The Tamayo of Tamayo’s Catering

Image from ABS CBN

When we talk about fancy and world class catering, Tamayo’s Catering would definitely be in the list. We are simply in awe with their wide array of food selection, impeccable food service and more. And we know for sure the man behind the very successful Tamayo’s Catering and is no less than Steve Tamayo.

However, do you know about his life? Do you even know how he started?

When Steve Tamayo was a little boy, he always has this deep declaration that he will be rich. He is often caught exclaiming, “I will be rich! I will be rich!”. His current wealth is a by-product of his hard work and perseverance. And now, he got his declaration. Mr. Tamayo did realize his dreams of becoming rich.

After finishing his degree, he got a job at Silahis International Hotel. His excellent performance didn’t go unnoticed by one of the guests where he invited him to work in Saudi. Steve grabbed the chance. He said, “I always aim to be the best in what I do. When I was offered a job in a hotel in Saudi Arabia, I didn’t hesitate and even told myself that I will earn the money I was supposed to earn in two years in just one year.” Because he wanted to be rich, he also got another job apart from his hotel job.

When he is back in the country on vacation, he would still find ways to generate income. He was then very popular among the locals and also the foreigners. After four years in Saudi, he applied as a waiter in Kuwait. He garnered a lot of friends in the process that supplies a lot of clothes for him which he would sell. He also started his own remittance service. This was the first 24 hour remittance service ever. Aside from his hotel job, he is also into selling foods, halayang ube, jewelry, garments and almost anything he could think of. He then opens up a shop in Kuwait named SM Fashion Wear.

However, all his hard work crumpled with the bad fate that happened to the country. His shop was invaded and ransacked. He also stayed alive and saved himself from perdition jump inside a garbage hole. Realizing that his shop can no longer be restored, he returned to the country without money. However, he was thankful he was still alive in the process.

Yet, he was determined to get back what was lost from him. He worked as an assistant manager at Heritage Hotel. He also delivers pack lunches to teachers and also has a carenderia in Sampaloc. “From teacher’s pack lunches to small-scale catering, I did it! Until I bumped into some big people who endorsed me to their friends to for big-scale food catering. That’s how I started my business in catering.”

With that, he propelled his income. Today, Tamayo’s Catering is one multiawarded company. It continually sets the standards in catering in the city and also the country. It is no wonder that this is indeed a product of a man who is dedicated and also passionate. What was once started as a dream, as a declaration has eventually come true. And Steve Tamayo definitely made it well, and made more in the process. 

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 9 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

52 Week Money Challenge Trials and Tips Part I

The 52 Week Money Challenge and 52 Week Money Challenge Version 2 may seem easy however there are surely a lot of trials when you get to begin it. No wonder it is called a challenge in the first place. One would really be challenged every single week. However, don’t let these things bring you down. As such, we have collected possible trials that you might bump into while doing the challenge. Even more, there are also tips that could definitely help you conquer the ordeal.

Trial 1: I was not able to save up for this week, what should I do?

Tip: If you were not able to follow and save up for the week, do not fret and do not get discouraged. You can still be able to cope up the following week. And you still have seven days to fulfill the amount for the week before another week would pop up. If that proves difficult for now, you can always compensate it for the next week by depositing the amount of the previous week and the new week. You still have the other weeks of the year to cover up with the missed ones. However, it is important that as much as possible this must be followed strictly.

Trial 2: I only get paid twice a month, can I still continue?

Tip: Of course most definitely! However, you may want to alter the table. You see the 52 Week Money Challenge and 52 Week Money Challenge Version 2 is done on a weekly basis. If you are paid twice or even once a month, you can sum up the two weeks or the four weeks respectively. For instance, instead of saving up for Week 1 and Week 2, you can sum up these two weeks together in accordance to your pay check frequency. You can align the week to cater to every pay day so that you won’t be missing out on saving for those weeks.

Trial 3: The end of the year involves saving up thousands, I don’t think I can do that?

Tip: Because of the incremental notation of the 52 Week Money Challenge and 52 Week Money Challenge Version 2, later in the year the amounts would get heavier. If you think you cannot be able to save that up, you can always start with a lower increment. You can refer to the templates in the previous chapters to assess which increment would suit your current income or cash flow.

