52 Week Money Challenge Trials and Tips Part II

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.