Despite failing many times in accomplishing my New Year’s Resolution aka Yearly Goals every year, I am still a doing because it helps me focus my energy, give me something to look forward to and celebrate when I achieved it.
I’ve created this 24 Paycheck Money Savings Challenge that is fit for people who are getting their paycheck bimonthly and who is still developing a savings habit. The mechanics is simple. Save the amount stated in every paycheck schedule. Save – do not spend it when you are short of cash. You’ll be surprised to save a whopping 10,000 after you completed the challenge!
You may download the image and print it. Tracking will be easier if you put this on your savings container. You can share this to your friends and love ones and invite them for the challenge so that you can have accountability partners.
The 24 Paycheck Money Savings Challenge
Download in PDF Download in Excel
How to Do the 24-Paycheck Money Saving Challenge
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Print this 24 Paycheck Saving Challenge
Print several times and also give this to your friends and family so that they can also join you with your saving.
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Create a Make Shift Piggy Bank
Find a plastic container then paste the 24 Paycheck Saving Challenge.
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Save the stated amount every paycheck schedule. Do this until you complete the challenge.
Tips to finish the challenge:
The main goal of this challenge is to build a habit of regularly saving a portion of your income. But we know, building a habit is hard especially if it something that requires sacrifice. Based on experience, here’s a tip on how to finish goal victoriously:
1. Aim for the price
Think of something that you want spend on after you finished the challenge. Ten thousand pesos is not that big but can bring you a long way. Maybe a vacation, a signature jeans, a brand new cellphone, an emergency fund or a quarterly payment for an insurance.
It will be worth it if you will spend it to something that will help you achieve your financial goals.
2. Savings before Expenses
After withdrawing your salary, first thing to do is to set aside for your savings. This way, it will not be compromised on other expenses.
3. Create a budget and follow it.
Create a budget and include the amount of your savings as part of the budget.
4. Invite your family and friends to also take the 24 Paycheck Money Savings Challenge
By having people joining you with the challenge, you will have accountability partners that will motivate and follow up you and vise versa to complete the challenge. There is this proverb – “If you want to go fast, go alone. If you want to go far, go with someone”.
I will also take this challenge and update you with my progress. Let’s share our progress to motivate each other and hopefully complete it at the end of the year!