If you want to continue with the current increment, there is such thing as a paying it forward scheme in the challenge. In here, you can opt to adopt a week and save up in advance. For instance, if you started saving up in January and you know it will be difficult for you to save up in November, it is suggested that you save up for January and November too. You can do this most especially during your salary. You are hitting two birds with one stone. That is saving for two weeks in one day. In this case, you would be able to save up in advance.

What are now the other perks of paying it forward? You will spare yourself of saving bigger chunks of money on the later part of the year. Even more, you can finish the 52 Week Money Challenge and 52 Week Money Challenge Version 2 faster! With that, you won’t have to wait until the last week of the year just to complete the entire amount. Who knows, you might be able to finish it faster that you can imagine. Hence, you can be able to use the money already for that personal goal of yours.

Trial 4: Can I commit to that? It looks painstaking and a lot of work.

Tip: This is where discipline and attitude boils down. You see, the 52 Week Money Challenge and 52 Week Money Challenge Version 2 is a challenge in the first place. This calls us to do action and compete with ourselves. Our biggest enemy here is not our salary but ourselves. We can be able to decipher if we can be able to commit in order to finish the challenge. That is why, from the very beginning it is important that you get to have a goal that will motivate you to continue. So that when you experience hardship in the middle of the challenge, you can set your eyes to your goal again. And with that, it can fuel you up to continue the challenge.

Trial 5: Can I start anytime during the year?

Tip: The 52 Week Money Challenge and 52 Week Money Challenge Version 2 can be started just about any time during the year. The dates presented are merely inspirations to follow. The only requirement is you define when to start and count 52 weeks forward. This is not bounded with the start of the year and must end with the last week of the year. Start at your own pace and your willingness to begin the challenge.

Lifestyle Inflation and Solution

Image from economictimes.indiatimes

A few days back, I had a wonderful opportunity to speak to graduating accountancy students of Xavier University. One thing that I discussed in there is the mistakes a new professional could make with regards to their finances. And one item that I discuss thoroughly was on the matter of lifestyle inflation.

Lifestyle inflation means a drastic change in one’s way of living. And indeed this is apparent to not only new employees but also to us who have been working for so long now.

When we are starting to earn, we tend to be overwhelmed with the amount of our salary. Of course, we don’t have that much before when we were still studying. That is why, we tend to buy things we haven’t had before. Eat at restaurants we’ve never been. Often than not, we squander our salary since we know in less than two weeks, we would be getting another one.

Slowly, our lifestyle changes. What used to be a 3in1 coffee at home is already a take-out latte from an expensive coffee shop. What used to be a shirt from a department store is now labelled with a big fashion brand.  What used to be our favourite eating place is now shifted to fancy restaurants in the metro.

These things are not wrong. After all, it is your salary and you are just enjoying the fruit of your labour. Truth be told, I was once like this. However the problem now is my spending equates with my salary. In formula salary = spending. That is why, I was not able to save at all in the first place.

Then questions hit me. What if my lifestyle is the same back when I was still a student even if I am already earning? Can I save? And the answer to that is yes.

When I was in college many years ago, my allowance ranges from 20.00 to 50.00. That simply covers my transportation and food. Oftentimes, I would just pack my lunch or go home. That equates to 400.00 to 1,000 a month worth of expenses if I’m going to school for 20 days. Hence, if I am currently employed, I can just spend roughly the same amount if my lifestyle is that of a student. If I was earning like 10,000 a month I can have an extra 9,000. And that amount could be my savings amount! So there was my solution.

Living below our means is always the key in order to be able to save up and sort our finances. And lifestyle inflation is a big no. In fact, if we are starting to earn, we must not be tempted to increase our lifestyle in order to suit our salary. In the end, we might not be able to save at all.

So assess your lifestyle today. What was your lifestyle before and now? Is there a big difference? Is this also true with regards to your lifestyle expenses? If you were to live your life before with your current income, will you be able to save? If yes, perhaps it would be nice to revisit that stage and implement it. You might be surprised just how much you can be able to save up in the process. 

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 8 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

The Thin Line Between Needs and Wants

Image from recoveringshopaholic

We were always advised to buy only the things we needs more than the things we want. By defining the items we need, we can be able to streamline our finances in order to redirect our money to the needs rather than the wants. Plus, we can also be able to prioritize on these things.

