Note: I own the picture featured in this post. Thank you.
I’ve always considered myself good with saving money. After all, I once saved up for my trip to Hong Kong and Macau with Mama. Or that once upon a time, I was able to pay off a debt on our house. For any ultra-rich person who would read this piece, this would be a paltry amount. But I take credit (though humbly, of course!) for this accomplishment because I am not ultra-rich. I have regular job and I have bills to pay too.
2012 has been a year of quite a few spending. I went to South Korea, Vietnam and Cambodia. I bought a netbook, an iPod and a camera. I also bought a voice recorder and external DVD player. I paid for a US visa application. I ate more this year (fat body, thin wallet syndrome) and spoiled myself by riding cabs often. Okay, so maybe, it’s not a “few” spending. It’s a lot. So I’ve decided that for 2013, I will remedy the situation.
I don’t plan to totally cut off spending. After all, I am sort of addicted to traveling. And shoes and lipsticks are always foremost of my list. But I will start saving again, little by little. So, I cooked up what I call Project 300.
I have itemized the big purchases I had for the year. What I couldn’t itemize are the small ones. Take, for instance, that two pairs of shoes for PHP399.99 at the mall. The price might not be a lot, if only I hadn’t bought four pairs. Or the number of times I bought the regular McDonald’s meal and had the urge to upsize the drink and fries. And how many times did I argue to myself that I needed that Coffee Jelly Frap from Starbucks or that big iced milk tea from the Naicha food stall. Or when I took the tricycle from the entrance of our village to house when I could’ve walked and gotten a little exercise from it as well. There are many little things I could’ve saved on but didn’t. And these little things are what really caused my money tree to go bare.
Hence, Project 300. It’s pretty simple. I will allocate only PHP300.00 per day as my allowance for every day of the week. This amounts to PHP2,100.00 in seven days. My routine every day is simple, go to work and then go home. Surely, I wouldn’t need any more than PHP300.00.
If I spend less than PHP300.00 in a day, the surplus goes into a money jar and I will allocate a new PHP300.00 for the next day. If I spend more than my weekly allocation, the money will be borrowed from next week’s allocation. Savings will be calculated on a weekly and a monthly basis and can be used in any way I see fit. It could be used as additional payment for bills, buying a new pair of shoes or saved up for any planned trips, etc.
January is my pilot month, to see if the plan works. I will post a review of the project at the end of the month in my blog.
Note to self: Jesus saves, so do I. =P