The 52 WEEK MONEY CHALLENGE PLAN is becoming increasingly popular among people who are dead serious about saving and are really eager to take control of their finances. This plan is really designed for those who know they need to save but are dealing with tight budgets.
So, how do you take on this challenge On this 52-week plan, your goal is to be able to save a specific amount that you can eventually use as either emergency fund, travel fund or other personal plan. You monitor your savings on a spreadsheet that has weeks 1-52 which is actually equivalent to one calendar year. You save the amount of dollars that corresponds to that week’s number like, for example, on the first week you have to save Php 1; then on the second week, you save Php 2; and so on and so forth. This is to encourage the person to save on a regular basis. You can, of course, deposit a bigger amount if you want to, but the main idea is to start with a realistic amount that will ensure you realize your goal. If one week you find yourself with extra cash, you can also add it to the pot. You’ll end up with a bigger sum by the end of the challenge or you’ll have created a bit of a filler for weeks that you don’t have any extra cash left over.
There are some who do this challenge in reverse, meaning they start with the big amounts first. The reason why they take on the heavy lifting early on is to feel the impact on the early stages of the challenge and they can relax a bit on its latter part.
You may check the chart below so you can get a visual idea of how this plan works. And if you have other members in the family who earns, ask them to do the same. As they say, it is always better to surround yourself with people who have the same goal.
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