When I first heard of the 52-week Money Challenge I was so ecstatic. Finally another saving system to add in my list. I was have a big fan of the 50-20-30 method wherein 20% of my take home pay is reserved for my monthly savings or the
Before the year started I knew I want to start a new envelope called Future Fund which is more of a fund that I can use for the future plans such as if I want to study again, or my wedding or for my future kids. So that’s why I am using the 52 Week Money Challenge to build my Future Fund this 2015.
I know you might find this a little off considering the fact that I am too young to think too much of the future but I can’t help it. Also at the moment I am single and with no financial obligation so why not continue saving as many money as possible rather than wasting everything to nothing.
Did you know that you can use the 52 Week Money Challenge in other ways as well?!
Today I am going to give you different ideas on how to apply the 52 Week Money Challenge in your life.
1. Emergency Fund.
Others ask me how to find money to finance an Emergency Fund and one idea that comes in my mind is do the 52 Week Money Challenge. I for example has a goal of 35-45,000 pesos as an emergency fund and if I do the 52 Week Money Challenge in the denomination of 50pesos for just 6 months I can easily hit the goal.
2. Wedding Fund.
If you are a newly engaged couple and asking yourselves whether how on earth you can afford a wedding with ceremony and reception then try the 52 Week Money Challenge as a couple. If you do this you can save as much as 68,000pesos or if you try to double this one you can even earn 130,000pesos in just ONE YEAR!!!
3. Small Business Fund.
If you have this inner passion in entrepreneurship and needs capital then why not do the 52 Week Money Challenge?! While waiting for the fund to be enough then you can just develop your product or build your strong business plan.
4. Travel Fund.
We all have our dream travel destination so the 52 Week Money Challenge can be a good saving system to have enough fund for the travel that you want to embark with.
5. Birthday Fund.
If you want to celebrate your birthday with a party setup then completing a 52 Week Money Challenge can be a good startup budget. You can also do this trick if you want to sponsor the special occasion of your loved one such as debut of your daughter or Golden Wedding Anniversary of your parents.
Here is the Template that I use:
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Tips to successfully accomplish the 52 Week Money Challenge
Define the end result. What will happen to the money that you will save for the whole duration of the 52 Week Money Challenge?! The answer will serve as your main motivator in the journey of the challenge. Write down the end result put it a place where you can always see it so that you will become closer to your goal.
Find an accountability partner. You can ask one of your sibling or a best friend and even your partner if he or she is open to the idea of 52 Week Money Challenge. As they say two is better than one. You can remind each other once a week is coming up. What you can also do is to keep your money to your accountability partner and vice versa so that you won’t be distracted to spend.
Never miss a week. Focus on your goal and try your hardest not to miss a week in the 52 Week Money Challenge as that can easily divert the whole saving system. Remember that once you miss a week then you need to save twice the amount for the following week, thus a domino effect on your budget for the week and the month ahead.
Find a safe place to keep your savings. I actually thought of withdrawing my 54 Week Money Challenge savings in a separate savings account every month but I decided to withdraw only when I hit an amount without “butal” for example this coming Week 9 (Mar 1 –Mar 7) I will have a total of 900pesos savings so I will definitely withdraw the amount in the bank. You can also place this an alkansiya but this might have a “so-so” safety.
Know how to adjust your budget for your savings system. Since you are now doing the 52 Week Money Challenge you need to adjust your budget according to how the weekly system goes. Remember to stay away from big expenses once the amount you need to save for the challenge is high. At the end of the day, you can enjoy better savings with the little sacrifice you will do.
It is fun to challenge yourself sometimes and if it is the kind of challenge that will leverage your finances then why not, right?! All it takes is discipline and an eager attitude to be better financially.
If you are doing the 52 Week Money Challenge then how is you savings doing?! Are you doing the 20s too? How about 50s? Or maybe 100s?! Do you believe in 52 Week Money Challenge?!
Be better in your finances. Save Now, Invest Now and walk your way to success. Sign up in myEmail List and receive templates to get you started in your Financial Wealth. Follow me onFacebook andTwitter for better updates. Godbless
Izza of SavingsPinay promotes financial literacy for the young and young at heart by providing insights and tips on budgeting, saving, investing and online entrepreneurship. Aside from this blog she also writes at www.izzaglino.com, a beauty and lifestyle blog for frugal Pinays and manages, www.izzagevents.com, a wedding and event business since 2011. For inquiries, topic suggestions or future collaborations email her firstname.lastname@example.org