January 7, 2017

It’s always been part of my goals to be financially literate and responsible. I didn’t want to be that kind of person who lives a life of luxury through her parents’ bank account. I wanted to be able to save up for myself and buy the things I wanted to have because my parents are already spending so much on my schooling. Part of my goals for this year is to have a travel and book fund. [RELATED: 2017: Go-Getter]

I’ve always found it difficult to save up and I’ve tried tons of ways but I almost always end up spending more than I should. But I’m hell bent on making my travel and book fund happen which is why I was so happy when I was introduced to Earnest and their money saving challenge to help in guiding me to achieve my financial goals for this year. Below is my personalized 2017 Money Saving Challenge:

I like how this money saving challenge is very realistic especially because each challenge only lasts for a month. I wouldn’t be so overwhelmed with the thought of having to power through for a year. It would test my self-restraint in all money-spending aspects. Lol. I don’t actually have student loans (because it’s not a common practice from where I come from) but I still like knowing where my money is.

With this challenge, I know I’m going to be able to know how much I could actually save if I gave up something each month. For example, during the month of February, I know I’m going to realize how much I’m spending on take out coffee when I could actually enjoy a cup at home thus saving up a couple bucks which could amount to a bigger value as I go along.

As young adults (omg, I still get tiny goosebumps whenever I realize that I am a young adult), it’s important for us to know where our money goes, and how we spend it (and if you have student loans–what your debt looks like). There are even simple options out there that can lower that debt. For example, Earnest specializes in refinancing student loans with the ability to save thousands while lowering your monthly payment. Being able to handle our finances well would help us become debt-free adults. I think there’s nothing more satisfying than knowing that your hard earned money is going to be put in your savings or that you get to buy what you want and/or need without the uncomfortable thought of debt lingering on your mind.

My four guiding principles for this challenge (as derived from each quarter): learn how to budget, self-restraint, give meaningful holiday gifts, and give back. Because this challenge is personally created for me, I got to put in four financial resolutions: live on 150PHP/day (March), no lunch/dinner out (June), start a holiday gift savings (September), and donate the month’s savings to a charity (December).

I am so excited to start saving up, handling my finances are much more fun now because it feels like I’m in a race and I have to finish no matter what it takes. What about you, what are your financial resolutions for this year? 🙂

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  • Reply Mitchelle Lindsay January 11, 2017 at 7:22 am

    I really find this post helpful!! ♥

    • Reply Pia January 12, 2017 at 8:35 am

      I’m glad you did! Thanks, Mitchelle. <3

  • Reply Enya Louise January 12, 2017 at 3:33 pm

    Wishes you a best of luck of this money saving challenge, Pia! You can do it!

    • Reply Pia January 13, 2017 at 2:56 am

      Thank you, Enya! <3

  • Reply Kai January 13, 2017 at 3:03 am

    Good luck to your saving challenge, Pia! Saved these photos for future reference. 🙂


    • Reply Pia January 13, 2017 at 3:08 am

      Thank you so much, Kai! <3 Hope it would help you. 🙂

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