We’re halfway through 2017!
How are your travel funds so far? Have you finally hit the money goals you set at the beginning of the year or do you still have a long way to go?
Whatever situation you’re in right now, we can all agree that saving up for a trip is a challenge in itself.
Dealing with monthly expenses while making a few sacrifices here and there, trying hit your target savings for the sake of traveling, is no easy task. And if you’re close to giving up on that European sojourn or Southeast Asian backpacking trip you’ve long been dreaming of, don’t. Perhaps, you just need a fresh approach to make saving up more compelling, fun even!
To get you started, here are seven money challenges that will help you feed your fund jar. Good luck!
1. The 52-Week Money Challenge
You’ve probably heard or read about this one before. A popular tried and tested scheme, the 52-week money challenge, eases you into the habit of growing your fund by saving in increments every week for a year.
Say you start with PHP10 on your first week. You’ll have to double it by your next (PHP20), then triple the amount you started with by your third week (PHP30), and so on. With a PHP10 increment, you would be able to save as much as PHP13,780 by the end of the challenge!
Here are a few sample templates to guide you:
PHP1 Weekly Increment
Save as much as P1,378
P5 Weekly Increment
Save as much as PHP6,890
P10 Weekly Increment
Save as much as PHP13,780
P20 Weekly Increment
Save as much as PHP27,560
P50 Weekly Increment
Save as much as PHP68,900
Of course, it’s up to you to set your weekly increment. Whether you decide to start small or go big, the success of this challenge lies on your consistency and discipline in keeping up with your weekly targets.
2. Reverse 52-Week Money Challenge
Does the idea of rising deposit amounts make you feel uneasy? Reverse the 52-week money challenge!
Start with the highest amount in your schedule and work your way down. Doing so tricks you into thinking that saving up becomes a lot easier as time passes, since the amount that you have to put aside decreases.
Some people who have already been able to save some money prefer taking this challenge, as it secures their current fund and helps them grow the amount they have at an unintimidating pace.
3. The “No Spend” Challenge
Okay, you might not want to take the name of this challenge literally, as spending money is inevitable. However, there are some things you can choose to not spend on.
Promoting mindful spending, the no spend challenge dares you to eliminate all unnecessary expenses in your budget for a month or a specific span of time you set for yourself. Think about it: Your morning coffee at a cafe, a night out at the cinemas, a nice dinner in a restaurant — these are things you could live without or substitute with something far more economical. You might be surprised by how much you’ll be able to save without them putting tiny dents on your bank.