ALLY MSANGI

@allymsangi · 15 Feb 2022

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How to save $5,000 with the 52-week money challenge

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I was browsing the web, when I came across a post that shows how you can save $5,000 in 52 weeks. This idea intrigued me, and so I started looking in it. The idea was simple but yet interesting, and the final amount at the end of the year is something worth taking a look. I found the idea compelling, and so thought of sharing with you.

5000 dollars is quite big amount that can be used for anything, right from the down payment for the house you were planning from so long to the dream car. You can even use this money for visiting some place you have always wanted. So this is what you need to know to save a-wooing amount of $5000 in 52 weeks.

What Is This 52 Week Money Challenge?

This challenge is created to help you in saving few bucks each week that finally yields to a whooping amount of 5000 dollars. The main motive behind this challenge is to put a person in the habit of saving. With a slow start, the amount starts increasing and so the savings.

This challenge starts in the first week of a year and ends with the last week. This gives you $5,000 for making the end of the year special for you. You can track this challenge by making a table with the said amount each week, and striking it off when you do deposit it in your bank.

How Does It Works?

This money challenge is best suited to a person who gets paycheck every week. You have to start saving as low as 20 dollars in first week. The amount goes on increasing with each week, and finally you have a balance of 5000 dollars in your account.

Saving $20 in a week is something that everyone can do, but the main problem starts when the amount starts increasing. And on every fourth week amount is very high which is more than $100 and goes on increasing as the year goes.

Therefore, in this entire challenge, fourth week is the real tricky business. This means one of the two scenarios; either you’ll be saving big money in flat little time or this money challenge will fall on face within very short time.

But I want you to continue with this 52-week money challenge plan. So here are few ways to cut off your bills and free up some more money for savings.



1. Plan Budget
The only way out from this is by planning a budget beforehand. When you get paycheck every week, you should be already aware that where all are you going to spend it. It is a best way to keep all the extra expenses in check. And this will help you in saving some money for the money challenge.

2. Buy In Bulk
Rather than shopping for the groceries only for the week, get for the whole month or two. Shopping in bulk will help in cutting the prices lower, and free up some money for savings.

3. Choose A Cheaper Cell Plan
With each day, a new telecommunication plan is launched. You need to get updated to a new cheaper cell plan according to your uses. Check all the plans that are available and customize one according to your needs. This will free up some more money of yours.

Lastly, you need to remember these specific points

1. It is all in your head.

You have to be in a mindset to follow the challenge till the end. Focus on your mindset. Keep on telling yourself that you won’t back out and will complete the challenge. Remove any kind of doubt form your mind. The moment you think that savings isn’t possible, you’ll start losing all your saved-up amount.

2. In order to make sure that you do not spend the saved money, put them in another savings account.

You can also keep them in piggy bank at home, but for that you would need cash always. The temptation to break the piggy bank is another threat. Plus, another downfall is that you won’t be getting any interest on the piggy bank savings.

3. Always be realistic.

You should start slow, but in the meantime, if you feel that you can double the savings figures, then think about the $10,000 challenge. It is easy as you just need to double all the figures.

4. Cut down everyday expenses to free up some money.

Some of them include buying bottled water, instead carry one while leaving home. Minimize eating out and start making meals at home. It will save you lots of money and is a healthy thing to do too. So you’ll be saving money on food as well as health problems that you might face because of frequent outside eating.


Conclusion
This is a tried and tested formula, and people have found success in saving quite good money.

There are few people who also have suggested the reverse 52-week money challenge. According to them, this is for keeping more money to spend in the winter holidays and festival season.

So this is all I can tell you about this 52-week money challenge thing. So why don’t you give this a try and see if it works for you too.