Friday, January 16, 2015

Money Saving Challenge

            When I started going to school, my mother taught me to budget my daily allowance and told me it would be nice if I would be able to save even a few coins from it. She gave me a coin
bank where to put these coins. When the school year ends in summer, my coin bank was heavy and full. We would empty the coin bank, then mom would ask me what would I like to do with the money I saved. Either we deposit them to my bank account or buy something which I like. If  I chose to use it to buy something, still she would suggest not to spend all the money and set aside a few sums to leave inside my coin bank. Remembering this, I am grateful to my mom for teaching me how to spend wisely and the importance of saving. Up to this day that I am already working and a mother, too, I still have a coin bank. 

            When I chanced upon the 52-week money challenge on the net- the Kuripot Pinay version, I thought that this would be a different way of saving as this one has a weekly increment. This saving scheme may start at a base amount as low as PHP 5 to PHP 50, or depending on your desired amount. Add the same amount every week for 52 weeks. If you keep up with the saving scheme by religiously following the template (download from the Kuripot Pinay website), then, by the end of the 52nd week, you would be able to save quite a good sum of money. 
          Many opinionated netizens criticized this scheme and gave their own version of the money challenge. If one would take this challenge of saving, it doesn't matter what scheme or template to follow as long as you get to save. Saving can help us achieve different financial goals. Either for the purpose of raising money to buy that dream gadget (at least you get to buy it in cash and not as credit card debt) or just keep the money for future use, like investments, education, travel, emergency need...  Having the money when you need them is better than lacking or not having them at all.                                                                                                                                                                                                          
my money jar
           I am taking the 52-week money challenge using the 20's increment, Kuripot Pinay version. Not because I am planning to buy something. I just like the idea of saving. Just like ants working and storing food during fine, sunny days. So they won't get hungry come stormy days. 


Image Credits:  
    Red Ants by Sweet Crisis   
    Piggy Bank by renjit krishnan                             

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