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5 Savings Challenges to Try This 2021

It’s officially 2021! The new year is the perfect time to jumpstart your savings as you can start with a clean slate and you can easily set a goal amount you want to save by the end of the year. But if you don’t know how to start your savings and if you love a little excitement, here are a few savings challenges to try and help you reach your 2021 goals. 

52-week savings challenge

The 52-week savings challenge is the most popular challenge especially in the new year. The mechanics are simple: all you need to do is to identify an amount that you’re comfortable saving. On the first week, you will add this amount to your savings and on the next week you will this with the previous amount you saved last week. For example, on week one, you saved PHP 50.00, this means that on week two, you have to save PHP 100.00, PHP 150.00 on week three, PHP 200.00 on week 4, and so on, until you reach week 52. You can check the table below to get a better picture: 

Week Amount to Save Total Savings

1

PHP 50.00

PHP 50.00

2

PHP 100.00

PHP 150.00

3

PHP 150.00

PHP 300.00

4

PHP 200.00

PHP 500.00

5

PHP 250.00

PHP 750.00

6

PHP 300.00

PHP 1,050.00

7

PHP 350.00

PHP 1,400.00

This challenge can be tracked by creating a template for you to follow every week. Write down each week of the year and how much you need to set aside for the corresponding week. Your starting amount does not have to be big, but make sure to stick to your plan in order to reach your goal by the end of 2021. To help you decide your starting amount, here’s how much you can save in a year based on the corresponding increments: 

Starting

amount

Savings

in 52 weeks

PHP 10.00

PHP 13,780.00

PHP 20.00

PHP 27,560.00

PHP 50.00

PHP 68,900.00

PHP 100.00

PHP 137,800.00

Fifty-peso Savings challenge

This savings challenge is the easiest to do since you don’t need to follow a template. All you need to do is to set aside every PHP 50.00 bill you receive and deposit it straight to your savings. Make sure not to cheat and abide by the rules all the time. By the end of the year, you will be surprised as to how much you were able to save just by keeping PHP 50.00 bills!

30-day Money savings challenge

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. 

Frugal Fridays challenge

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!

Sweldo Day savings challenge

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!