Do new year resolutions actually work? Be it exercise or a hobby, most of us give up after a few days after the clock strikes 12.
But those who've tried and succeeded will vouch for resolutions and make one again the next year. The key thing to remember is that a lot can happen over 52 weeks and the way we see it, that's 52 opportunities knocking at your doorstep.
So be it an exercise regime or kicking a bad habit or beginning a savings challenge all you need is a 52 weeks plan to keep you engaged and motivated.
So, don't give up on your goals just yet. Let's try again this year and focus on getting your savings goal on track with the 52-week money challenge. Having savings will not only help you achieve your bigger goals but can be a lifesaver especially during the challenges like the pandemic.
What Is the 52 Weeks Money Challenge?
The 52-week Money Challenge is a really simple 52 weeks savings plan that helps you save a minimum of $1,378 by the end of the year.
The table created for this savings challenge has gone viral on various websites and social media sites since 2013. And many all over the world have taken the challenge and reportedly achieved their savings goal.
52 Week Saving Challenge: How Does It Work?
For the 52-week Money Challenge, you start by saving $1 in the first week. You gradually increase it to $2 the next week, $3 the week after and work your way through up until the last week of the year at $52.
The amount you start off with may seem small but it will slowly add up and make a difference by the time you come to the end of the year. Trust us, it'd be great to see your savings grow upwards as time goes by.
Are There Any Variations To This?
Feeling ambitious and would like to grow your savings even faster? Feel free to start off with a bigger amount and see your digits rise each week.
Take a look at the table below to see how you'll end up with $27,560 if you start off with $20 in the first week.
But, if you would like to stick to the original savings plan but worry that you'll overspend during the year and won't be able to keep up, you might want to opt to do the reverse version instead.
Start with $52 in the first week and work your way backwards. This way, you can take advantage of a bigger initial amount in your savings.
Tips To Reach Your Goals Using The 52 Week Challenge
Rhea Mocorro of the Kuripot Pinay from the Philippines personally took the challenge in 2014 and managed to save 60,000 Philippine Pesos (S$1,783) by the end of the year.
She offers the following tips to anyone who is looking to conquer the challenge:
1. Start with a goal
Imagine getting your most coveted gadget by the end of the year or perhaps buying amazing gifts for your loved ones. Starting with a goal will keep you motivated to save, and save, and save.
So, pick an item that you don't usually splurge on. From there, break it down in terms of your weekly amount to save.
2. Get a designated piggy bank
Most of the people who took the challenge used a clear bottle to put their money. Rhea prefers a solid coloured one so that she won't see the money stack and constantly count how much she has saved.
For this, you can use just about anything: a plastic container, a bottle or a jar.
3. Have a template ready
Decide the amount that you want to start off with and get that savings template ready. Print it out and tape it on your piggy bank. This will help to serve as a reminder and keep you focused on your savings goal at the end of the year.
Feel free to refer to our templates in this article or customise one of your own.
To everyone who will be taking the 52-week Money Challenge, good luck and happy saving!
Have you taken the 52-week money challenge before? Did it help you reach your savings goal? Share with us by leaving a comment below.
Also! We are currently running a giveaway on six months' worth of diapers for 10 lucky winners! Don't miss out on saving money!
Reference: Lifehacker
ALSO READ:
Money Confessions: Are Joint Savings Accounts Relationship Wreckers Or Boosters?
4 Simple Tips To Save Money Without Changing Your Lifestyle