Welcome back to me! It's been a while since I last posted here at Money Gizmo. I just got back from an unexpected 3-week vacation in the Philippines because of being a 'chance passenger' which means going to the airport almost everyday to see if you can ride or not. New Year! It's the time of the year where you and I make our New Year's resolution. Things we promise ourselves to do or not do any more.
Personally, I have several resolutions or should I say goals to achieve this year. I intend to send back two of my siblings back to college, I also wanted to regain my credit score by eliminating debts and also get back to saving and investing.
Recently I was able to read The Kuripot Pinay's version of the 52-week Money Challenge. The challenge is to save 50 pesos on the first week and adding up another 50 pesos to the last amount you saved every week.
If you follow this, you will be able to save a total of 68,900 pesos at the end of the year. On how you are going to spend this money is another question, I strongly suggest that before you start this challenge, you should have already taught on where this amount of money going to be spent to. You can either spend it on Christmas expenses, your child's education, monthly utility bills, or even as additional fund to your stocks or mutual fund investments.
As an OFW here in Malaysia, I would like to challenge myself as well and my goal is to save money to pay all my debts. I will start my very own 52-weeks challenge in Malaysian currency (Ringgit). Here is my own version of the 52-week Money Challenge (Malaysian style).
How to do this challenge
You can print the template shown above. The current week number corresponds to the amount (in ringgit) that you are going to save. For example, today belongs to Week 3 so I will be saving 3 ringgit. You can also check the current week number on this website.
Get a small container where you can put your savings. It should be safe from tampering both from others and yourself. Put it in a safe location as well.
Cross-out the current week on which you have saved. Continue this until the end of the year. The first 20 weeks will be the hardest but once you are able to do it at least 21 times, then the rest will be easier since you have actually formed the habit of saving. Why? It was told that you need to do something at least 21 times before it becomes a habit.
How much will be saved?
With this challenge I will have a total of 1,378 ringgit at the end of the year or about 18,603 pesos. I know it's very small compared to Kuripot Pinay's version.
The reason is that not everyone has a big salary and I believe one goal of this challenge is to create a habit of saving or putting aside for yourself since we both know that a LOT of Filipinos especially OFWs are having a hard time saving and investing.