Personal 52 week Money Challenge (2017 Quarter 1)

Hello,

Are you also doing this challenge?

This challenge was popularize 1-2 years ago. It’s prime goal is to teach people the discipline in saving. For some, the amount save would be their extra 13th month pay, savings for a specific want, and for others, instilling the art of discipline. For me, it’s either for paying some debts or adding to my investment. I’m really dying to add some funds to my investment but with no stable income. How, right?

I’m doing the 30php increment and I’m currently on the 6th week of this challenge and it has been alright. Still bearable. 

Why I’m doing this? For the thrill I guess. With a fixed amount, it’s easier. With a guide, you can actually see your progress and you feel motivated. Every week, I place the written amount in my coin bank. If I missed one, I can just go back to it. HIGHLIGHT means it’s a DONE week.

When I originally wrote this entry I was at my 6th week but right now I’m at my 12th week and I’m actually feeling the difficulty of the challenge because my sideline is not generating enough revenue. I have no choice but to just catch up in the future but I’m confident I’ll be able to finish all 52 weeks despite not strictly following the schedule originally planned for this challenge

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Unionbank Cebu Pacific Debit Card

The latest offering of Cebu Pacific and Unionbank is their Getgo line of cards.

When I first read this as an advertisement somewhere, I was excited but I needed to wait for an acceptable date before I get one because I have an Unionbank Eon. When I saw an annual free for life advertisement (and considering that it was the same for the debit card), I registered my details in their website.

In fact, I really wanted the credit card but I will never get approved for that so I went for the debit card. At 88php=1 point, I can at least get something out of my purchases. 

Last year, I went to the branch where I have an account. Despite having posters here and there, I can definitely say that the personnel that I’ve talked to is not familiar with this product and I was probably the first one to get this product.

In fact, I didn’t know that there was an annual fee of 500php and only knew it when I was there. Thinking of various factors, I still decided to get the card since the design was unique and I know I would be able to spend that high of an amount (on the assumption that I need to get 500 pts to retrieve the worth of the card per year). That’s at least 44,000php or 3700php/month. I also wanted to score some point flights.

This card works the same as the Unionbank Eon. The only difference is the points.

So after using this card for 2 months

PROS

1) 5 YEAR CARD LIFE as per Unionbank Eon 2 YEAR CARD LIFE.

2) If you don’t have a credit card and want to earn some Getgo points. 

3) If you’re a high purchaser and want to earn some Getgo points.

4) Debit Card functions. Paypal / VISA. Can practically be used for online shopping and physical stores.

NEUTRAL

1) Unionbank Mobile Banking.

CONS

1) Not exactly the easiest bank to deposit money.

2) Not clear on how much of the purchases are actually calculated in the point system.

3) Expensive compared to Unionbank Eon. 500php vs 350php annual fee.

4) The people selling this product is not knowledgeable.

But what was most frustrating was after getting my card, two hours after, an email was sent to me telling me I could get the first year waived. Boiling with anger, I called Unionbank customer service which was also worthless since they didn’t know much about this product either. It is up to the banks discretion. In the end, I decided to just let it go.

For me, is it worth it?

Yes, worth it. For someone who can’t get a credit card and want to earn some points from Cebu Pacific without flying, I can say that the card is doing some convenience in my life. I also did realize that it might not be that worth it to get Getgo points but the 5 year life of the card is convenient.

In fact, I was able to recover the worth of the card in 2 months. Thanks to our monthly trips to Mercury Drugstore.

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