So what basically is the difference between needs and wants?

Need is something you have to have. This is something you can’t do without. For instance, we need food to survive. Failure to eat means a weak body and we won’t survive. If we don’t have a house, we compromise our safety and more so our protection. If we don’t have clothes, oh my I cannot begin to imagine.

Want is something you would like to have. This is not a necessity. We can still survive without the presence of it. This might be a good thing to have but it does not correlate to our survival.

A good way to represent a man’s need is via Maslow’s Hierarchy of Needs

Image from costaricantimes

Based upon Maslow’s diagram, this represents that our physiological needs and biological needs come first. This means that in our money and budgeting we must prioritize our needs for foods, shelter and clothing.

However is a double chocolate ice cream justified? It can be tagged as food right but is it still a need? When you get that designer shirt, it is still part of our clothing need but can that be counted as well?

However, many of us are faced with the dilemma of that confusion between wants and needs. There is always that thin line that tends to combine as well as separate the two. I suggest you use that line in order to justify your purchases. There are physiological and biological needs that go beyond Maslow’s Hierarchy of Needs. There are items that we think of as needed in some way. In line with that, it is important that we get to see and define them and think about it critically from our perspective.

That is when defining your needs and wants it is imperative that we get to think of these items for a moment and justify it.

For example:

I need food. However, going to fastfoods and restaurants would be deemed as a want. I can opt to frugally take food from the house. It will still provide me the same nourishment that I need and can sustain me every single day without the large bill afterwards.

I need Internet. My work depends on it. Plus I also get to earn at the same time. However knowing that my job only entails me to access the web and whatnot, I don’t need a higher bandwidth. In that case, I can be able to save up thousands in the process because I know that this little bandwidth can sustain my net needs and my online jobs.

I need clothes. But what I need are the items that would make me comfortable and appropriately dresses. Designer ones are considered a want. There are comfortable clothing items that look good on me yet also inexpensive and cheap.

Everything that goes beyond those needs and will entail more cost on my end is already considered a want. When you begin to think critically and compare the two, you begin to appreciate the simple things and you realize how much you could be able to cut in the process. For instance, I no longer need my post-paid line since I can live with a prepaid line instead. With that, I was able to save up 1,000 every month.

However, this does not mean that you can only buy the things that you need. Life after all is meant to be lived, not survived. That is why, it is also important you get to treat yourself with a few wants. But bear in mind this, do so when you can be able to afford it. Even more, think if purchasing that want can cripple your current financial situation. If you will still have a lot after the purchase, then buy it. If it can eat up a big bulk of your money, then don’t. 

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 8 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

The Week That Was Feb 16 - Feb 22

Image from 900igr

Another week has come to a close. And in a few hours, we will be welcoming the last week of February. And in a matter of days, March would be upon us. Like wow, everything seems to happen so fast. So to keep track of my posts for the week, here's a quick recap.

3 Easy Businesses To Establish at Zero Capital

Image from Contact Virgin Media

In here I outlined three easy businesses that virtually anyone can venture into. The good thing is, these businesses requires no capital at all. Hence, anyone can proceed with the need to worry on how much cost should one needs to have in order to put up one. Hence, if you have been aiming to create a business this year, why not check out my three suggestions here.


5 Powerful Perspectives Of The Millionaire’s Mind

Image from Bubblenews

This is an eye-opener on the mind of a millionaire. There is a clear distinction between a millionaire's mind and a poor man's mind. That is why, they have the leverage in everything they do. Even more, they emerge successful in whatever ventures they have. And it all boils down to their mind and perspective. So we are going to dissect how they think. And that is in line with this post.


3 Powerful Reasons Why the 52 Week Money Challenge Works

A guest post written by Justin Philippe Haguisan stating why the 52 Week Money Challenge works. Here are three facts that you can briefly look at in order to motivate you to do the challenge for yourself. It may not be an easy journey for us considering the increments but it will definitely be worth it.


Janitor To Businessman: A One of a Kind Man

Image from MagTV

So you think a janitor can't be rich? Then think again. Edwin Aroma literally changed his life. What started out as a janitorial work rose up and today manages varied businesses not only in the country but also outside. We take a look at his life and how he was able to achieve those dreams of his. Indeed a great inspiration to us from rags to riches.


