I’ve encountered several posts about this on Facebook. People are saving all 50 peso bills that they get as change. Sounds clever, so I thought I should also give it a try. I actually tried this last year but I ended up spending them on taxi fares, small purchases at a convenience store, and the like.
When I moved in to my place six months ago, I started this 50-peso saving challenge again.
The rules are simple
Save all 50 peso bills that land on your hand. So if you go to a store with 500 pesos, bought an item worth 100, and the sale clerk handed you eight 50 peso bills as change, you will have to save them all! Don’t ask the clerk to change them to 20’s or 100’s. No cheating!
Personally, I would put them in a small jar and placed it on the table where I normally leave my keys. That gives me the signal to check my wallet for any 50 peso bill upon entering or before leaving the house. I planned to never count the bills until this month (December).
How many 50 peso bills did I collect for six months? I counted exactly 45. Which means I got to save Php2,250. Not bad! I would say it was quite effective and I will surely continue doing this challenge again starting this January.
Any small money-saving tips you want to share?
Why it works
If small expenses are the ones we need to be very careful of because THEY ADD UP, small savings will also add up! Just like small expenses (that add up), saving fifty peso bills is also easy in the pocket. The best part is, you won’t notice putting away small amount from your expenses, and actually adding more to your savings.
I am aiming to save at least P10,000 worth of fifty peso bills by December. That should give me more than enough cash to put inside several tiny envelopes for my inaanaks. That means crossing out a huge amount from my Holiday budget list as early as now. Awesome!