Setting your own rewards system

By Randell Tiongson on June 27th, 2009

Author’s Note: This is a guest post from Kendrick Chua. Hope you enjoy this article! -Randell T.

Setting your own Rewards System

Credit Cards became this popular not only for the convenience they brought to the consumers but also because of the rewards system they offered. For every certain amount transacted, cardholders are given reward points that can later be exchanged for gift items such as gift checks, appliances, gadgets and even trips. So the more you use your card, the more points you get, the bigger your gift item is.

The reward system is ingenious so to speak but can that be applied to our own financial planning? I did reflect on this for some time and I thought it is possible to set up our own rewards system.

Definitely we won’t be rewarding ourselves for shopping but our performance in work for the day deserves some merit. This is where the rewards system comes in.

Everyday after getting home set aside an amount ranging from P5.00-P20.00 depending on how you feel you did for the day (This amount can vary based on your income). The key here is that the amount must be insignificant on its own that you won’t even notice it gone.

Put the amount in an envelope or a coin bank depending on your convenience and don’t touch it! Let it accumulate over a period of time. In the mean time make a list of the items you can reward yourself with after you hit a certain amount. Here are some suggestions:

Ps. 500.00 (one to one and a half week)
Gas money or movie for two complete with popcorns and drinks

Ps. 1,000.00 (two months)
Lunch Buffet in a non-hotel restaurant or a shiatsu massage in The Spa

Ps. 2,000.00 (three months)
New set of clothes or a new pair of rubber shoes on sale

Ps. 4,000.00 (eight months)
Out of town trip to Batangas or Airfare to Hong Kong

The ideas are immense and you can mix and match any items you want, any way you want it. If you’re eyeing for something, add it also to your list of rewards! It may be that pair of shoes or the bag you itching to get your hands on. Let lose of your creativity!

A word of caution though, the rewards must not be mistaken as savings. The money you set aside for this is on top of the 10%-20% amount you must set aside each payday. Furthermore, these rewards must be exciting for you such that it will compel you perform well every day. Your boss might even notice your enthusiasm at work and promote you and best of all, spending for these rewards now becomes guilt-free!

About the Author
Kendrick Chua is a candidate for the Registered Financial Planner Program. He is a life underwriter and licensed mutual fund representative for one of the leading financial institutions in the country. He is a regular contributor to Income-Tacts (, the country’s premiere on-line community on personal finance. A marketing management graduate from De La Salle University in 2005, he has always shown strong interest and enthusiasm in financial planning and investment management. Other financial articles can be read in his blog, Comments and suggestions may be sent to


3 thoughts on “Setting your own rewards system”

  • interesting post! Ed and i have been doing this…not for a reward to ourselves, but to give it to our soon-to-come baby as a gift!

    i did this tho…putting all my P5 and P10 coins in a piggy bank…in 2 months time, i had my pocket money for singapore!!

  • I like this idea!
    My hubby used to keep all 50peso bills. we’re not able to use them to reward ourselves but we’re able to use them when we needed some money last year instead of getting from our EF.

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Setting your own rewards system