4. Cut back on something you usually spend on but don’t necessarily need
If the no spend challenge is too extreme for you, then select a certain expense you can cut back on for each month of the year. Since unnecessary expenses can often be found in habits you have acquired over time, here are six habits you can ditch to save more for travel.
5. The 12-Month Saving Challenge
First introduced by finance coach and planner Alvin Tabañag on Rappler, the 12-month money challenge suggests a more flexible saving technique: deduct a portion of your monthly pay in percentage, based on the month you’re in.
For example, this month is July, the seventh month on the calendar, and you earn PHP20k per month. Take seven percent from your PHP20k salary (7% x PHP20,000 = PHP1,400), and that would be the amount you will keep in your savings. Easy enough, right?
6. The Invisible Money Challenge
Choose an amount you want to treat as “invisible” and stash it out of your sight — into a jar or coin bank — as soon as you receive it. The amount can be as low as PHP1 or as high as PHP1000. As long as you can keep yourself from spending it before hitting your target, then this challenge would be a breeze for you.
7. The Excess Cash Challenge
Hate following patterns? This is the simplest money challenge on our list! All you have to do is drop all the excess money (spare change included!) you have at the end of the day in a jar. Watching it pile up with money is such a gratifying sight that it just compels you to keep chipping in more in the days to come. Sure, this is old school, but it does reward you in more ways than one.
Ready to save up for your dream trip? Get your barkada involved and share this article with them!