It’s time to review my progress.
So, I allocated Php 300.00 per day and to my observation, it worked moderately. I was able to save close to half of the daily allowance and recorded it in my progress tracker. The challenge came when come at the middle of the month, I didn’t have enough money to actually sustain a new allocation of Php 300.00 daily because I was also giving an allocation to my mother for her daily expenses. I then decided to switch to a different strategy. I allocated Php 3000.00 for the next 15 days which is actually Php 200.00 per day. What I noticed that I usually used up that amount and have nothing left for savings. In fact, there were times I used my savings for buying some items.
Important points picked up:
- Php 300.00 is a good amount for a daily allowance but my salary cannot support for a full month given payment of bills and daily allowance for my mother.
- Php 200.00 is enough for a daily allowance unless it’s a weekend.
- Weekends should not be included in the daily allowance because what happens is not routine.
In conclusion, I will do the following for February:
- Weekends will no longer be included in the allowance scheme.
- I will keep the strategy of Php 3000.00 every 15 days.
While this strategy will probably not allow me to actually see my savings grow, I am content in the fact that I will not exceed Php 3000.00 in 15 days (given that no extraordinary circumstances come about.
Here’s to a more prosperous February!