week, you triple the amount you originally started off with and put that in your money jar. So on and so forth.
Sounds simple enough, right? Now, before you roll up your sleeves and dive into the 52-week money challenge, take note of the items that you'll be needing and tips to conquer the challenge, courtesy of Rhea of The Kuripot Pinay:
- A goal. This will keep you motivated to keep on saving. Think about something you'd like to splurge on which you normally don't. This can be the latest smartphone or a family trip to Europe. From there, break it down in terms of your weekly amount to save.
- Piggy bank. You can use a plastic container, a bottle, a jar or just about anything. This will be called a grownup piggy bank. Try using a covered one, so you won’t see the money stack in there and count how much you already saved.
- Template. The challenge has an existing template that we can print out and tape in our piggy bank. However, since the amount is in dollars, I took the liberty to edit the dollar part and translate it into Philippine Peso. Plus, I altered the dollar equivalent to Php50. Here are the varied 52-Weeks Money Challenge templates to get you started.
Continue reading to see how much you will save if you save in one-peso increments weekly...