Tuesday, January 3, 2017

52 Week Money Challenge 2017: Reasons For Taking, Benefits and Tips

By simply saving in increments of P50, you will have a total of P68,900 by the end of the year! What are the things that you can do with a P68,900? A lot.

I. Reasons For Taking

a. It is very doable.

The challenge is very doable because you can actually choose the amount that you want to save per week. The challenge lies in how persevering you can be in not touching the money until the finish line and also in how resourceful you can be in keeping up with the challenge even though, just in case, there will be a time that you will run short of funds.

b. January 1st is a great starting point for challenges and projects like this one.

January offers a great starting point for everybody to pursue things that they could have done last year. Sure you can begin a money challenge even in the middle of the year but nothing can be more exciting than beginning this challenge on the new year where a lot of people – including friends – may be starting it too. Let the fireworks mark the start!

c. It made saving money a little bit more exciting.

Sure you can save whatever amount that you want in your piggy bank but the 52-week challenge made it more exciting because first, you have a goal amount at the end of the year and second, you can never be too sure if you can really save in increments of P50 – or whatever the amount you chose.

d. It is a good way to teach younger people about the value of saving money, as well as perseverance and resourcefulness.

Yes, even kids can (and should) take the 52-week money challenge. The challenge is very flexible that you can save even in increments of P1 – or whatever amount is doable for you.

II. Benefits

a. It produces perseverance.

The 52-week challenge is a 1-year challenge. Many things can happen in a year. The harder it seems, the more exciting it becomes because if you succeed, the rewards are great! And there is always a prize for perseverance. In this one, the hustle is worth it.

b. It encourages resourcefulness.

What if in the middle of the challenge you will need money for other things? Will you just quit or find ways to continue with the challenge. The success of this challenge is in your hands. You can even plan ahead for unwanted circumstances like that.

c. The money can be used for a lot of things.

Do you love travelling, gadgets, cars and other expensive things? You have one full year ahead of you to save up for it and also to think if you really like (or need) it not.

d. It’s a perfect dry-run for people who are thinking about bigger investments in the future.

Thinking about saving in insurance, mutual funds and real estate. This is a great determinant if you can really invest on it or not. 

If you would like to see a sample investment proposal from Pru Life UK, please feel free to contact me thru 0905 347 4455, 0998 367 0545 or markjosephdelgado@ymail.com. Investment starts at P1,500 for mutual funds with insurance. That's only P50 per day!

III. Tips

a. Print this editable template which you can post inside your room or in your working area.

Out of sight, out of mind. Through this template, you will be reminded every single day about the challenge – to motivate you and to help you monitor how much you are already saving. Click the link below to download the template. You’re welcome.

52 Week Money Challenge 2017

b. Open a bank account that can be monitored online.

I personally prefer keeping the money in a bank account rather than in a piggy bank. I hate the sight of crumpled paper bills and also keeping a piggy bank is prone to theft. Opening a bank account offers less worries, may earn interest (though very small) and also easy to monitor through online.

c. Find a Saving Buddy.

Sometimes, it’s better together. Finding a Saving Buddy may offer you some additional motivation and affirmation as you keep up with the challenge for one full year.

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