Last year, the 52-week money challenge made waves among people, especially young professionals, who aim to become financially stable. As one of those who want to become financially stable, I aspire to follow their lead, however, I find the 52-week money challenge a bit tedious. I'm afraid I may not be able to keep track of my progress and in turn might make me quit the challenge.
But determined to achieve something for the year 2015 in terms of my finances, I decided to create my own version of the challenge and that is when I came up with my 24-payday money challenge. In this scheme, I base the amount of money I need to save to my net income for that particular pay day. I started with 1% for January, 2% for February and so on…
Here’s the table for sample computation:
24-Payday Money Challenge Sample Computation | |||
|---|---|---|---|
Month
|
% of Savings
|
Net Income
|
Amount to be Saved
|
| January 15 | 1% | Php 10,000 | Php 100 |
| January 31 | 1% | Php 10,000 | Php 100 |
| February 15 | 2% | Php 10,000 | Php 200 |
| February 29 | 2% | Php 10,000 | Php 200 |
| March 15 | 3% | Php 10,000 | Php 300 |
| March 31 | 3% | Php 10,000 | Php 300 |
| April 15 | 4% | Php 10,000 | Php 400 |
| April 30 | 4% | Php 10,000 | Php 400 |
| May 15 | 5% | Php 10,000 | Php 500 |
| May 31 | 5% | Php 10,000 | Php 500 |
| June 15 | 6% | Php 10,000 | Php 600 |
| June 30 | 6% | Php 10,000 | Php 600 |
| July 15 | 7% | Php 12,000 | Php 840 |
| July 31 | 7% | Php 12,000 | Php 840 |
| August 15 | 8% | Php 12,000 | Php 960 |
| August 31 | 8% | Php 12,000 | Php 960 |
| September 15 | 9% | Php 12,000 | Php 1080 |
| September 30 | 9% | Php 12,000 | Php 1080 |
| October 1 | 10% | Php 12,000 | Php 1200 |
| October 31 | 10% | Php 12,000 | Php 1200 |
| November 1 | 11% | Php 12,000 | Php 1320 |
| November 30 | 11% | Php 12,000 | Php 1320 |
| December 1 | 12% | Php 12,000 | Php 1440 |
| December 31 | 12% | Php 12,000 | Php 1440 |
Savings for 2015
|
Php 17880 | ||
It makes me feel good to have achieve something like this despite the financial issues I encountered these past two years due to sickness and death in the family. Now, the savings I gained from this challenge is safely guarded courtesy of the passbook account I opened with PSBank. I intend to save it for our kid’s future needs or use it as additional funds for when I give birth should my hospital bill go beyond what we saved for it.
For this year, I plan to do the same scheme again but with slightly different percentage of savings. I might start with 5% for the first quarter (January, February, March), 10% for the second quarter and so on. However, I’m conditioning myself to be flexible and allow myself to be lax since a baby is coming this April and bills could pile up.
So that’s it for now. You, too, can achieve a money challenge especially if it is appropriate for your financial status and most of all, you are disciplined enough to set aside the particular amount and not touch it until the year ends.
Cheers to financial independence this 2016 and beyond!
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