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January 18th, 2015

The 52 weeks money saving challenge

It was last year when I started doing my 52 weeks money challenge. After I read a blog post about saving money weekly for the whole year, I immediately tried and see it for myself. I’m so happy by then because it really works for me. I used the money I saved and put into another savings/investment. Doing this kind of trick, you can probably buy new gadget or have a vacation somewhere. You can also build up emergency funds, retirement fund or investment funds if you want to.

52 weeks money saving

The 52 week money saving challenge is certainly a great way to save at the start of the year. And to get you started with this challenge here are a few items that you need.

• A goal.
set and reach goal concept

Photo from Google

Why do we save in the first place? Of course everyone of us has its goal. Making goals motivates us to do hard work. To save and to finally to be financially free. It is a nice feeling buying new gadgets or a gift to your family, friends, boyfriend or girlfriend right? Or perhaps saving a part of your allowance so you won’t worry for the next school year tuition fee which your parents were so worried about. Thinking of the item or things we want to achieve or we would want to buy made us giggle, happy and excited. Isn’t it? I simply can’t wait to get started again. This time, let’s do it together!

• A savings bank.
My savings bank
As I’ve said, I started my 52 weeks money challenge since last year. So here’s my quick DIY piggy bank for this challenge. I find my nephew’s old piggy bank and cover it with the template which I downloaded on the internet. You can use a plastic container, a bottle, coin bank, piggy bank, a jar or anything in shape as long as you can keep safe your savings. I prefer a covered one though so I won’t see the money stack in there and count how much I already saved. When in fact I even know how much money I kept by just looking at the template. LOL

• Template.
This challenge has an existing template that you can print out and tape in your savings bank. However, I have two things to offer. Its up to you which way is more convenient or much likely doable on your part. Well I guess, depends on the budget and income isn’t it?
52 weeks money saving challenge - templateBasically, the left side of the photo is the original pattern of this challenge. (More doable to those who are working). And for those who are just starting to save and trying hard to make savings a habit and to those who are not yet earning (student). Template on the right is a better way to start for you.

• Mindset.

Photo from Google

I know it is hard to save. I know it is hard to stop ordering extra rice for your savings. I know saving is a hard thing to do because it really requires a habit, determination and most of all is a proper mindset. As I started this challenge last year, admittedly I had a hard time maintaining it weekly. There are times I borrow my own money but I make sure to pay it back. And there are times I pay more than enough to cover up. If you really wanted to achieve something, always keep on track! Remember as what other successful people says, Dream + Do + Actions = Success.

Here are some more tips that can help you complete the 52 week money saving challenge.
• For professionals who are paid twice a month, instead of doing a weekly challenge, you can do it twice a month. For instance, instead of putting in amounts for Jan 1 to Jan 7 and Jan 8 to Jan 14, you can sum up the two weeks and deposit 150 instead of 50 and 100. This will prove useful especially to bigger amounts in the latter part of the year.

• As you proceed with the saving up process, you can crash out weeks that you already fulfilled. This is like crashing out dates in your calendar. This will make you feel giddy inside.

• If there are months that you are paid more than your usual salary, Let’s say for instance getting half of your 13th month pay, tax refund or bonus, you could do advance savings. You can deposit more in order to cover the other weeks.

If you have a trouble saving 50php per week, try it out first with 10php per week. You need to have a concrete plan for saving. As what they say, goals have to be SMART (Specific, Measurable, Achievable, Relevant and Time bound).

Photo from Google

Imagine being able to save as much as 68,900Php or 13,820.00Php for the whole year. That is enough for a brand new laptop and more than enough for a brand new phone. Perhaps you can buy both, a phone and a laptop. I’m thinking of buying an iMac to be used in blogging or better yet put my money into an investment as what I did last year. Whatever rocks your boat; I am sure the amount will be able to help you achieve what you wanted.

Here’s the golden rule: “Do not touch this.” Since you know just how much you already saved, do not be tempted to get or even borrow from here. You may also open up another bank account for this purpose alone. Again, do not get money from here.

I hope this would get you pump up to save for the year. This is also a better way to start 2015. So start saving! Let’s do the 52 week money saving challenge today.

Posted in: Money Matters · 7 Comments

7 Comments on The 52 weeks money saving challenge

  1. January 19, 2015 at 11:41 AM

    I’m doing this challenge too! 🙂

    I looove your blog Yuri! I found you through Rica ( 🙂 I hope we can be friends. 🙂

    Janine | Lime & Life

    • January 20, 2015 at 12:48 AM

      Yaaay! Thank you! 🙂
      Sure sis! Why not? Looking forward to collab with both of you. 🙂

  2. January 19, 2015 at 11:51 AM

    I’ve been reading this kind of post almost everywhere, I’ve seen how convincing it is as well. You’re actually right, this challenge is really hard. As for me, since I have a baby and I don’t have that big amount of income, just enough for my baby’s needs. And I’m saving for my baby’s first birthday! 🙂 I might try the data on the right side 🙂
    thanks for sharing dear!

    • January 20, 2015 at 12:59 AM

      Hope my other suggestion works well on you sis. As what they say, If there’s a will, there’s a way! So good luck and let’s do this challenge together! A prosperous 2015 for us! 😀

  3. January 26, 2015 at 9:16 AM

    I tried doing this last year and failed terribly. Nawalan ng discipline nung malaki na yung amount. This year I’ll try to do it again

    • January 26, 2015 at 11:11 AM

      Me too, I haven’t finish mine up to December. When you know you have a lot of cash, matetempt ka talaga! Haha
      But for some reason I was tempted for a good cause. Let’s do it again sis! ^_^

  4. Kevs
    May 1, 2015 at 4:00 PM

    Way to go Thel!
    good job!