Wednesday, January 01, 2014

Starting the Year Right with a 52-Week Family Savings Plan

Happy New Year dear readers! Before the first day of 2014 ends, let me share with you an idea that I got sometime last month from a link shared on Facebook. The inspiring write up was posted in Saving a Buck and made me decide to try it for my family because I found it practical and doable. On top of that, I believe this is one good way to teach kids to value their blessings, the importance of delayed gratification, and patience. 

The 52-week savings plan / money challenge was originally in U.S. dollars though so I made our own chart in Philippine pesos. Instead of starting with $1, each member of my family will begin with P10. I also scheduled the money "drop" every Sundays when I am sure that my college boys will be home from their dorm.

I talked to hubby and our kids last month and they agreed to take this journey with me. After all, having  more than P13,000 per person at the end of 2014 would be pretty cool! I suggested that we can each use part of the money for savings and/or investing (mutual funds, maybe?), a portion we can chip in for our family summer vacation, and some amount for spending on something to reward ourselves with. Win-win, right? 

Earlier tonight, I also printed out a checklist (yes, I am OC that way) using Microsoft Excel that I'll be posting beside the closet in the kids' room to make sure everyone remembers to save a particular amount of money each Sunday. I've also set aside 6 empty juice bottles that hubby will be making piggy bank holes on, and where we would be putting our individual savings in. I pledged to save for our special child, too, since he doesn't get an allowance for school like his brothers do.

So, wish us luck! I will try to blog about this project again towards the end of the year and share our learnings. Here's praying we get to complete the 52 weeks without fail! 

If this post encouraged you to also save, do drop me a message at the comment section below. I would love to hear from other families who are also looking forward to gain financial freedom even with just small steps at a time. Let's inspire each other! Have a great start to 2014 everyone! :)

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