Tips on How To Save Money Through Money Challenge

What I am going to share is not a trending 52-week Money challenge but a simplified one. I based my money challenge from the typical schedule of salary disbursement here in the Philippines. Mostly employees receive their salaries bi-monthly that is every 15th and 30th of the month, or 10th and 25th of the month, so I come up with the 24 Bi-Monthly Money Challenge.

I started my 24 Bi-Monthly Money Challenge from P500 on the 10th of January and every payday or schedule savings, the money to save will increment by P500 until it reach the 24th schedule. Just taking a look at the schedule of savings, you will notice that it will end on Christmas day which I think is perfect so that you may use part of the money for charity or giving and expenditures for your family holiday vacation.

With this money challenge, I can see that this is attainable. First, I tried to start with P1,000 but I think it will be hard to save money with that start up and follow the challenge to the end of the time. My 24 Bi-Monthly Money Challenge also includes a money challenge for the kids. I will be saving too for my kids. Just last week, we opened a savings account for my eldest.

While on a money challenge, you will be inspired to work harder and find other ways to earn in as much as you can. I recall, I use to save money in a cooperative starting from Php 1,000 and it grow bigger to more than P40, 000. It is not much but I am happy with that kind of money growth.

Tips on How To Save Money 1: Spending wisely have big effects on your savings. Do not buy things that are not important. Buy only the necessities. If you are in a money challenge and aiming for bigger savings, you should be thrift and be contented to what you currently have.

Just to share something worth inspiring, before my husband and I get married last 2007, we started plainly. We do not have our own house and lot, we only borrow car from my brother-in-law, and we are usually on a tight budget every payday. We did our best to save money, and invest for our future. Now, we already have our own properties not only one but two. One in Bulacan and Cavite. Our bulacan property is still for finishing, I made a post Home improvement at Las Palmas. We are planning to sell this property because we are now living in Cavite but we’ll see we are not on a hurry. Here in Cavite, our home will be constructed this year so we are praying hard for it. Currently, we are renting a house inside the village where we bought a property. We no longer borrow a car because husband and I bought a brand new car almost two years ago. We can eat now in fine dining anytime we want but we control our expenditures because there are more important things to save up for the money. Our focus this year is our house and lot in Cavite and savings for business.

Tips on How To Save Money 2: Take the Money Challenge. To successfully achieve the money challenge, think of the savings scheme or money challenge that you can really afford. The capacity to save depends on how much you earn and how you religiously follow it.

Tips on How To Save Money 3: Invest in a real estate. Shelter is one of the basic needs of a family so owning a house and lot is a big yes. Buying a house and lot is a long term investment that has bigger returns in the future. Think about it. 🙂

Good luck to our Money Challenge!