Do you want to have $10,00 in your bank account by the end of the year? Check out this 52 week money challenge to $10,000.
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In this blog, we are going to be talking about a 52 week money challenge that will help you save up to $10,000 by the end of the period. Did you read it? A whopping $10 000 in 52 weeks!
Saving is probably one of the hardest things for many people due to many reasons. For some, they don’t make enough to cover all their expenditures, let alone save. For some, they are unable to keep track of where their all money goes. And for some, saving isn’t just as important therefore they have no saving goals.
The truth is that saving and having a savings account is crucial, and I can’t stress it enough. I believe everyone should have a separate savings account, especially for rainy days.
But the good thing is there are some smart ways in which you can do a savings challenge and stay motivated.
By doing a money-saving challenge it might be a bit aggressive but it’s nice to have a few extra bucks. It’ll also give you the confidence to know you are actually able to save money.
Before we dig deep into the what’s and how’s, can you imagine saving $10,000 annually otherwise? Well, I know how hard it is, therefore this is why a money-saving challenge comes to the rescue.
It helps you hit your savings goal for the year by doing these money saving challenges it can even set you up for early retirement. Check out this 52 week money challenge $10000!
This post is all about doing a 52 week money challenge!
What Is the 52 Week Money Challenge?
First things first, what is the 52-week money challenge, it is a challenge that lasts a whole year. You better be kidding, right?
So, the challenge indeed lasts an entire year, but did you see the amount you’d end up saving?
A 52 week money challenge is a simple plan to save a stash of cash, instead of always being on a tight budget. In this challenge, you set aside a certain amount of money every week for 52 weeks.
You can keep the amount constant and have it be the same amount, increase it on a weekly basis or can work in a reverse manner, which means start by saving the highest amount in the first week and then cutting down the amount with the last smaller amounts being the lowest.
However, it’s all up to you that how you want to make the most out of this money challenge to 10,000. But you need to keep one thing in mind, make sure the goal is worth it aka it means hustling for an entire year not allowing yourself to spend money.
Everyone has different financial goals. But we’d suggest you aim as big as $10,000. So by the time you are done with the money-saving challenge, you have a generous amount of money to do something you have been really wanting to do but never had the spare cash available.
When Is The Best Time To Start 52-Week Money Challenge?
It’s never too late or too early to start anything. The moment you realize that you should be saving money is the right moment. Ideally, people begin such saving money challenges from the start of a new year or when they have more income.
Since every new year, millions of people set various goals they want to achieve, and saving is usually one of them.
In all honesty, the new year is a good time to start saving, and it’s a fun way to save since people begin the new year with optimism and positivity.
They also decide to do things they have never done before or have been wanting to do, saving, for instance.
However, you don’t really have to wait for the new year if you think now is the right time. Do you know another time of the year when you can start the 52 week money challenge? On your birthdays!
Birthdays also come with a lot of realizations, one being how to make the upcoming year better in all ways.
All in all, it can be any time of the year. How much money do you save in the 52 week challenge? You save $10,000!
How To Get Started For 52 Week Money Challenge $10,000?
Now, let’s come to the critical part- how to get started.
You need to understand one thing. Committing to such challenges are extremely hard, especially the ones that have long time frames like this one (52 weeks is one heck of a long time, but so worth the challenge at the end). So here is a proper guide on how to get started and stay on track.
1. Make The Reason For Saving “Clear Cut”
You can’t move ahead until or unless there is a drive, a push, a motivation, and a goal behind it. You need something that’s going to get you all the way to the home stretch.
The motivation has to be more than just another one of your new year resolutions that’s gets pushed to the wayside. The ultimate goal is $10,000 more or less, depending on the amount you are hoping to save and your budget and income.
But the reason behind that saving matters too. Is it for a family vacation abroad? Or for paying off the loan debt? To invest in a business? Want a new car?
