Achievable 52 Week Money Challenge for Employees

New Year just kicked in and New Year’s resolution is still on the to-do list of many, including me. And one of my goals is to increase our cash stash, (who wouldn't want that). I hope you have the same or similar goal too.

If you are thinking of #savinggoals, doing the 52 Week Money Challenge might come to your mind. This saving concept originated from US a few years back and has gone viral in social media since then. It reaches the Philippine islands through the blog of KuripotPinay. It is the modern day piggy bank style.

How to do it

The rule is simple, you only need to add the same increment of your chosen amount every week.  At the end of 52nd week (1 year) you will be able to fund a new smart phone or the hottest Jordan Air in the market or maybe a down payment for a brand new car.  

The Challenge

Many can share their excitements, hopes and experiences doing the challenge.  But there’s one common thing among all the challenge takers – the first few months is okay because they only save the lowest amount.  However, as the week progresses, the amount is taking a strain on their weekly budget. Since most are receiving fixed income from our “slave” jobs, it becomes difficult to continue until the end of the challenge. It gets harder and harder to save the bigger amount of money if the monthly income is the same, do you agree? Many lose the interest and discontinue the challenge. Many of the students want to do it but with limited allowance, they have no choice but to dismiss the idea.

The Solution

I always believe that if there is a problem, there is definitely a solution. I tried different formulas how to minimize the unsuccessful stories of the challenge.  So I came up with an idea to spread the lowest and the highest amount in different weeks, but still using the same increment amount, and save the same total target amount. 

My version of 52 Week challenge is ideal for employees who receive their pay bi-monthly (kinsenas – katapusan) or those who have limited/fixed allowances monthly. The concept is, one saves the higher amount right after the pay day and a smaller amount on the 2^nd and 4^th week when the budget is getting tight.

Here's a sample template for 10, 20 and 50 pesos increment every week. 

  

Conclusion

Everything is doable, as long as you are willing to take the plunge and with a little sacrifice here and there, you will always achieve your target goal.

I would love to know your experience on using this idea. Share your thoughts, so I can improve it.

And don't forget to share and spread! You have the power to change lives.

If you haven’t read my ebook “How To Grow Your Own Money Tree”, don’t waste your time. Download it now, it's free anyway. It has illustration guides of different investment tools that makes it easy to understand. Start growing your own money tree this year.