My Financial Bucketlist

Image from Faydraco

I don't usually create a bucketlist but with regards to my finances, I have one. I present my financial bucketlist. I am hoping to achieve these before the year ends. And I hope you would be inspired to make your own bucketlist too. This will keep us glued to our goals and will motivate us to save and invest.


5 Frugal Tips for Employees

Image from Under30CEO

In here, I present five frugal tips that any employees can be able to incorporate in their system. I have tried these five and trust me I was able to save tons in the process. Being an employee entails a lot of expenses on a daily basis. However if you know a few frugal tips, you can be able to maximize your salary and even more you can save up big time.

So those were the topics we got for the past week. Expect more topics to come this week. Have a great weekend everyone.

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 8 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

5 Frugal Tips for Employees

Image from Under30CEO

As an employee, the best way to maximize our pay is to be frugal. After all, we have a fixed salary every payday and we must be able to stretch it out in the next payday. Even more, we must be able to wisely manage our salary most especially our expenses. With our own personal financial goals and intentions, in line with that, there are frugal tips that we employees can be able to incorporate in our lives. This could mean having more control of our money situation in order to live happier and with a more frugal lifestyle. These are also the things I did on my end and let me tell you that it changed my financial status. I hope it could change yours too.

Eliminate credit cards

Having credit cards would literally make you become an impulsive buyer. After all, you are carrying that item with you and needless to say you won’t be shelling money when you purchase because you can use just that. That mindset let me incur more debts in the process. Simply imagine a bigger chunk of my salary before will go to my credit card payment. Not to mention, the annual fees, late charges and interests to pay. With that, as time progress last year, I slowly cancelled my cards. From five I was able to trim it down to two. These two have lower annual fees and are currently tied up with a debt that I had a year ago. When such would be finished by the end of the year, I will cancel the two to make me credit card free. Without the credit cards, I was very careful spending my cash. Even more, the impulsive buyer in me has gone away.

Going prepaid

I must say that being a postpaid subscriber has a lot of perks. Not to mention, no need to load up every week or every month plus there are also other freebies like the phone. I too have seized it. I have been paying as much as 1,500 for that every month since I also have an unlimited data plan. However, as the months progress the postpaid hype has slowly gone down. I was not able to maximize my unlimited call and text and even my data plan. I got wi-fi connection after all in the office and at home. So when the contract expired, I didn’t reapply. That saved me as much as 1,500 every month! Going prepaid I budgeted only 500 for my unlimited text and 100 minutes of free call. Hence, I need not worry on horrendous billings.

Lunch at home or baon

I roughly spend 50 to 100 before during lunch every single day. If we are to calculate that for the entire month not including the weekends that would be 1,000 to 2,000 every month. Knowing that, I opted to eat lunch at home instead or bring food to work. There are times I will have to buy food for lunch but at least I get to be able to trim down the usual 1,000 to 2,000 expenses. Plus I also get to enjoy homemade foods rather than the ones in fast foods.

BMW (Bike, Motorela, Walk) or (Bus, MRT, Walk)

The best way to save on transportation, commute. And back here we can opt to bike, take the motorela or walk. As for my case, I take the motorela at 7 pesos fare. That is way cheaper than a taxi fare or even a gas up in a car. Good thing the city’s establishment is relatively close to each other that taking a motorela is feasible. You can even walk as well.

Smart shopping

Shopping requires money. Smart shopping however requires money and discipline. That is why, it is very important to define your needs and wants. Opt for buying the items that you need more than the items that you want. I always end up having a shopping bag or two whenever I go to the mall. Most of the time, those purchases would just collect dust in my closet. That is why I started to rethink my purchases and define the things that I need and want. With that, I was able to resist the urge to buy new items just because they are on sale. Plus, I also tend to go to malls only if I need to buy something important.

Being frugal does not work overnight. It takes time and a whole lot of discipline. However, when you get to do this as often as you can, it would become a habit. With that, you are doing yourself and your money a very big favour. So identify the things or items in your life that you can reduce or even eliminate. Be frugal in your own little ways. 

