Swabeng Thoughts: Trying the 52-week money challenge (Swabeng Edition)

Actually, I've seen this challenge as early as last year but I wasn't able to give some thought into at and had my way of saving money for last year. Based from the person who started this idea, all you need to do is save up every week until you complete 52 weeks (equivalent to a year). You can do this every year until you were able to save-up for something that you really want or until you retire. Sounds Good? Wait till you see the results.

This challenge (52 week money saving) is really a great idea to start the year. The good thing here in this challenge is that the money you put in is compounded weekly so imagine how much you would be able to save in a year. Since I started working again last year (2013), I made sure to save up for my daughter's future that I almost forgot saving for myself =P (Well, my daughter's account is my account too until she's of legal age).

Just early tonight, I saw Kuripot Pinay's version of the 52-week money challenge. She has a point that there is no reason for us NOT to try this challenge and gain a lot from it. The only problem that I see is that not all of us earn the same. That means I'd add some variations to this challenge that suits almost all income brackets (I'm sure she's thinking of ways for this).

Here are some of the ways I've think of (versions) for the 52 week money challenge.  

1. Kuripot Pinay's Version: In this version, increments of 50 pesos must be added on the succeeding week until you'd be able to save 2600 on the 52nd week (and 68900 over-all). That's a good amount of money which allows you to buy the things that you really want or put it in investment (or savings). However, you must be prepared for the 2nd half of the year as the amount you need to put in is a bit high (1350 pesos on week 27 onwards). Given that you really save and do minimize unnecessary expenses (plus making ways to earn extra), I'm sure you'll be fine. This bracket would be for me definitely. 

2. The Student Version: Since you'd still be dependent on you parents (or legal guardian), I set the increment to as low as 5 pesos per week. Even workers earning minimum (or below minimum) can start here. This version puts everyone (almost) a chance to save-up. 

3. The 10-peso Version: This one also covers students and low-income earners as its slightly higher than the Student Version. Looking at the the table below, I believe this is also doable and everyone should give it a try. ^_^

4. The Manager's Version: Or should I say I'd call this The Insane Version. This version is ideal for managers (I think) or those with lots of money to save while still contemplating whether or not they should start playing with the stock market. Businessmen can try this as long as their income stream won't be affected (Good Luck!)

I still have a table for 20-peso, 30-peso and 40-peso increments but I'll reserve it for now just in case ^_^. I'm sure the four options given are more than helpful for you to start.

And after 52 weeks, you already have the desired amount that you have been saving-up for the entire year. Its up to you on what you wanted to do with it. You may want to spend it on the dream gadget you've been eyeing for the entire year. Or a long vacation trip to recharge your body and mind and soul, knowing that you've been working long and hard for the entire year. Or better yet, you could do some readings on investing the stock market and put it there.  

Whatever you choose, it's your money and you deserve to do anything with it. ^_^

2011 Swabeng Saving Tips

From Google

I've been reading various blogs on how to save money for quite sometime now. Some are doable while others are almost next to impossible. For me, these are the ways to save money. It works for me and definitely it will work for you as well. But make sure to read this with an open mind.

Here the the thing's I do to save money.

1. Give your entire salary to your spouse XD! I'm just kidding guys XD. Give a certain amount to her so she would be the one to take care of the family's budget. What I usually do is I give my entire salary for her to deposit in our joint account then I get my allowance from there (with her consent XD).

2. If you could, avoid those convenience stores (7-11, Mini Stop and the like). True that these are very convenient as they're open 24/7/365. But if you would compute for the amount of you could have save when you buy from the supermarket, you'd be surprised. I've been trying to battle the battle with them and I'm almost on the verge of victory.

3. Set aside 15-20% of your salary and make a separate savings account for it. Some would say 5-10% is enough. That is if you're really on a tight budget. But for those who earn a bit more, its better to save more especially for the rainy day.

