My 365 Savings Goal

One year consists of 365 days.
My idea is to start with a small goal.
So why not set A One Peso Goal?
From One peso a day to 365 pesos a year!
And the Challenge: How many 365's can you save in one year?

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Rewind..........Last June 2013 I was in debt of almost P12,000.00 in credit card bills while my salary is around P 3,500.00 that time due to cash advances. I cannot control my expenses since I have credit cards in my wallet (feeling rich kasi e) and no matter how hard I tried to settle all my dues I always end up running on that same loop. For year's I've been struggling, I know my financial life is really in bad shape, "I don't want to be like this anymore" I said to myself.
So I started searching & reading facebook pages regarding financial tips from pesosandsense, pinoyfinancialplanning, Francisco Colayco, Chinkee Tan to - financial blogs of pinasforgood, savingspinay, frugalhoney, readytoberich, personalfinanceapprentice, lifeinmanila, ramblingsfromaweirdo etc etc etc, I cannot named them all here. I enjoy reading their blogs - different lifestyles, different generation, different tips, different views in life I've learned a lot from them & I'm still learning from them. Then I started planning - budgeting, controlling my expenses while I'm on process of clearing all my debts (snowball effect technique).

But there's another problem --- I also want to save & I want to invest too, but how? I'm in negative situation here -- where the result of my debt vs. my salary is deficit.
Out of options something pop out in my mind when I saw a one peso coin?
Why not start small? Start with one peso goal :)
So, everytime I went home with an extra coin I list it down & put it in my coin bank. Every time I completed a P 365.00  I feel fulfilled...Wow, I was able to save 1/day for a year. Then I'll save another set of  P 365.00, for another fulfillment 2/day for a year, then another and another and so on & so forth.....instant gratification di ba?

It's easy to say I will save 50/day, 20/day, 10/day, or just 5/day but when some unexpected circumstances happen I stop, gets frustrated and doesn't want to continue saving anymore- that's me, that's my attitude. I also read the 52 week challenge but I know I wont be able to finish that challenge. Even the 50-30-20 rule & the 70-20-10 rule is sometimes not doable for me. That's the reason why I invented my own savings method last year---I want to be constantly motivated - I want to feel that sense of fulfillment everytime I completed this 365 pesos in my savings list.

My 2013 Notebook

Then last November 2013 I opened a passbook savings account in Wealthbank @ P 500.00 with a 0.25% interest rate and twice a month I deposit all my savings there no matter how small the amount is. Finally by the end of the year 2013 I completed 12 sets of 365.00 = P 4,380.00 plus I added P 220.00. Woohoo, I was able to save a total of P 4,600.00 by the end of the year 2013. It maybe small for some but for me its a great achievement already.

This 2014 all my goals and plans are written in this site.
I made this chart/record in our office so I can easily update my savings:

28 sets of 365 means I was able to save 28/day for 1 year

 But I also do my oldskul style of writing in my notebook @ home.

I'm on 63rd set of 365, my minimum target savings is 82 sets = P 29,930.00 this 2014.
I've already set aside P 30,600.00 (some of it were from my 365 savings) but it was redirected to my capital contribution account.

(I can consider it as emergency fund too because it can be withdrawn anytime since I'm also waiting for their dismembership letter).

I'm now building my 2nd emergency fund of P 10,000.00 time deposit account while still making an additional investment on my mutual fund.
I'll be balancing my networth by December still a bit confused about it.

There it goes. See, I was able to outsmart myself. I easily give up before when something goes wrong. It is only this year that I was able to pursue all my goals and challenge myself to do more. I think one of the financial tip I can share to others is to know yourself first, determine your capacity, recognize your weakness and work it out with your strenght and through that you'll be able to improve yourself more.

Next year, I'll be adding some self improvement goals, research some business ideas (though I'm not a business type person) plus another 365 - share, serve, and worship goals in my notebook (like what I've mention in my first blogpost here- Best effort kay God muna).


Happy Weekend Guys!!!!!