We feel you: Saving up for the things we want in life is simply hard. What more when it involves saving up money for a year?
You are probably aware of the so-called 52-week money challenge that has been going viral on social media. The goal of the challenge? To increase the amount you put in savings in increments for 52 weeks. Usually people start with P100, and increase that as the weeks pass by. The challenge becomes difficult towards the last few weeks, which is why not everyone gets to finish it.
For the few who have completed the challenge, the rewards are no doubt fulfilling: One saved P69,000; another saved P71,500 for the year; and a girl fulfilled her dream of traveling to Japan, Taiwan, and Malaysia, thanks to the money from the challenge. Here are the insights these successful individuals can share to us when it comes to saving:
1. Make it a habit. VM Bocabel admitted that she had difficulties with the challenge but since she formed a habit already, staying committed to saving every week eventually became easy for her. Her frugality was truly tested, though, towards the latter part of the challenge, where a large amount of money needed to be saved based on the guidelines of the challenge.
2. Try different methods. While there are no specific rules in the 52-week money challenge, the main point remains to be the need to save money. JB Dioniso, who completed the challenge, made different variations, from increments of 1 to increments of 100, for others to try out.
3. Think long-term. Aside from putting money in your savings, make it grow as well through investments. “Whenever I got the chance, I would deposit the money in the bank instead and invest them mainly in stocks and mutual funds,” travel blogger Stella Marie Encina shared, explaining how she saved over a hundred thousand Pesos in a year.
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Photograph from VM Bocabel’s Facebook Account