My Seventh Goal - Save Save Save part 1

My 365 Savings Goal

One year consist of 365 days.
My Idea is Start with a Small Goal.
Why not set A One Peso Goal?
From One peso a day to 365 pesos per year!
And the Challenge: How many 365's can you save in one year?

So I have invented my own 365.00 saving strategy method (for invcstment -365.00, for savings -365.00, for emergency fund- 365.00).
It's a method I have set for one year and my challenge is how many 365.00 will I be able to save for one year.
My target is 82 sets of 365 since my goal is 30k plus 13th month pay & my sss loan to achieve my 50k goal before I reached 40.

My saving's route:
* Since I love going to the mall I make sure that  I deposit my savings first to Wealthbank ( WealthBank is open from Mondays to Sundays) before spending my leisure time with my mother at market market :). In that way I will be spending only the extra money I have set after saving.
* I also trick myself to saving those pennies that I have save from my transportation allowance & from the baon that I set everyday. 
* I also save the money I receive from our monthly company profit sharing.
* The interest they pay me from lending some amount of money to my collegues.
* The last is from doing rags @ home---a little amount of it will also help. 

* Hopefully by September I'll be adding some from the rent I'll be receiving from my brother. 


That's why I opened three accounts at wealthbank where I will deposit my savings upon completing every  365-goal I made.

THIS ACCOUNT IS FOR MY SAVINGS/SAFETY FUND :) - this where I will put my 365 savings & invest fund with a maintaining balance of P 200.00 only & a rate of .25% interest.

THIS IS FOR MY INVEST - A SPECIAL SAVINGS ACCOUNT- A time deposit account where I add my the sum of my 365's from my savings account here also & renew every 30th day with an interest rate of 2% annually and a maintaining balance of 10,000.00. From here I will get my start up mutual fund hopefully before 2nd quarter of this year I'll be able to open my mutual fund.

AND FOR MY EMERGENCY FUND - I opened this ATM account for emergencies, this one also has a P 200.00 maintaining balance & it also comes with a free personal accident insurance.

So no matter how small your earnings is, no matter what your saving strategy is, Just SAVE.

Start your GOAL!
Start SAVING!
START INVESTING!!!

Sixth goal - Budgeting

My sixth goal- BUDGETING.

After I received my salary - approximately P 5,500 net, automatically it will be divided, I can't follow the 70-20-10 method since my income is already tight and the percentage is not suitable. I just need to stick to my budget and what is important is that I still have some amount for my savings/emergency fund, investment & for charity too.

I also have this so called stapler method for my daily allowance (P 150.00 for no overtime day & P180.00 for my overtime day) to prevent myself from spending above my per day allowance.

                                                    This is my hapit budget format :)

                               Tracking down expenses is also important so I made a list too.
                                     I've been monitoring my expenses since january 2014.

 

Well, March is an adjustment period for me " its a mall ban month for me" hahah.

EXPENSES SUMMARY

Every 15th:
Rice/Mama/groceries    =   2,000.00 (1,000-rice, 500-mama, 500-groceries)
15-day work allowance =   2,100.00+++
For Emergency Fund    =      365.00
For Invest Fund            =      365.00
Church / Give fund       =      365.00
other personal needs      =     300.00

Every 30th:
Electric/Water/PLDT/
St.Peter Plan/Mama     =     2,000.00 (600-electric, 250-water, 200-pldt, 550-st.peter, 400-mama)
15-day work allowance =   2,100.00+++
For Emergency Fund    =      365.00
For Invest                      =      365.00
Church / Give fund       =      365.00
other personal needs      =     300.00


I just got out of so many credit card debts last year mostly due to impulsive buying & unplanned expenses. Thanks to all the finance articles & tips I read in facebook & the seminar I attended @ IMG I was able to manage my finances now. (parang napakalaki ng sweldo ko no, heheh? but seriously if you dont manage your finances malaki man o maliit ang sweldo without proper knowledge you'll be doomed to debt).
 Luckily I still live with my parents & I have a brother who also shares on paying bills & other panggastos to my nanay.

Hopefully I can continue to train myself in spending only what is needed & essential in my daily routines and to discipline myself in living a minimum wager lifestyle.

The principle. "If you can't increase your means then you have to live below your means".

Now, its time for my next goal.