My Ultimate Savings Challenge Every Year

Avatar for Eirolfeam2
3 years ago
Topics: Saving, Money

This article is part of "My 30 Realizations before I turn 21."

My first realization is: "Don't rush. Trust God's Perfect Timing". You can read about it if you want to learn a thing or two from me. Just simply click the highlighted phrase. If not, then don't bother. Lol Just kidding.

So in this article, I am going to share with all of you the ultimate savings challenges that I have set for myself each year since I started my journey as a college student.

Before I start with my Savings Challenges in College, let me first share the foundation of how this challenge started.

I have been saving money since I was a child. My parents would make my brother and me an improvised bank or a Bamboo Alkansiya/Bank where we can put our excess allowance every day. We used to save 1 peso (about $0.02) to 5 pesos (about $0.10) every school day. This routine goes on and on until the end of the school year. During school breaks, which is exactly in time for our town fiesta, we would use our savings to buy clothes and toys. That is how I learned the value that comes with saving money.

Back in High School, the purpose of saving money for me was only to be able to buy new clothes, shoes, and even a new cellphone. I was in 8th grade when I first bought a brand new phone using my savings that came from my school allowances. Then when I got in Senior High School, grade 11, I learned about ways on how to earn free money through cryptocurrencies. Claiming free coins on faucets and joining airdrops is what welcomed me into this crypto world. As years go on, it opened my mind that I can save more money if I get to learn more about it.

Now, back with My Ultimate Savings Challenges, here are the Savings goals and deadlines that I have set since the start of my college life.

First-Year College:

Goal- To save P100,000.00

Deadline- December 21, 2018

  • Before I turned 19 years old, it was my goal to have 6 digits savings in my bank account. I was so confident that I can tick it off before my 19th birthday because when I graduated from Senior High School, I already have 15,000 pesos savings in my wallet. Plus I was very frugal, so an allowance of 1,000 pesos every week in college is too much for me so I saved most of it.

  • Unfortunately, I wasn't able to accomplish this challenge as I was only able to save 70,000 pesos before my birthday. I was short of 30,000 pesos at that time.

Second-Year College:

Goal- To save P200,000.00

Deadline- December 21, 2019

  • As you can see, my goals add up every year. Before I turn in my 20s, I wanted to achieve this goal of having 200,000 pesos savings on my 20th birthday. I worked so hard to accomplish this goal. I applied for scholarships just to get a stipend. I had a small business in college where my classmates are my customers. I also saved most of my weekly allowance.

  • Again, as expected, I wasn't able to accomplish it because it is somehow impossible to save 130,000 pesos in just a year. But I was able to have a total of 144,000 pesos savings.

  • However, I still felt like I succeeded with this challenge because when I shared my story to a Savings group on Facebook, my story got featured on a Savings website. I also shared my story on my YouTube channel, and up to this day, I still receive overwhelming comments.

  • I also published that story on this platform. You can read it if you want.

My 100,000 Pesos Savings Journey At The Age of 20: Tips For College Students

Third-Year College:

Goal- To save P210,000.00

Deadline- December 21, 2020

  • I only added 10,000 pesos to my previous goal because it's like saving 10,000 pesos every year since I was born. If you get me. 😁

  • Exactly 29 days left and I am still unsure if I will be able to tick this off. I can easily accomplish this goal if I choose to withdraw some of my earnings from my investment in Cryptocurrency, but I am saving those for the future. So I want to work hard to achieve this goal without having to choose the easy way out.

  • I already have 150,000 pesos savings in my Bank account. I am also expecting 20,000 pesos worth of stipend from my Scholarship. I have small savings with 16,000 pesos in my different savings account. That means I already have 186,000 pesos. However, I am still short of 24,000 pesos to accomplish this goal.

  • Luckily, I still have 29 days left to work on the needed amount of money.

Fourth-Year College:

Goal- To save P250,000.00

Deadline- December 21, 2021

  • Hopefully, this will be my last year in my college journey. That is why I have decided to keep my saving goal simple and realistic. It is still challenging because the last year in college is the worst, so I have to juggle everything by that time.

  • I may also adjust this goal if I find a stable freelance writing job or any freelancing job out there.

  • Originally, my goal was to save 500,000 pesos before I graduate from college because I have a dream of having a backpacking trip to Europe as my graduation gift for myself. I know you would say that I worked so hard in college only to waste it all on traveling, but it's my life, my decisions. Haha!

