Thursday, January 9, 2014

Our Version of 52 Weeks Money Challenge

Hello everyone! How's January treating you so far? Me, I'm busy as a bee. I can't complain since being busy means work and that means income. As I always tell my husband, more projects means more work means stable job :)

I've been seeing these past couple of days this particular link which encourages everyone to start saving (mostly in Facebook). The title is "52 Week Money Challenge". Every week, you will be required to save a specific amount following the table. Example, for the first week of January you have to set aside $5. Then come second week, it's $10 and so on and so forth. As weeks progresses, the amount of money you have to save increases. Not everyone has a positive perspective about this scheme of saving. After all not everyone can save that amount of money especially if you already have a fix budget every month for expenses (utilities, mortgage, insurance, etc.). Take time to read Frugal Find's opinion about this money challenge.

But then again, it doesn't hurt to give this a try. What's more you can tailor fit the amount that is doable on your part for the sake of saving for this year. I believe in baby steps towards financial education and this can be a great idea to teach your children, brothers/sisters, cousins, etc. the value of saving.

Since the original 52 week money challenge is in dollar, there are two websites that I found which is in Philippine Peso version that you might want to check out - and It's up to you which increments you want to choose so as long as you think that you can achieve your goal and desire to save.

My sister whose into investments and financial education created her own version of the money challenge. She encouraged our two younger siblings who are both students to try this by following the table she made:

52 weeks money challenge
My sister's version of the 52 weeks money challenge
My sister who made the table already started saving while I on the other hand will need to catch up as soon as my salary is release next week. I'm keeping my fingers cross to finish this challenge by the end of this year (even if my husband is pessimistic on my capabilities to save). Game on!

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