Before I share how to save money for concert tickets and travel, I want to make it clear that this saving method is NOT my invention, I read this somewhere several years ago when I was a teenager and it stuck with me. But I only started to follow it during the COVID-19 lockdown from 2020 to 2021 when I had fewer miscellaneous expenses because I wasn’t going out. I also had a goal when I was doing this, as a motivation not to spend the money I was saving, and it was attending the BTS concert.
This proves that the key to making your savings journey achievable lies in using a structured plan. The 8-Month Saving Challenge is designed to help you save a substantial amount with less pressure. Whether your goal is to attend a concert, embark on a vacation, or simply enhance your financial security, this challenge is an excellent starting point.
How the 8-Month Saving Challenge Works
The 8-Month Saving Challenge is flexible and adaptable to any income level. You can divide it in two or double it. Depends on what is realistic or achievable FOR YOU based on your monthly income and expenses. And you can start whenever month you want.
I start my month in February or March because I had a lot of expenses in November and December in the previous year. I take a break from saving in January and focus on paying the bills I accumulated during the Christmas season.
Here’s a month-by-month breakdown to guide your savings:
- Month 1: Save $200 or PHP10,000
Begin the challenge with a robust savings goal of $200 or PHP10,000. This strong start helps build momentum for the months ahead. - Month 2: Save $100 or PHP5,000
Ease into the second month by saving $100 or PHP5,000. This adjustment ensures you continue progressing without overstretching your budget. - Month 3: Save $150 or PHP7,500
Increase your savings to $150 or PHP7,500 in the third month. This step helps maintain your savings habit and accelerates your fund growth. - Month 4: Save $50 or PHP2,500
Give yourself a break with a lighter goal of $50 or 2,500. This approach keeps you motivated without feeling overwhelmed. - Month 5: Save $200 or PHP10,000
Boost your savings again to $200 or PHP10,000. This increase brings you closer to your overall savings goal. - Month 6: Save $100 or PHP5,000
Save $100 or 5,000 as you did in Month 2. The alternating savings amounts keep the challenge engaging and manageable. - Month 7: Save $150 or PHP7,500
With two months remaining, save $150 or PHP7,500. By now, your savings habit should be well-established. - Month 8: Save $50 or PHP2,500
Conclude the challenge with a final savings goal of $50 or 2,500. This final amount allows you to wrap up the challenge feeling accomplished without added pressure.
Keep track of your progress with a fun chart. You can paste these templates it in your journal, display them on your desk, or stick them to your refrigerator, wherever you want to stay motivated.
You can download these templates on Canva: Jar Template and Table Chart Template
Why the 8-Month Saving Challenge Works
- Flexibility: The varying savings amounts allow you to adjust based on your financial situation each month.
- Psychological Boost: Starting big and ending with smaller amounts helps ease you into the challenge and finish strong.
- Sustainable Habit: By the end of the eight months, you’ll have developed a consistent savings habit, making long-term saving easier.
More Tips on How to Save Money for Concert Tickets, Travel, Etc.
Track Your Expense
To maximize your savings potential, consider using a money-tracking app. These apps help you monitor your expenses, set savings goals, and stay on track with your budget. By keeping a close eye on your spending, you can better manage your finances and ensure that you meet your savings targets. I use the Money+ App (available in iOS and Playstore) not only because it has cute graphics but also because you can use more than one currency. Perfect for those who earn income from clients from different countries.
Adjust as Needed
If you find it challenging to meet your monthly savings goals, it’s okay to adjust the amounts to better fit your budget. Flexibility is key to staying on track. Review and adjust your savings plan monthly to ensure it aligns with your financial situation.
Consider High-Interest Accounts
Deposit your savings into high-interest digital banks like Maya or SeaBank to maximize growth. Maya offers up to 4% interest (you can use my refer code QK6M9XG543ZE to get PHP 20 upon signing up), and SeaBank provides up to 4.5% interest.
Stay Motivated
Celebrate your progress along the way. Small rewards or milestones can keep you motivated and focused on reaching your final goal. Check out that item you put on your cart for months, or buy that dessert you’ve been carving. Depriving yourself tends to make you spend recklessly later.
Final Thoughts
The 8-Month Saving Challenge is an ideal strategy for anyone aiming to build a solid financial foundation in a structured, less pressured way. By following this plan, you can save a significant amount without feeling overwhelmed. The alternating savings pattern ensures that saving remains a positive and engaging experience.
