Saving Money The savings challenge that can build a habit

[Alexandoy]

A cousin had the difficulty of saving money because he loses the motivation once the savings gets big enough. He earns minimum wage so his reason for spending his savings is his small salary. But he needs to buy a motorcycle for his personal transport to save him not only money but also time in going to work.

Someone suggested a savings challenge to him. He would be saving 5 pesos per day which is around 10 cents. That amount could be from his food allowance which is easy. In a month he had saved 150 pesos and in a year that would be 1,800 pesos which is pretty small for a down payment for a motorcycle. But that challenge had taught him how to save. Now he is saving a bigger amount every day.

 

[Mika]

One of the mistakes surrounding saving is people try to save what ever they have at their hands after paying their bills and spending on other expenses. saving does not happen this way because a lot of times, you will not have anything in your hands that you can save. You should start saving by deducting certain percent after you receive your salary.

 

[Setho]

That is why a lot of personal saving coaches will always advise you not to say for the sake of saving but instead have a goal in mind. Whenever you have a goal in mind like wanting to do it down payment for a motorcycle you will be much more committed to your saving journey than when you are just saving blindly.