First of all, I wish to inform that this saving plan should be achievable by most middle-income adults in Singapore, as long as you do not spend your money unnecessarily.
I started a savings plan at the beginning of this year after reading an article on how to save money.
The original savings plan goes like this:
Week 1 = Save $1,
Week 2 = Save $2,
Week 3 = Save $3,… so on and so forth…
Week 52 = Save $52.
By the time you come to week 52, you would have saved a total of $1,378 for the year.
I was thinking, how about I up the challenge and try something different?
Hence, I adjusted my own savings plan as such:
Week 1 = Save $1 every day for that week (total $7),
Week 2 = Save $2 every day for that week (total $14),… so on and so forth…
Week 52 = Save $52 every day for that week (total $364).
It seems 1st Jan 2014 is a Wednesday and since 31st Dec 2014 is also a Wednesday (entering week 53), I have to save an extra $53 for that day. With this, I will be able to save a total of $9,699 for the year.
The early weeks were manageable since the amount to save each week was small. However, as I progressed beyond week 30, I was pretty much struggling to save at least $210 ($30 x 7 days) per week.
I was into week 45 earlier this month and felt it was a real torture! Imagine I had to save $315 for that week and counting, on top of other commitments.
That’s when I decided to end the “misery” once and for all.
I had already saved a total of $7,245 by week 45 but realised that putting money in a tupperware container wasn’t earning me any interest as compared to the money being in a savings account. Therefore, I decided to complete the savings “project” in advance and save even more by topping it up to $10,000.
So that is how I managed to save $10,000 for the year. Try it!
It would be great if I can achieve such savings every year for years to come.