Paying It Forward 52 Week Money Challenge

9:10:00 AM Rhea Mocorro 2 Comments

Photo from Daniel Ignatius @thewintercynic

Hey it’s the 4th week already of the 52 WeekMoney Challenge and the 52 Week Money Challenge Version 2! How are you doing with the challenge so far? Are you depositing money on a weekly basis in your grown-up piggy bank? Is it already becoming a habit? Hurray if it is.

The concept of the 52 WeekMoney Challenge and the 52 Week Money Challenge Version 2 uses the concept of Arithmetic Progression/Arithmetic Sequence. Now I don’t want to explain this one since I’m not a mathematician. But you know the drill, simply increment a base amount be it 5, 10, 20 or 50 and add it up to previous week.

It has to be noted that as you proceed with the Arithmetic Progression/Arithmetic Sequence, the values get bigger and bigger. Hence, I come up with the pay it forward mechanic to simplify and supplement the challenge in the later parts of the year. You can also have this alternative if you think you can no longer save bigger money sooner or later.

So how does the pay it forward works?

You simply adopt a week in the later part of the challenge and save it advance. It is that simple.

For example:

I plan to adopt the months of October and November of the 50 pesos increment of the 52 WeekMoney Challenge. The reason I am not adopting December because I have my 13th month during that time and it can supplement the entire month already. So I got that covered.

Now let’s say I would like to get Oct 1 to Oct 7 which requires me to save up 2000 for that week. What I will do is to pay it forward. This means that when I get my salary on the 30th of the month I will save up 2000 as well. This is on top of the amount for that week. So it would be 2000 for Oct 1 to Oct 7 and 250 for Jan 29 to Feb 4. A total of 2250! Hence you could then eliminate Jan 29 to Feb 4 and Oct 1 and Oct 27 altogether.

What are now the perks of paying it forward? You will spare yourself of saving bigger chunks of money on the later part of the year. Even more, you can finish the 52 WeekMoney Challenge faster! With that, you won’t have to wait until the last week of the year just to complete the entire amount. Who knows, you might be able to finish it faster that you can imagine. Hence, you can be able to use the money already for that personal goal of yours. How fantastic! Isn't it amazing? Isn't it surprising? Isn't it?

Remember in the end, it is you who will benefit from the challenge. Whatever amount you could save up, it belongs to you. You are already a winner of the challenge my friend. Accepting the challenge alone is already winning half the battle. So raise both your arms and say Champion! How awesome my readers are. They are financial champions already.



P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 4 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

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2 comments:

  1. King Clyde Jomals DalesFebruary 21, 2014 at 5:46 PM

    This is the scheme "twist" that I am adopting. I am also using a 24-bimonthly money challenge instead of weekly (250php increment). Just last week, I introduced this to my family and friends and they are very enthusiastic about the challenge. My 13-year old brother is up for this challenge as well using the 10php increment. This is really fun!

    ReplyDelete
  2. Wow that's so good to hear! Good thing your family and friends are up to the challenge. And may I say wow and hands down to your younger brother.

    ReplyDelete

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