This could be anything. But as long as there is a motivation behind the saving, you will succeed in saving, eventually. If you are ever wondering how am I ever going to make this happen my suggestion to you is..If the why is strong enough, the how will reveal itself.
2. Determine The Start Of The Challenge
As we have talked about earlier, choose the beginning of the 52 week money challenge. Ideally, it could be a birthday or a new year. However, it can be any other time of the year too. But honestly, the sooner you start the better it will be since this challenge does take 52 weeks.
3. Create A Separate Bank Account
Putting your money into the same bank account won’t do the job. This is because, the moment you are short of money, you won’t think twice about using that money. But that won’t be the case if the money is kept in a separate bank account.
If you are using the same bank account for saving and spending money, then chances are you might end up using the cash unintentionally too. Even if you use it in the hopes of putting it back life does happen and you will most likely not put it back.
Thus, basically ruining the effectiveness of the 52-week money challenge. Accumulating many weeks’ savings can act as an annoying factor, too, and you might end up quitting halfway through the challenge if you are constantly looking at the money sitting in your main bank account and know you can’t touch it.
Do you see how significant it is to have a separate place to save your money?
How To Stay On Track?
Sometimes is easier to start off, but becomes especially difficult to carry the challenge when you are midway through. Here is what you need to do to stay on track.
First and foremost, make sure to keep the reason in front of you- for what you started this money-saving challenge for? The moment you will see the goal ahead of you and the perks you could enjoy afterward, there will be an instant urge to ensure that you make an extra effort to get there.
Secondly, think of any alternate way in which you could gather up to $10,000. Taking out such a huge sum of money together for something is impossible.
However, saving gradually and achieving the goal is possible. The best part is that you don’t have to pay them back, unlike loans or debts. The money you will be saving in this 52 week money challenge will be yours. What else do you need?
How To Free Up Cash For Saving?
Most of the individuals are earning just enough to pay their bills. This means there is never extra cash that can be separated from the savings. In this case, the ideal situation is that you look up ways in which you could either decrease your spending or increase your earnings in order to save for the money-saving challenge.
Here are some easy ways in which you can do that:
- Sell something that you don’t need: Selling things off that you are unnecessarily relying on but could bring you some cash is an ideal way to collect money for the challenge.
- Cut down the expenses: Now that you know you will be putting a certain amount of money into your savings, you should start looking for expenses that can be reduced. This will allow you to save the cash and deposit for your saving money challenge instead.
- Side jobs can help you arrange extra cash every week: If you think your current earnings won’t allow you to make savings every week, then why not employ additional effort and do side jobs, part-time, and earn for your savings?
These are very simple ways; they might not even add an extra burden to your current routine but will allow you enough bracket to save you money for your 52 week money challenge.
If you need ideas on how to make extra money for this challenge. But don’t want to take out some of the money you make in your 9-5? Check out this blog post here on side jobs you can do from home to make you some income.
Benefits of Committing To 52 Week Challenge
Do you know that the saving money challenge has more to offer than just reaching a target of collecting $10,000 at the end of the year?
It goes as follows:
1. You Will Become Pro At Budgeting
You can’t do a 52 week money challenge without talking about budgeting. Budgeting is by far the most difficult part of adulting. In fact, many people fail miserably at handling it too. It’s not something that is taught in schools growing up. And, if it is taught the importance of money managing is imperative to adulting, something that schools don’t stress enough.
But, if you succeed in managing your bill payments and save this much amount by the end of the challenge, then you have mastered the art of budgeting. This means you are ready to make and take the right financial decisions in the future, and you will make a way out, somehow.
2. You Will Learn Discipline
Committing to a saving money challenge can help you learn important skills that you might not have learned otherwise. For instance, discipline for doing revising the budget every week. Then fulfilling the commitment and, most importantly, not quitting halfway through the challenge helps you to learn that don’t leave things uncompleted. Finish what you start and you will be a better person for doing so.
