5 Savings Challenges to Try This 2021

If you’re in for a little bit more of a challenge, but you’re afraid to commit to an entire year just yet, try the 30-day savings challenge. All you need to do is decide on what spending you would skip on for 30 days. For example, on the month of January, you will skip on buying coffee from your favorite coffee shop for PHP 200.00 per cup. Instead, you’ll only get instant coffee which will only cost you around PHP 15.00 per cup. By doing so, you can save around PHP 185.00 each day for 30 days. By the end of the month, you will get an easy PHP 5,500.00 on your savings!

Of course, succeeding in this challenge will not be easy. You must be able to practice discipline and determination in following the rule you have set for the month. If all things go smoothly, you can start a new 30-day challenge the following month and see how much you’ll be able to save this time. 

Fridays are usually for fun and partying but sometimes this can easily drill a hole in your wallet. Why not put the money you usually spend into something that will benefit your future self? In this savings challenge, all you need to do is to commit to not spending on unnecessary items other than your essentials every Friday for an entire year. Yes, that includes meal take outs and online purchases!

By practicing Frugal Fridays, you will be able to save some money that you may have spent for something that you don’t really need. Plan your spending every week so that you don’t have to reach for your card or wallet every Friday. You can also start a new hobby to do instead of going out to party. Aside from growing your savings, you might also discover a skill that you had in you!

The best time to save is whenever money comes in. In this savings challenge, all you need to do is set aside at least 10% of your take home pay each time you receive your pay check. Pay yourself first every pay day and set up automatic deposits to your savings account each cut off so that you’re sure you have something saved for a rainy day. Following this, you’d be able to save a month’s worth of your income in just 10 months.

With CIMB Bank, you are sure to get the best value on your savings. Enjoy up to 4% p.a. interest which you can get in three ways. First, you can maintain a minimum balance of PHP 100,000 in your UpSave and/or GSave account. Second you can grow your Average Daily Balance (ADB) by PHP 1,000 each month to enjoy a higher rate on your savings. Plus, if you maintain a minimum of PHP 5,000 in your account, you are eligible for a FREE Life Insurance coverage that’s worth your ADB up to PHP 250,000.

Third, if you’re 18-25 years old, the CIMB Savings Starter Pack is just for you. All you need to do is deposit at least PHP 500 each month to your UpSave and/or GSave account to enjoy 4% p.a. interest plus a Personal Accident Insurance coverage worth PHP 50,000 for free.

Seize your life’s goals this 2021 with CIMB Bank!     

Visit this link to learn more about the CIMB Savings Starter Pack.

Learn about getting 4% p.a. interest when you maintain P100,000 in your savings account with CIMB!

Click the link below to know how you can increase your ADB by P1,000 to get 4% p.a. interest

Download the app and open and UpSave account now!