Do you have any dreams that depend on saving some money? Maybe you dream of taking an international trip, renovating your home, going to graduate school?
Regardless of what your dream is, if it depends on raising some money to be realized, you will need to take some steps to save, right?
And, as we are often bald to know, saving money is not always an easy task. After all, a coffee here, a dessert there, some blouses on sale and poof! Gone are all the savings of the month.
With that in mind, today we're going to talk about the 52 Week Challenge, which lets you save up to $ 6,890 in a year! That amount may not be enough to buy a zero car in sight, but you may already be thinking of making an entry or perhaps buying your long-awaited trip.
How the 52 Week Challenge Works
The only way to make money without making a lot of effort is to win the lottery, so it's important to know right now that the 52 Week Challenge doesn't work miracles. On the contrary, it is a mathematical technique (quite simple!) That requires discipline to work.
Also read: 7 Practical Tips To Take Control Of Your Money
Each week you should be required to raise a certain amount of money, which can be deposited in a piggy bank or in a savings? In this case, your money will still yield a little more per month.
It's up to you to decide the initial amount that will be saved, but to get to $ 6,980 by the end of the 52 weeks (ie one year) you need to start with $ 5. Each week you should add $ 5 to the amount saved in the previous week.
Thus, on the second week, you should deposit $ 5 plus $ 5, ie $ 10. On the third week, you should deposit $ 10 plus $ 5, totaling $ 15, and so on. , according to the following table:
For this method to work, you need to analyze your budget and predict if you can save the quantities determined by the end of 52 weeks. The initial $ 5 may seem like little, but as time goes on, the amounts to be saved are much more significant.
It is at these times that the discipline will speak louder: to reach the value set for each week, you will need to cut back on unnecessary spending and think twice about whether you really need to buy another pair of shoes. The advantage of using the table is that it allows you to view your balance, and this gives a superanimity to keep saving.
Read also: 11 ideas on how to make money on the internet
I won't have all that money to save. Can I start with less?
If you have done the math and already know that you will not be able to save the higher amounts as you go through the challenge, you should start with a smaller amount.
For example, when you start saving $ 1, you should also add $ 1 to the amount saved per week, so your largest deposit will be $ 52 ($ 1 in the first week, $ 2 in the second, $ 3 in the third and so on). Of course, in this case, the final balance will be lower, totaling R $ 1,378.
If you decide to start with $ 2, in the second week you should deposit $ 4; in the third, R $ 6; and so on. Your total will be $ 2,756, with the maximum deposit of $ 104.
And of course, if you're in a slightly more comfortable financial situation, you can start the 52 Week Challenge for a larger amount. Starting with $ 10, for example, you could add $ 13,780 at the end of this period.
Regardless of the starting amount, the 52 Week Challenge is a great way to help us save and reflect on our spending. By looking at the chart, we can see how much we can save by not buying superfluous things and focusing on a long-term goal by shifting our relationship with money for the better.
Read also: How to save on bank fees
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