The 52-Week Money Challenge

mum's thoughts, money talks, money matters
The 52-week Money Challenge Spreadsheet

One of my mommy blogger friends, Levy, posted this 52-week money challenge on Facebook in January and since I really plan to build up my savings this year, I asked her if she can email me a soft copy of the spreadsheet so I can print it out as my guide. The print out now hangs on the wall beside my workstation and I am glad to note that I am up to date with my weekly savings, which I temporarily keep in this red envelope until I have enough to open a savings account for myself, since the only bank account I have at the moment is my Union Bank EON account. I wanted to open another one where my savings will all go. {Update: I have since saved a considerable sum so I deposited it to the little man’s BDO savings account}

An opportunity for a regular online job is looming and I am hoping I’d be able to keep up with this money challenge through the extra money I will be earning. If you’re planning to save this year, too, you might want to give this challenge a shot. You can also multiply the weekly amount to the number of people in the family that you want to save up for. I am planning to make mine two, for me and the little man, if my wallet will afford it.

Shout outs to Mommy Levy for sending me the spreadsheet!  :heart:

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Investing On Time Deposit

money matters, money talks

Last year I have made little progress with my personal financial goals. I divided the little man’s savings and put the other half in a time deposit. My money many not have earned as much after 3 months of time deposit but it was way better that the few cents the money in the bank account earns from monthly interest {and there’s even tax to worry about!}.

I have renewed my time deposit for another 3 months this year and plans to add more to the principal amount once I save up a substantial amount. I invested my money in a local cooperative here in our city, although it was filed in Bataan where my sister works. Apart from the time deposit that earns 4.5% interest/year, I also now have a savings account with the cooperative. The best part of being a member is that I can apply for a loan in case I need money. I can avail of a loan equivalent to the amount of my time deposit, something I can use in times of emergencies.

money talks, money matters

I actually opened an account with them for the little man in 2010, but was not able to deposit regularly, I hope I’d be able to add up a few more to my savings this year if my wallet permits.

While I was working, I was not able to keep a personal savings account since I spend most of my earnings for my family’s needs, but I am glad that I can do it now even when I only get to earn through my various works online. I may not save enough to buy my little man his own house in the future but I am hoping I save a considerable amount which he can use for his education or for his other needs in the future.

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Financial Goals for 2013

2013 goals, money talks, money matters, mum's thoughts

I know that almost 2 months have passed and it is rather quite late to be jotting down more New Year goals at this time, but I reckon I can always set personal goals anytime I want to, right? So here I am making a mental note {and a written one, to accompany it!}  to aim to continue building up on my savings for this year. I might not end up as a millionaire with a hefty amount on my bank account at the end of the year, but if I can add a few more thousands of pesos to my little man’s savings account, then I will be such a happy camper!

I am not really well adept with numbers and talks about investment and mutual funds can really give me such a terrible headache, so I’d rather steer clear of them for now. It will be quite scary to jump into something which I have limited knowledge of. If only those types of investments will come with something like MyLife Refund option, then I’d say it will be safe to put my hard-earned money on them, but if not, I would really have second, third and more thoughts before jumping in.

But a handicap with numbers shouldn’t set me back from my goals to improve my financial situation this year, won’t you agree? I have a rather simple solution, see.  Monitoring and noting my earnings and expenses is one good way to be financially in control. By keeping track of all my financial moves, I can very well determine my earning and spending pattern and create a perfect way on how I can effectively save. And, to save up, all I really have to do is to put a full stop on my online shopping habit and what do you know, the money I save from that will automatically go to my son’s bank account! Easy-peasy, right?

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