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Money Saving Challenges To Help With Your Dream Car Downpayment

Cull enough cash for some wicked wheels
by Tanya Umali | Jan 5, 2017
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A lot of netizens have been raving about the 52-week money saving challenge. It's in fact a very do-able challenge on the count that some people, such as Jb Dionisio, successfully completed it by the end of 2016 wherein he ended up with a total of P69,000 savings. Some even get to save up to P100,000+ when the year ends.

With such a huge amount of money in your hands, there are a number of things you can buy, like your dream car for example. At least P120,000 would be enough as downpayment for a brand new automobile.

So if you're thinking of getting your own ride to drive all over the city, then you should really consider saving up as much cash starting now. If the 52-week money saving challenge is just too difficult for you, don't worry because there's a variety of money saving challenges you could choose to do. 

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We've listed other money saving schemes depending on your lifestyle and income. Pick the one which is most compatible and comfortable for you and try to finish it by December 2017:

1) Daily Fixed Savings Challenge

Among all of the money saving schemes out there, this might probably be the easiest to accomplish and the most customizable. The rule is simple: choose a certain fixed amount for you to save every day. Store it in a container that is not transparent and difficult to open (to avoid temptation). So, if you decide to save P100 a day, then you'll end up with P36,500 by the end of 2017, that is if you don't miss putting the required amount in your piggy bank. 

2) 24 Pay-outs Money Challenge

Just like the 52-week money saving challenge, this saving scheme has increments and can allow you to save a total of P150,000 by the end of the year if done properly. The only difference is that instead of saving weekly, you do it twice a month instead. Come to think of it, almost all employees receive their salary twice a month and not on a weekly basis, which makes this saving challenge more ideal for the working-class. According to MyFinanceMD's website, you can choose from increments starting with P50 to P500. 

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For a clearer picture of what we're talking about, here are images posted in the website:

50-Peso Increments

100-Peso Increments

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200-Peso Increments

300-Peso Increments

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400-Peso Increments

500-Peso Increments

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3) 12-month Saving Challenge

This scheme was created by personal finance coach Alvin T. Tabañag. This challenge is easier to do, some might find it a bit confusing since it uses a formula. It's simple though and once you get the hang of it, you'll find it practical and easy to stick to. Basically, it looks like this:

Base Amount + (Month % X monthly income) = Savings for the month

Don't get intimidated and scared of the equation, guys. Yes, it might remind you of your college math classes, but it's really pretty basic. For example, you earn at least P20,000 per month and you chose P0 as your base amount. The month % refers to the month number, meaning January is one percent, February is two percent, March is three percent, and so on. 

The January formula would be 0 + (1% x P20,000) = P200 savings for the month of January. 

Still confused? Here's a table of the saving scheme based on different salaries:

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P20,000 income with P0 base amount

P50,000 income with P3,000 base amount

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You can also check out the Facebook group 12-Month Saving Challenge, where you can download the PDF and Excel version of the challenge for easier computation.  

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