52 Weeks Money Challenge: Deciding on the Increments

Yesterday, I posted the varied templates for the 52 Weeks Money Challenge 2015. Since it is already a new year, perhaps you may include a new savings methodology as your resolution. And if you are still deciding on one, perhaps you may want to consider taking the 52 Weeks Money Challenge. Let me hear you scream, Challenge Accepted!

If you happen not to look at the templates I made, here’s the link to the said post.

One very important thing to consider when embarking on the 52 Weeks Money Challenge is the increment. In my post, I furnished the following, 1 increment, 5 increment, 10 increment, 20 increment, 50 increment, 100 increment and also the reverse. One thing to note that is crucial in the success of the challenge is defining the increments.

Let us define what an increment is.

According to The Free Dictionary, an increment is the process of increasing in number or extent. This is something added or gained. And because of the increments, this makes the 52 Weeks Money Challenge more challenging.

The concept behind the challenge is to not retain the usual amount every week. Each week, a predefined increment is added hence making the challenge bigger and tougher. However, let this not be a notion for you to stop doing it simply because it is your call what the increment will be.

Hence, before deciding on embracing the challenge only to stop it halfway because the amounts are getting bigger and bigger, here are some helpful tips with regards to defining the increment and how to surpass the challenge like a walk in the park.

Tip 1:  Add. Most individuals who embrace the 52 Weeks Money Challenge are employed. They are often paid twice a month. It is important that you have a bird’s eye view on the total amount you get to put in every month for the challenge. For instance, if you have decided the 50 increment, bear in mind that come December, you must be putting as much as 10,100. True the first few months are relatively easy however you need to look at the other months. From there, you can be able to gauge that you need to set aside as much as 10,000 in the last few months of the challenge.

Tip 2: Compare. The next tip to consider would be to compare the added amount with your sources of income. Let us go back to the 50 increment example. In the previous tip, we pointed out that we need to set aside 10,100 by the month of December. In that case, can you be able to set aside that amount given your sources of income? Define then how much your salary is and compare it to the other months of the challenge. Is it something you can spare? If not, perhaps you might want to move to lower increments.

Tip 3: Commit. The 52 Weeks Money Challenge increment would be deemed successful if you commit to it. Truth be told, the increments can really add up a lot in the process and it can really be heavy to our wallets. However, if you really want to commit with the challenge, one can be able to finish it. I know a lot of finishers who really scrimp their lifestyle in order to finish the challenge. They sacrifice quite a lot of their wants in order to be able to finish it. And in the end, they indeed were able to do it.

Hence, if you are still identifying the increment with regards to the 52 Weeks Money Challenge, follow the three tips stipulated above. Remember, the basic agenda of the challenge; more than generating money in the end, it is really making savings a habit. Regardless of amount, if you are just consistent and religious in doing it, saving would be made easier and you can be able to save a lot of money in the end.

P.S. My very first e-book is finally here. You can buy it using the Buy Now button at the right or via bank deposit. Only Php 150.00. Purchase your copy now.

P.P.S To those doing the 52 Week Money Challenge, it is Week 1 already! Did you deposit the next amount yet?

P.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. 

P.P.P.P.S I am also sharing my stock market secrets and information via these resources.