Thursday, January 3, 2013

Incremental Savings Project for 2013

I am inspired by this great saving idea that I saw on my Facebook News Feed the other day. The table showed all 52 weeks of this year and you are to save one dollar on the first week, then add another dollar on the second, so on and so forth. In short, you are to save in one dollar increments every week.

Just look at how much you have saved by the end of 52 weeks!

I plan on sending Johan to school by 2014 but with the car loan to pay for until 2016 and the high tuition fees, I am sure it will be a financial challenge once Johan starts school. So, as much as I can, I will really try hard to save this year. I am taking on this 52 Week Money Challenge but I am keeping it attainable and within my means.

I know it's not as much as the other one in dollars but it's savings still and besides, Php 27,560 is Php 27,560! Imagine having that extra money by the end of the year, on top of my 13th month pay, Christmas Bonus and PMAS allowance from work. I love it!

The amount that I have to save each week is not that high, too which makes it easier to save because I won't feel I've taken that amount off my weekly budget. Well, not until I reach Week 26 onward where the weekly savings will be 500 pesos up.

I've already started on week 1 and I have kept 20 pesos in a temporary envelope. My friend at work think it is a great idea and agreed to do this with me.

I'm excited!

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