52 Week Money Challenge Trials and Tips Part I

8:00:00 AM Rhea Mocorro 0 Comments

Image from Leo Manalaysay

The 52 Week Money Challenge and 52 Week Money Challenge Version 2 may seem easy however there are surely a lot of trials when you get to begin it. No wonder it is called a challenge in the first place. One would really be challenged every single week. However, don’t let these things bring you down. As such, we have collected possible trials that you might bump into while doing the challenge. Even more, there are also tips that could definitely help you conquer the ordeal.

Trial 1: I was not able to save up for this week, what should I do?

Tip: If you were not able to follow and save up for the week, do not fret and do not get discouraged. You can still be able to cope up the following week. And you still have seven days to fulfill the amount for the week before another week would pop up. If that proves difficult for now, you can always compensate it for the next week by depositing the amount of the previous week and the new week. You still have the other weeks of the year to cover up with the missed ones. However, it is important that as much as possible this must be followed strictly.

Trial 2: I only get paid twice a month, can I still continue?

Tip: Of course most definitely! However, you may want to alter the table. You see the 52 Week Money Challenge and 52 Week Money Challenge Version 2 is done on a weekly basis. If you are paid twice or even once a month, you can sum up the two weeks or the four weeks respectively. For instance, instead of saving up for Week 1 and Week 2, you can sum up these two weeks together in accordance to your pay check frequency. You can align the week to cater to every pay day so that you won’t be missing out on saving for those weeks.

Trial 3: The end of the year involves saving up thousands, I don’t think I can do that?

Tip: Because of the incremental notation of the 52 Week Money Challenge and 52 Week Money Challenge Version 2, later in the year the amounts would get heavier. If you think you cannot be able to save that up, you can always start with a lower increment. You can refer to the templates in the previous chapters to assess which increment would suit your current income or cash flow.

If you want to continue with the current increment, there is such thing as a paying it forward scheme in the challenge. In here, you can opt to adopt a week and save up in advance. For instance, if you started saving up in January and you know it will be difficult for you to save up in November, it is suggested that you save up for January and November too. You can do this most especially during your salary. You are hitting two birds with one stone. That is saving for two weeks in one day. In this case, you would be able to save up in advance.

What are now the other 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 Week Money Challenge and 52 Week Money Challenge Version 2 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.

Trial 4: Can I commit to that? It looks painstaking and a lot of work.

Tip: This is where discipline and attitude boils down. You see, the 52 Week Money Challenge and 52 Week Money Challenge Version 2 is a challenge in the first place. This calls us to do action and compete with ourselves. Our biggest enemy here is not our salary but ourselves. We can be able to decipher if we can be able to commit in order to finish the challenge. That is why, from the very beginning it is important that you get to have a goal that will motivate you to continue. So that when you experience hardship in the middle of the challenge, you can set your eyes to your goal again. And with that, it can fuel you up to continue the challenge.

Trial 5: Can I start anytime during the year?

Tip: The 52 Week Money Challenge and 52 Week Money Challenge Version 2 can be started just about any time during the year. The dates presented are merely inspirations to follow. The only requirement is you define when to start and count 52 weeks forward. This is not bounded with the start of the year and must end with the last week of the year. Start at your own pace and your willingness to begin the challenge.




P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 9 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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