3. It Instils The Habit Of Saving Money
Saving money is crucial. As mentioned above, it helps you survive your rainy days or act as an emergency fund. Helps you to splurge on the things you want in life like a car, vacation, etc. The 52 weeks challenge will help you instill a habit of saving.
What Can You Do With Your 52 Week Money Challenge Savings?
By the end of this 52 week money challenge, when you have a cache of money, you will have various options to sort your financial decisions. Sometimes loads, debts, or borrowing some kind of money seems a feasible option instead of committing to a saving money challenge.
However, the drawback is that the money you use is never yours. You always have to repay it and at times with a high amount of interest.
With savings, you get the upper hand when you save up during the challenge, but you don’t have to worry about paying it back when you use the money. The money is yours, and you are free to use it anywhere where you want it to. (Interest-Free Baby!)
Ideally, it’s best to invest, the money that way that money can make you even more money. But, if you have saved it for other purposes, you can do that too. Moreover, another better way of using your savings money is to release yourself from any sort of debt or lend money so that the constant trigger of paying it back is eliminated once and for all.
52 Week Saving Challenge Is (Not Too Hard)
52 weeks might seem like a lot of time; of course, it is one year!
But the truth is once you start saving, and once it becomes a part of your weekly habit, you will enjoy the saving process. Moreover, once you understand that saving will help you in the long run, you will automatically realize the real benefit of it.
As long as we talk about it as being hard, then it isn’t. It’s a mentality thing, if you believe it you can achieve it. Once you set a goal for yourself, then only you are your the limit.
Take this 52 week money challenge as another challenge you have done earlier. For instance, a weight loss challenge or a keto diet, or a marathon challenge. Things are hard at first, and even harder to keep it going just remember to have a clear set goal.
A hard pill to swallow is realizing as adults we need to leave the victim mentality behind and stop making excuses as to why we don’t follow through with something. If you find yourself making excuses for any challenge you want to achieve in life it’s because you probably didn’t want it bad enough.
Things are hard, but if you surround yourself with the right people and stay disciplined, you can literally be unstoppable and do anything you set your mind to.
Here Is To Saving; 52 Week Money Challenge (How to Do It)
Starting up with a small amount and then continuing to add money by gradually increasing the amount you save every single week will be beneficial in the long run for you.
**You start off by saving on week 1 $125, week 2 you will set aside $150, week 3 set aside $175, week 4 set aside $300. Then week 5 for you go back to saving $125, in week 6 you add on $150, and then the pattern continues as such every month (4 weeks) until week 49.
In the last few weeks, it will change a bit. On week 49 you will save $200, on week 50 you will save $225, on week 51 you will save $250, and finally, on week 52, you will save $300.
By the end of the 52 weeks (1 year) if you follow this schedule you should reach your goal of $10,000**
(Then we can do a celebratory dance)
It becomes really hard for people with fixed incomes to take that huge amount of money together for consumption. (Which is why you should check out my blog post on side jobs)
However, the feasible way out is when you start saving, and that’s the opportunity that this saving money challenge gives you. It keeps you motivated and pushes you to reach the target of $10,000.
Conclusion: 52 Week Money Challenge to $10,000
Apart from the obvious $10,000 by the end of this 52 week money challenge, you get the hang of many skills, especially the art of managing finances and saving when you are earning to meet your ends.
The only harsh thing you might face is the fact that it becomes extremely hard to stay on track. For that, weekly reminders and notifications can help you ensure that you don’t forget to make your deposit to the bank. Set up automatic deposits within your bank that way you don’t even have to manually move the money yourself.
You can always ask a friend or a family member to accompany you with this challenge. This way, both of you can reach the goal. Once you are done with the challenge, you will most probably be habitual of the saving practice.
A little advice here: don’t break the momentum and start up for another 52 week money saving challenge. You won’t regret it!
This post is all about doing a 52 Week Money Challenge!
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