Monday, April 28

52 Week Money Challenge - Great Way To Start Saving

The concept of the 52 week money challenge is simple. Just follow the chart and set aside the same amount as the number of the week during the year. There will always be 52 weeks in a year, therefore in week 1, set aside $1, week 2 set aside $2. Just keep adding a dollar every week and at the end of the year, you will be $1378 richer! 

A friend of mine introduced this concept of the 52 week money challenge to me. I thought to myself "Yes i will do it!" I will put the money in and start to save every week in office. 

Therefore i decided to print out this chart and stick to the wall beside my desk. The next step was to look at the chart, scroll through to week 18, it says $171 then go to my online banking account, transfer this amount to my OCBC 360 savings account. Ok set! Done! Next week is week 19, so i will just require to transfer $19. 

As some wise men said. "It's not about how much you save, it's about cultivating the habit."
You can download the challenge chart here.. 

Update 2016
It is increasingly challenging to find small change of the odd dollar to continue with this saving. Therefore, to save the hassle of looking for the exact amount of change to be deposited, i have set up a recurring transfer of $26.50 every week, which would add up to the amount of $1,378 at the end of the year as well. 


52 Weeks Reducing Challenge

The 52 weeks reducing challenge is simply the reverse of the original 52 weeks challenge. For this challenge, we start with the largest amount of $52 for the first week and reduce that amount by $1 every week. We would still end up with $1,378 at the end of 52 weeks. I personally prefer this method as it is both visually and mentally inspiring. 

At the end of just 4 weeks, i would already have saved up $202. As the amount to save gets reduced each week, it would also seem to be easier to complete. Click here to download this saving chart.   

52 Weeks Automated Challenge

The 52 weeks challenge to save exact amounts each week is in itself a challenging challenge. Imagine you have a couple of $10 and $50 dollar notes in your wallet and you are suppose to save $47 this week, you probably have $3 too much or $2 too little. Therefore, to save the hassle of looking for the exact amount of change to be deposited, we can set up a recurring transfer of $26.50 every week with our bank to do the work for us. This would add up to the amount of $1,378 at the end of the year as well. 

The best part about this? Automation! The biggest problem many of us face is forgetting to save or not remembering to save. With a recurring transfer set up, we can ensure that the saving will definitely take place. Of course, just remember to ensure you have money in your bank. :)

Click here to download this saving chart.   

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