52 Week Money Challenge: January Report

A month has passed and definitely many things did happen last January. If you have been inclined about the 52 Week Money Challenge and 52 Week Money Challenge Version 2, then I am certain you already know the mechanics behind the challenge. And of course, being the kuripot that I am, I also accepted it.

And today, I would be giving you my January Report for the 52 Week Money Challenge. I hope you other kuripots would also post something similar to this and leave it at the comment section. We would love to see your posts and your words! Keep them coming.

So far I have accumulated P2,750! Yes you heard that right. Within a month I already have that amount. So deducting that from 68,900 I still have 66,150 more to go. Ok that’s still pretty huge but hey I know I’ll get there.

Perhaps you might wonder how I was able to save up 2,750 when it is supposed to only be 750. The reason for that is I used the paying it forward mechanism. Since I got my 30th salary last week, might as well save up a week in advance. And I have decided to get the weeks of October. So every payday, aside from saving the required amount for the week, I also save up a week in advance. With this, I can guarantee saving up the larger amounts and even more I might finish the challenge earlier than expected. Well isn’t that great?

Since I already have quite a substantial amount from the challenge might as well move it a notch higher. I decided to put the money in a savings account. Since I want to yield it greater interest, I put it in our local cooperative bank. I will save up still in my can for the first two weeks, then I will deposit the accumulated amount after. With that, I would be getting more than 68,900! And God I’m so excited.

For those who accepted this challenge let me remind you that it is already the start of the 6th week! Better save that amount first before you can use it all up. I suggest you save first then you spend what's left from your money. You may also try the paying it forward mechanism so you could be able save faster.

I can see one fruitful and frugal year for you already. Again, the challenge is just letting us get to the habit of saving. Some may stumble and fall in the process, some may even have a very difficult time. However, when you started it, needless to say you are already a winner. Think about your motivation why you started this. In time, you can and will be able to save up. So good luck again to us who are taking the challenge. May the odds be ever in our favor. Woooo~

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 6 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.