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2018 Savings Challenge – Can I Do This?

2018 Savings Challenge - Can I Do This?

Many people start each year with a new year resolution. I am not used to doing that, what Dane and I have plans and prayers for the year (which reminds me, I haven’t done this year’s yet, haha). Since last year, though, I tried the saving challenge for the first time! It’s called the “24-payout money challenge”. Maliit na ipon lang as I just wanted to gauge myself and see if I can really do it – maintain saving money for a year. I didn’t actually think I could do it but I did! Wooot! That was what I used when we visited my family in Tagum City last month.

2018 Savings Challenge: 24-pay out money challenge

We all heard of the famous 52-week money challenge. I have considered doing that but who am I fooling? My income doesn’t come on a weekly basis so that would be quite difficult for me. So when I learned about the 24-payout money challenge (check the link if you want to learn more about it), I decided to join the bandwagon. And hooray, I made it! One of my accomplishments for 2017! 🙂

So now that another year is here, I want to start afresh with my 24-payout money challenge. I want be able to save more this year. Last year kasi, nasa Php 15,000 total lang ang naipon ko from my 24-payout money challenge. That was just to try and see if I could do it – so now that I know I can, I’m raising the bar a little bit.

I decided to start with Php 1000 (some start with a smaller, some start with a bigger amount, it’s really up to you – evaluate how much you think you can do) and then have a Php 100 increment the following payout. By the end of the year, with God’s help, I’ll be able to save around Phph 51,000 or more (pag umabot ako ng 25 payouts this year, that would be better, hehe). Let me show you how (NOTE: if you want to do this, you can increase the amount if you want to save more, this is just for me dahil ito ang sa tingin ko ay kayang kong itabi para sa challenge na ‘to. No right or wrong here, what’s important is we can complete the challenge, hehe).

My 24 pay-outs money challenge this year

Where will I use the money for?

Most of it I’ll use to open a VUL account for Dane as a birthday gift and to pay my VUL contribution (I finally got one last month as my own birthday gift). 🙂 Some I’ll use for the December holiday expenses and maybe some amount to treat myself for a job well done (if I can make it, lol!). I really want to be able to complete this, so we’ll see nalang :).

There is no right or wrong in this way of saving. You save according to what you think you can accomplish. Or maybe a bit higher if you want to challenge yourself.

2018 Savings Challenge: Can I do this?

By the end of this year, I will update this post. The first few months may not be that difficult. The last months I believe is the most challenging because the amount gets higher as time goes by. This is not the only savings we’re having. Dane and I are also saving for something bigger for our future plans and to hopefully have passive income someday, by God’s grace. Another expense we’re expecting this year is Nate’s schooling as we plan to enroll him by June.

I know this will not be easy but I believe that I can do it this year again. Kayang kaya! But it will take tons of patience and resistance from the temptation of breaking it before the year ends. Disiplina talaga ang kailangan sa mga ganitong ipon challenge. Resist online sales as much as possible, lalo na kung hindi naman kailangan. Wait, I’m not trying to be perfect here, my mga times na naiistress ako at bigla akong bumibili ng kung ano ano para sakin or kay Nate. Alam mo yun, mga gastos na wala sa budget, haha. Pero pag nasa katinuan ako, I do my very best to avoid buying things we don’t really need.

If you are working and you get paid twice a month, 24-payout money challenge might be the best for you.

UPDATE (January 16, 2019)

Wow, time to review whether or not I made this. Haha!

So the million dollar question is, did I make it? The answer is I didn’t. LOL. I was very consistent and didn’t miss any payday without allotting money for my savings challenge. Kaya lang, hanggang November lang ako. And if I make any other savings challenge, dapat pala hanggang November lang talaga rin ang gawin ko.

Total amount saved for this challenge:

Aside from this challenge, I also put some 20s 50s or 100s here. Actually, dapat nakaseparate sila pero sa isang lagayan, kaya lang nasira at nagkahalo-halo na tuloy sila, kaya ayun, inisa ko nalang lahat. So this January to November savings challenge plus the other extra savings I had, I was able to save a total of Php 47,880.

With that amount, I was finally able to buy a better camera for myself. Something I’ve been wanting to have to quite some time already. No, we didn’t use it to open a VUL account for Dane ‘coz he’s resigned and with our current situation, it would not be a good option to open another VUL account. Pero iniisip parin namin mag-open, just not right now. I also didn’t use it to pay for my VUL as I was up-to-date with my contribution.

I allocated some amount as a gift for Dane for our 10th anniversary as couple/6th anniversary as husband and wife/his 31st birthday gift (sama mo na Christmas at New Year gift, isang bigayan na lahat, hahaha!). The rest of the amount, I put on my savings account to add for our emergency fund and my cooperative savings.

2019 savings challenge

If you are to ask me what my savings challenge is for this year, I don’t have any (yet). That is because I resigned from my job and am still planning to apply. So probably a “late” savings challenge for me kapag meron na akong work uli. 😀

Nahirapan ba ako sa challenge na ‘to? Hindi masyado nung earlier months. Pero habang tumatagal, medyo mabigat na rin sya. Thankfully, nagawa ko parin, hanggang November nga lang. HAHA!

Ikaw, meron ka bang savings challenge last year? Nagawa mo ba? 😀

0 Replies to “2018 Savings Challenge – Can I Do This?”

  1. I have seen a lot of these savings challenge. But I can't seem to let my lifestyle fit because of irregular income. My challenge is to save P50k for a year. Hope I can do this and you, too. Good luck to us. 😀

  2. I agree that the latter part is always the challenge stage. Having said that, I must admit that I don't have any savings at all! I can't save money because I have the tendency or rather "addiction" to invest the money tsk tsk.

    All the best to your ipon challenge!

  3. I don't follow any savings challenge because I have to track pa. What I do is I save a specific amount every month, I will increase the amount if ever may increase sa income. Straight na rin siya sa savings account para may interest rate kahit konti. Congrats on your VUL.

  4. Uy I didn't know about this savings challenge, murag okay pud ni! I'll probably do it next year since I already started with mine na. Boring style lang, same amount every payout. Cheers to a financially wise year!

  5. I'm not really good at saving. It only works for me when someone gets the money or it's in a time deposit where I can never get it until a specific tome in the future. I want to do this once I have a regular income. haha

  6. Challenge accepted for this year 2018 hehehe! But of course dapat e zero balance muna ang utang bago mag saving challenge. BTW, Happy ako dahil ang naipon ko last 2017 nakabili ako bagong Maleta for Lemuel and isa pang hand bag nya. Maging wise para di mahirapan 🙂

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