52 week Money Saving Challenge

Written by on January 11, 2013 in Lifestyle

52 week money challenge 2013

 

I bumped into this 52 week money challenge in dollars while I was surfing the internet. I thought, let me adapt it to South African Rand context.  hope my maths is right here. Not sure what they calling ZAR these days, dibas, madalas.

It seems possible.  According to this plan, if you save weekly like this, you could save just under R10000 at the end of the year.

Try this challenge out. If R 7 is too much for you, maybe start with a smaller amount. or if you can manage bigger, go big or go home.   Adapt it to your income. e.g you could weekly save R1 first week, R2 next week R3 the following week etc, like that and could save about R1300 for the year. Adapt the method to what you comfortable in saving.

Give us feedback if you are taking the 52 week money challenge  here – http://bit.ly/52MoneyChallenge

 

Financial success tip

From the book rich dad, poor dad book.  What Robert said,  always Pay yourself first.  So maybe what would be an idea. As soon as you get paid your salary, take out that portion for the month you intended to save in this challenge. Save it. This will be before you pay any expenses and before you waste any of it.

What does “Paying Yourself First” mean and how you can follow it?

Basically, it means you simply set aside a certain amount of money each month that you will not touch (pay yourself), even before you pay your bills and expenses (pay others).

This seems like a good habit for financial success.  Some insight in this is, we always worry about paying other expenses first and neglect ourselves.   If we don’t pay others they will make sure we pay them by harassing us that we pay them. So we will make sure they will get paid.  If we don’t pay ourselves, we will just accept it. So if we pay ourselves first, we save some money  from the start and this will also motivate us to make sure we have enough to pay others.  you must never touch this money for your expenses or anything.. it is saving.

 

 

52 week money challenge

 

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  1. terry says:

    I want to start the 52 week challenge I dont knowif its too late for this year hence its july already

  2. Nanima says:

    you can start it of any week of the year. just make sure you know when is week 1 in the calendar

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