Do you need a jumpstart to your financial targets? Why don’t you start it by taking on a new challenge such as the save money 52 week challenge?
Ideally, we agree that a person should make an emergency fund, retirement savings, and other important expenses as their priority. The ideal amount of the emergency fund should be up to 6 months of their regular expenditures. Unfortunately, not everybody can afford this ideal financial goal.
As a matter of fact, starting to do the 52-week challenge may help you to earn some extra cash. Besides, you are about to build a great habit, i.e. saving money by doing it. So, are you ready for more information on tips on how to save money 52 week challenges, and more? Keep reading this article
What is the Save Money 52 Week Challenge?
First of all, let’s take a closer look at this challenge and how it works. A save money 52-week challenge is pretty simple.
You need to start saving $1 on the first week; aside $2 on the second week, then put away $3 on the next. Keep on increasing $1 on your saving each week. You will be saving more than $50 each week after reaching your end.
How much do you save in the 52-week challenge? Well, the minimum saving amount you will probably receive at the end of the challenge would be $1.378. Pretty amazing, isn’t it?
Surely, there are a lot of problems you might have to conquer throughout the challenge so you can finally reach your ultimate financial goals. The following tips and benefits of saving will help you get through all the potential problems you have to deal with.
Tips on How to Save Money 52 Week Challenge
For many of us, saving money is difficult if not impossible due to our own reasons and conditions. However, given its proven benefits and importance in our lives, we should probably start doing it right now. Here are 5 tips on doing a save money 52 week challenge for you to consider:
1. Be Hard on Your Self Control
This could be the hardest tip to do since you have to deal with your self-control. You may be tempted to spend a small amount of your savings on certain needing. Once you break the rule, you may ruin the whole challenge.
If you choose to save money 52 week challenge on an account, you can take away the debit card. This way, you will find it harder to spend your savings.
2. Set A Reminder
Make sure that you set a reminder to set aside money every week according to your plan. A fixed calendar assignment, a visual reminder, or an alarm on your cellphone will help you best.
3. Do the Challenge with A Partner
Knowing that doing this money-saving challenge is really demanding, you probably need extra motivation. Ask someone close to you to be your partner. This will help you both to motivate and remind each other’s plans.
4. Use A Chart
To help you succeed in carrying out this mission, a 52 week save money challenge chart could be your best aid. There are myriads of such charts available online. Choose one that suits you best.
5. Reverse the Challenge
Commonly, people will spend more of their money on the year-end, making this challenge a bit tougher upon reaching the end. However, you can do the 52 week saving money challenge reverse by saving $52 on the first week.
The next week you need to save $51 and so on until you reach saving only $1 at the end of the challenge. This will likely lighten your burden for your year-end hectic.
Benefits of Doing A Save Money 52 Week Challenge
Doing this money challenge will definitely give you many benefits. Thus, you have to motivate yourself to finish the challenge well. You can even extend the challenge into 2 or 3 years ahead for a larger savings amount.
Here are some of the benefits you will get from a save money 52 week challenge:
· Pay Your Debt Off
The minimum $1,378 amount of savings by doing the challenge in a basic way will help you pay some of your debts off. This effort will ease you a little bit from your financial burdens you are facing right now.
Should you need more outcomes from the challenge, you can increase the money set aside every week until you reach your desired number.
· Make an investment
Doing the challenge means having more cash in your pocket. Instead of spending your savings on something that will decrease its value, why don’t you start investing? Do some research on the investment types that suit you and your finances best.
· Plan to have a vacation
You deserve to enjoy your life by planning your dream vacation upon achieving the challenge goal.
· Plan for A Major Purchase
Go for your dream major purchase, such as buying a house or your dream car, with the savings you get from the challenge.
· Have a Saving for a Rainy Day
The challenge will add up to your emergency fund that will help you cover some unexpected expenses.
· Build New Good Habits
Being able to finish the challenge strong is definitely a win. You are building a new habit, among others are:
- You become more responsible & eager to save
- Trimming your unnecessary expenses will come easy for you.
This money challenge could be your best way to save some money you need for your future. By doing so, you get the chance to start a good habit of managing your money, improving your mindset about money, and setting any financial goals within no time.
With a strong will and commitment, the amount of your bank account will grow bigger and bigger. So, why don’t you start your save money 52 week challenge right now?
Article Sources:
https://www.clevergirlfinance.com/blog/the-52-week-savings-challenge/
https://www.bankrate.com/banking/savings/52-week-savings-challenge/
https://twocents.lifehacker.com/save-money-with-the-52-week-money-challenge-1846002779