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 8 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

My Financial Bucketlist

Image from Faydraco

Bucketlist as they say are the things you want to do before you die. Truth be told, I don’t keep a list of the things I want to do. However with regards to my finances, I have one. This will keep me motivated to work really hard in order to achieve my financial goals. I already have a few lists when the year started and I just want to share it to you. Who knows, my financial bucketlist could also be your bucketlist. Plus, it will also set my lists to stone, erm to the web since it is posted in the Internet.

Financial Bucketlist 1: Retirement Fund

Currently I have a retirement fund courtesy of my employer however I want to still add up to that retirement fund. I might consider adding up on top of my employer’s contribution and also have another venue where I can save up for my retirement. After all, I want to be financially free when I reach my retirement age. And as what others said, it is best to invest on your retirement as early as today. I have already beef up my emergency fund and it is time to buckle up my retirement fund.

Financial Bucketlist 2: Pay off debts

I still have two debts that I incurred years ago, one for my phone and the other one in our local cooperative. Since I so want to pay those debts off, I have attached it to a portion of my salary. That means a portion of my salary would be deducted for those debts. With that I am forced to pay it every payday. Calculating that, I could be able to pay my debts before the year ends. Oh what better way to welcome 2015!

Financial Bucketlist 3: Finish the 52 Week Money Challenge

I am sure you already have an idea what the 52 Week Money Challenge is about. I have been happily crashing out weeks after weeks because I was able to save up. Not to mention, I also do the paying it forward scheme where I save up a week in advance especially during my payday. Given that scheme, I would be able to finish the challenge earlier than expected. I know I decided to buy a bag before with that amount however I opted to put the money in stocks instead. Then I could be able to see it grow!

Financial Bucketlist 4: Give back

Throughout the years, I have been frugal with my money and my salary. I already save up some and this year I want to give back. I am still thinking what to do and how to go about it but most definitely I want to start a legacy of giving to those in need. I also want to help other individuals to be financial literate most especially in my city. I’ve heard they are open to talks and discussions about stock markets and investments. After all, I want to help others to achieve their financial goals too.

Financial Bucketlist 5: Save up more

I have a financial amount that I would want to reach this year and I have been saving up real hard to achieve it the soonest. Not to mention, working hard too for more income cash flow. It will still take months for me to achieve it given my current income however I know I will soon get there.

This bucketlist will surely keep me motivated throughout the year. It would surely be a fulfilling feeling when I get to eliminate even one from that. I know I’ll do it in the months to come. So wish me luck.

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 8 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

Janitor To Businessman: A One of a Kind Man

Image from MagTV

When you look at Mr. Edwin N. Aroma’s resume, you would see Janitor Metropolitan Cleaners Cebu 1969-1973 under Business and Employment. However, in spite of it, he proudly declares it.

Edwin N. Aroma was once a low profile Cebuano janitor but is now living in California. Above that janitor line however are strings of former employments and current business enterprises. Currently he owns multiple business ventures that are situated almost everywhere. Behind his very impressive achievements is this young boy who once dared to dream.

Edwin was born to a fisherman and a school teacher in Cebu. As their family grew, her mother had no choice but to stop working to attend to the children. However, the family barely gets by with the income of his father. When he graduated high school, he wants to be an engineer. However, his father could not afford college for him. “I didn’t know how to farm nor to fish. I really wanted to study, and make something of myself. So, I asked my father to give me 20 pesos, so I could travel to Cebu City and find a job,” Edwin said. “I applied for so many jobs, and finally found an agency that needed janitors.”

For four years, he has served as a janitor sweeping streets, alleys and offices while taking his accounting majors at the University of the Visayas. In spite of his current job, he prides himself as a scholar and also a student leader. When he was elected as a university senator, some school mates of his saw him sweeping an alley with the others. Word spread like wildfire about it. Yet, Edwin was not embarrassed. He went on until he finished his degree.

After passing the CPA exam, he was hired as an auditor for Carls J. Valdez and Co in Cebu. Then he became an auditor for San Miguel and Mandaue Printers. While working, he continues his studies finishing two degrees in Management and Economics. He also gained a master’s degree in management engineering. In 1982, he left for Jakarta to act as an accounting manager of P.T Hartaty Jaya Plywood. This company was on the verge of bankruptcy. Later that year, the owner died and Edwin assumed the position of general manager. He transitioned the company and was able to make it profitable. He quit his job by 1986. While working still, he earned another master’s degree in Business Administration from the University of Singapore.