  • Kidding aside, I will surely use this money as my safety net when I will be in the real world already. Whether to use it in finding a job or to use it to start a business.

You might ask, what is my realization after all of these Savings goals that I have set for myself?

Well, the only thing I want to point out is that if you start saving money as early as you can, then you will be able to save yourself when the rainy day comes.

Sure, money is not everything. But money can bring food to your table, buy your clothes, and all the necessities you need to survive.

I am not craving money. I am craving time and financial freedom. I don't want to end up being frustrated when I get old because I didn't start at a young age.

So I'm gonna leave you a question:

"It is not easy to save money. But when we grow old, isn't it harder that we don't have savings?"

That's all for now because I still have classes to attend. 👌

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Avatar for Eirolfeam2
3 years ago
Topics: Saving, Money
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Comments

Wow, I couldn't believe that you save that money all by yourself- like a 21-year-old college student like me can't save that huge amount of money because being poor is not that easy. I realized that yes, nothing is permanent in this world except change. So yeah, since we have so much time left then why not save rather than spend? So yeah, life is hard when we don't have savings at this time specifically in these pandemic times. Thank you for your tips :) By the way, I am a newbie here, hehe.

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3 years ago

I'm also born poor, so it's not easy to save money. I am glad you were able to read my article, and you're welcome. Welcome to the platform. 😁

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3 years ago

Thank you for welcoming me :) I hope you could help me soon. First time kasi ako sa mga ganito hahaha.

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3 years ago

It's easy to save money for those who don't have responsibilities 😅 it's hard to budget money if you are the bread winner of the family. And it is o hard to save money back when I was a student since my allowance was just enough for my transpo and food 🤣🤣 you are lucky to have those resources.. And have that kind of savings at a young age.. Keep it up

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3 years ago

I agree with this, I am also a thrifty and tight budget person but I cannot save a lot since I give some to my parents and siblings much more when I had my daughter. So, yeah saving money is easy when you don't have so much responsibilities. @Eirolfeam2 you are blessed and Lucky to have better life situations keep it up, keep inspiring the young ones.

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3 years ago

Relate much right? In my case right now, I am giving 80% of my salary to my family, so that means only 20%, left for me.. I still need to save for my food allowance here, the rest will go to my bank account.not that big but at least i have something to save for myself.. And my earnings here in rc is for the future use.. Mother like you also find it difficult to save more 😅

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3 years ago

Yeah, and I don't have work. The savings I am saving is for our family. And my earnings from my rackets here in rc, loading and holdings are saved for the future para pang sarili or help sa mama ko.

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3 years ago

Same.. Good thing merln RC... Malaking tulong nadn naipon ko dto.. Atleast worth it data na binabayaran ko pra mka online 😁

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3 years ago

Hahaha! That is so true naman. I am just so lucky the only responsibility I have is to be a good daughter to my parents, which I think is what I am doing already. After all, all of my goals are for them din naman. 😁

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3 years ago

Wow, I just couldn't believe that you're still young but you already have that kind of mindset and you were able to save that much. I envy and at the same time I am inspired by you. I joined free faucets before but I never took it seriously,now I'm regretting it.hahaha.but will try to do it again once I have a new phone to use. Keep up that mindset and you'll get there for sure

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3 years ago

For sure, I will. And thank you for reading it. I am glad you were inspired by my story. It is never too late to start again. I also stopped with faucets because of Acads, but I'm planning to go back with free crypto earning sites again. Haha

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3 years ago

Will you mind sharing me those sites? Im not sure if the previous sites I know still works :)

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3 years ago

Ofcourse. I just have to find them again. Hahaha! I will try to write an article about it next time po.

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3 years ago

Thank you :) Will be waiting for it :)

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3 years ago

Very good mindset as a student:) I'm just 17 years old and I am curious, where did you get your money po? I mean before you start trading, paano ka po nagkaroon ng malaking pera? Gusto ko din gawin hehe

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3 years ago

My savings is separated from my money in crypto. Basically, my savings came from school allowances, scholarship stipends, and profit from my small business. I also do freelance writing now as a side hustle. 😁

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3 years ago

You have a good mindset:) Freelance? Is it also a platform? Do you have any online jobs except readcash? I wanna join. I want to be like you😆

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3 years ago

Freelance writing is like a job where you get to write articles if you find clients to write for. That's my part-time gig for now. You can read some of my articles on my freelance writing journey for you to have an idea about it.

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3 years ago

So you don't have a specific platform like readcash? Just a random people who wants your articles?

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3 years ago