4. Bring your own baon (BYOB). Bringing in packed-lunch (or dinner in my case XD) really helps you save a lot and besides who would refuse to home-cooked meals packed with so much love. Though its a bit heavy to carry, the perks in the long run will be felt through a fatter wallet.

5.  Buy in bulk but be selective. You've seen this in various saving tips blog. But based on experience, there are things that are much better when purchased in retail rather than in whole.Trust me, there is.

6. Have more than one ATM but with different bank networks. Probably get one from Megalink, one from Banknet and one from Expressnet. This would save you atleast 12 pesos every time you withdraw from the bank's network. Just make sure to keep your maintaining balance to avoid penalties.I'm still looking for ways to save when using an international card like my wife does XD.

7. If you have a credit card, pay on time or in advance. This would save you the hassles of getting penalties and probably get more rebates if you pay ahead of schedule. But if you can, cut the credit card. It'll save you more from trouble. XD

8. Use the other side of the paper. If you'll be printing non-work related stuff like brochures or what not, Use the other side of the paper. Not only It will help you save office supplies, you'll be helping the environment as well. 

9. If its cool enough in your room, turn off the air-condition or electric fan. This applies to cooler climates or if the weather is cold enough. Otherwise, use them according to comfort.

10. Reduce, Reuse, Recycle.  Do I have to explain more on this one? XD

11. Treat yourself and your loved ones once in a while. Well this ain't bad especially if done once in a while to let them know they're still loved and cared for. Probably going out for dinner with your partner once a month will do.

12. Use the office internet during lunch hours or after hours. Sounds evil right XD? Well as long as no one finds out as well as you go to websites that enrich your creativity, I don't think there would be any problem with that. Other than that, DON'T. Just go online for personal use somewhere else. XD

13. Sale is not necessarily your best friend. Some say you would save  lot when you purchased an item on sale. Just make sure that the item you purchased is in top condition. Otherwise, you just wasted your money on second-hand re-runs.

14. Is watching the premiere night really worth it? For me, its more of a NO than a yes. Why? The only advantage of watching a premiere night is you get to watch it ahead of schedule and ahead of everybody else and some freebies that you may get for watching an advanced screening. But the movie itself doesn't change whenever you want to watch it. Probably get a DVD (Original) copy of  it and share it with the family at home. From there, you would be able to watch it over and over without spending much money. If you're after the experience of watching it on the big screen, I won't be arguing with you anymore XD.

15. Prepaid vs Postpaid. Actually, based from my point of view, I was able to save more using prepaid cards rather than that of having a postpaid account to maintain. At first, I thought having a postpaid account would save me more but since I don't send SMS and do calls often, my 500-peso Globe load would last for two months, sometimes even longer.

16. Do you really need to spend much on coffee? For me, its between a yes or no. Yes because every November and Dececmber, I go to these coffee shops not just to enjoy their coffee and the ambiance of its place, but also I collect stickers and stamps for their annual planners. I got two from them this year and they were very useful plus there are some discounts and freebies that I enjoy every month of the following year. But most of the time, its a NO because its not practical to spend 155 pesos for coffee on a daily basis.

That's all for now. I might add some more if I would discover some. Please let me know if you have any suggestions or comments about this.

My Stand on Credit Cards

Taken from Google

For the longest time, I was contemplating before whether or not to get a credit card. I used to have one (an extension) way back in the late 90's. Its quite fun to have one especially if someone pays for your expenses. But that was a long time ago.

Late in 2008, I've tried applying to several credit card companies to get my own credit card. My reason was to get my ex-gf (who is now my wife) an engagement ring and to make her happy. Unfortunately, my application was denied with all credit card companies I've applied to. Though they have the right not to disclose why my application was denied, I think I still deserve to know so that I could do something and have a successful credit card application.

Right now, I'm happy with the outcome that I still don't have a credit card. At least I'm debt-free and I still prefer to pay in cash.. But if opportunity arises, I might re-consider once more. XD