Image from Gladdy Ong
Last week we discussed the first half of possible trials and tips with regards to the 52 Week Money Challenge here. This time, we shall be completing the possibilities with this post.
Here's the continuation.
Trial 6: There’s a
financial emergency, what do I do?
Tip: We cannot dismiss the fact that a financial emergency
could arise. And of course, during this time, there is a need for us to shell
out. If you have been doing the challenge and such circumstance would occur,
you can opt to spend the money you have saved so far for this kind of
emergency. And this could be an example of putting your savings to good use.
After all, when you will be able to overcome such emergency and your finances
stabilize, you can always repeat the challenge as evident by Trial 5. You can
always restart the challenge from the very beginning.
Trial 7: 52 weeks seem
long, can I shorten it?
Tip: Anyone who would be able to incorporate the pay it
forward scheme and who can drop more every week can be able to finish the 52 Week Money Challenge and 52 Week Money Challenge Version 2 in a relatively short amount of time. Of course, you can
be able to shorten it. It will boil down to your savings amount. However, on
another note, the aim of 52 week money challenge is more than finishing and
acquiring the amount by the end of the challenge. It is more on acquiring the
habit of savings. And this typically requires repetition. Being able to
religiously follow it every week could mean that you are slowly incorporating
the habit of savings. Soon enough, you would be able to save up even outside
the context of the challenge.
Trial 8: 50 pesos is
too big for me, what should I do?
I know there are a few who cannot be able to commit with the
50 pesos increment. That is why, we have the 52 Week Money Challenge and 52 Week Money Challenge Version 2 Variations
in the first place. The increments presented are 5 pesos, 10 pesos and 20
pesos. You may also create your own variation like 1 pesos, 2 pesos or whatnot.
Bottom line is, you follow the arithmetic progression or arithmetic sequence
formula. Solve it by simply replacing the variables such as the initial amount
and the increment. From there, you can be able to identify how much you can be
able to save given an increment that you are comfortable with.
Trial 9: I can only
save up to until particular amount and can no longer go on from there. What do
I do?
Oftentimes, we find ourselves stuck in a specific amount
with regards to the 52 Week Money Challenge and 52 Week Money Challenge Version 2. From there, we can no longer proceed because the next amount would be pretty heavy for us already. In line
with that, there’s no need for you to stop. You can continue with the challenge
even if you no longer increment. For instance, if you think your weekly
threshold is only 2,000 and next week would be 2,050 already, save up 2,000
still until the 52 weeks is done. You might not end up with the expected amount
however you can still be able to save tons.
Trial 10: Someone
discouraged me from doing this. What should I do?
Don’t let them get into your system. The most that you can
do is to believe in yourself and take the challenge. In the end, you are doing
it for yourself and not for them. You are saving up for yourself and most
definitely not for them. Furthermore, it will be you who will be reaping the
saving rewards more than them. So make their discouragement a form of
motivation to proceed and to prove them wrong. They will surely be in awe if
you happen to finish it and save big in the end.
P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 10 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.