Returning to the Philippines, he invested his savings for a business. He decided on a mango farm in Cebu. Now he has three plantations in the area and another one in Bohol. He is considered one of the biggest mango growers in the country. Aside from that he also plans avocado and jackfruit. His technique, “I buy idle lands and plant them with trees. I make these idle lands productive, help provide employment for the barrio folks, and, at the same time, help in the ecological development of the country. I am happy to feel that I am helping in the economic development of the country.”

In 1986, he went to the US and established numerous businesses. He is president and owner of Trans-World Services Inc. He also owns the Prime Appliance Rentals Inc., based in Los Angeles. Aroma is also a managing partner of Worldwide Empire Funding Inc., based in Delaware; and is controller of All Valley Washer Service Inc., based in Van Nuys, California. In the Philippines, he is president of Imgime-Aroma Mango Ranch in Cebu and Bohol; president of Socsargen Realty & Development Corp., based in General Santos City in Cotabato; and president of Capital One Financial Solutions Inc., based in Cebu.

He has received numerous awards, among them “Outstanding Club Leader,” Kiwanis Club of Phil-Am Los Angeles; “Distinguished Kiwanian,” Kiwanis International; “Outstanding Civic Leader,” Pamana Awards; “Outstanding Club President,” Kiwanis Club of Phil-Am Los Angeles; “Kiwanian of the Year,” Kiwanis Club; and “Club Builder of the Year,” Children First Foundation Inc.

In spite of his successes, Edwin informs his children and friend that he was a janitor. In spite of the varied obstacles, he continues to dream, set high goals and achieve it. Now, he is truly marked as one successful man. 

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 8 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

3 Powerful Reasons Why the 52 Week Money Challenge Works

The 52 Week Money Challenge and 52 Week Money Challenge Version 2 concocted by a contributor in Lifehacker and improved upon by Kuripot Pinay has been making waves in social media and mainstream media. With a lot of coverage going on about this very creative, if not alluring, way to save 5 digits a year, it’s no wonder that a lot of people are loving it and hating it at the same time.

Can you imagine saving up to 70,000PHP by the end of year? Most people would probably think it’s ludicrous, but it works and I am about to give you three reasons why:

1.) First, the 52 Week Money Challenge and 52 Week Money Challenge Version 2 works on an incremental system. The amount given by Kuripot Pinay started at 50PHP and incremented with the same value, so you’d have 50PHP by the start and next week you’d save 100 and so on. The core concept here is the increment. Every time you save at an incremental value, you are more likely to double your savings than by saving the same amount every week. If you save 10PHP a week and increment by 10PHP every week, you’d still have more than saving 10PHP a week for a year. It’s that simple. The more money you have to spare, the bigger your increment, and the bigger your increment, the bigger the savings.

2.) There’s no pressure. With the incremental system, you have full control of how much you can shell out for your savings. Most people have shelled out 3000PHP at the start because they are able to and it would go on from there. They don’t have to save 3000PHP a week, but they are able to realize how much they can save without going for broke. This makes it easy for students and young professionals to set aside money from their allowance or salaries.

3.) It teaches you the value of saving. It’s as easy as that. The 52 week money challenge works because it encourages, nay challenge, you to save. Psychologically, people cannot back out of a challenge because failure will result in a blow to the self-esteem, even if it means it’s difficult. But the 52 Week Money Challenge and 52 Week Money Challenge Version 2 is not difficult at all. Again, I reiterate that you have full control of your increments. Most people cannot save 2000php a week once they reach October, so you have the option of saving the maximum amount you’re able to part with until you reach the end of the year. If I am able to progress with my 50PHP increment until I reach the 2000PHP mark, I know that I am able to save 2000PHP a week. Assuming that between October and December, there are 12 weeks and 2000 x 12 weeks is 24,000PHP so there’s still that amount waiting by the end of the year.

The 52 Week Money Challenge and 52 Week Money Challenge Version 2 can help you buy a new smartphone or help you get started with passive income like stocks, and it’s a system that works. If you save 10PHP a week for the 40 weeks (March to December), you’d have PHP400 in your savings. This is basic, but if you have an increment, you’d double or triple that 400PHP by the end of the year.

(Written by Justin Philippe Haguisan)

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 8 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.