One day, I came across TGFI's facebook video post about the 52-week money challenge. This reminded me of a similar saving technique I read in a blog post by Kuripot Pinay almost a year ago. I didn't pay attention to this money challenge because I've been doing my own 10-20-70 money-saving strategy ever since I started this blog and I think that's already enough.

Doing an additional money-saving challenge in my life wouldn't put stress in my daily budget because I've already paid all my outstanding loans in full. I'm debt free just last year. Also, I only live a frugal life; spending only what is needed. So yes, I can do this.

So last Sunday, I bought a nice cheap thrift box (not a box actually, it is cylindrical in shape) in National Bookstore.

I started the challenge on ₱10.00. That would be ₱10.00 on the first week and an additional ₱10.00 increment in the coming weeks that would be deposited straight into my thrift box.

I printed and pasted the 52-week money challenge plan in it.

But why ₱10.00? The reason is that I'm already saving 10% of my salary in my emergency fund account and 20%-30% to the stock market.

I think that saving at ₱10.00 increments can be manageable within the year. Also, the challenge proves to be difficult when you're already halfway on the calendar if you started on a high amount.

If I manage to make it by the end of the year, then maybe I can increase it to ₱20.00.

In a nutshell, the 52-week money challenge is done by saving money by setting a fixed increment that is carried over as the week progresses. If you decide to start with just ₱5.00 for example, on the 1st week you save ₱5.00. On the 2nd week, ₱10.00. On the third week, ₱15.00 and so on.

If we try to do the math, we can save ₱6,890.00 in a year for just starting at ₱5.00 on the first week. In perspective, that's ₱132.50 per week if you'll just choose to save this fixed amount every week and not follow the challenge's mechanics.

But where's the fun in that? Saving money is quite hard because let's admit it, we are spenders.

We spend money because we want to feel instant gratification. The feeling of contentment by having the latest cellphone, tablet, shoes or whatever material things that we instantly want but not necessarily need prevents us from doing the right thing; saving money.

Most of us just want to spend money and save whatever is left. It's this mentality that drives us Filipinos to be poor. Wealthy people do the other way around. They SAVE MONEY FIRST and spend what's left.

Doing this challenge will give you the discipline to save first and spend after.

If you start doing this challenge, it will give you the proper mindset and motivation to save without you noticing it. That's what I like about this saving technique. It's a CHALLENGE.

As the weeks pass, it becomes increasingly harder to save. Since it's a challenge, we are normally programmed to do anything that will enable us to pass the challenge. There's a good psychology at work right here and that's what I like about it.

I'm excited to do this because it gives me a reason to value more the money I earn.

I'll continue to do this saving challenge. The money that I'll save will definitely be used to make more money. Maybe I could start to fund a business, or maybe I can use this to open up a UITF or a mutual fund account. Or invest it in other forms of investment vehicles.

For the people out there who find it a hard time to save money, I suggest that you do this challenge this year.

It's never too late to start. One of the foundations of wealth building is SAVING MONEY.  Sadly, people have a hard time doing it. Do this now for your financial future's sake.

Saving money can be quite boring but if you put a challenge on it, it becomes exciting. Your mindset about money will change slowly. It will give you the proper discipline to push yourself and live frugally.

If you want to teach yourself about saving money, then put yourself into the test.

Challenge yourself.

Happy saving!