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How to save $5,000 with the 52-week money challenge


I was browsing web, when I came across a post that shows how you can save $5,000 in 52 weeks. This idea intrigued me, and so I started looking in it. The idea was simple but yet interesting, and the final amount at the end of the year is something worth taking a look. I found the idea compelling, and so thought of sharing with you.

5000 dollars is quite big amount that can be used for anything, right from the down payment for the house you were planning from so long to the dream car. You can even use this money for visiting some place you have always wanted. So this is what you need to know to save a wooing amount of $5000 in 52 weeks.

What Is This 52 Week Money Challenge?


This challenge is created to help you in saving few bucks each week that finally yields to a whooping amount of 5000 dollars. The main motive behind this challenge is to put a person in the habit of saving. With a slow start, the amount starts increasing and so the savings.

This challenge starts in the first week of a year and ends with the last week. This gives you $5,000 for making the end of the year special for you. You can track this challenge by making a table with the said amount each week, and striking it off when you do deposit it in your bank.

How Does It Works?

This money challenge is best suited to a person who gets paycheck every week. You have to start saving as low as 20 dollars in first week. The amount goes on increasing with each week, and finally you have a balance of 5000 dollars in your account.

Saving $20 in a week is something that everyone can do, but the main problem starts when the amount starts increasing. And on every fourth week amount is very high which is more than $100 and goes on increasing as the year goes.

Therefore, in this entire challenge, fourth week is the real tricky business. This means one of the two scenarios; either you’ll be saving big money in flat little time or this money challenge will fall on face within very short time.

But I want you to continue with this 52-week money challenge plan. So here are few ways to cut off your bills and free up some more money for savings.


1. Plan Budget

The only way out from this is by planning a budget beforehand. When you get paycheck every week, you should be already aware that where all are you going to spend it. It is a best way to keep all the extra expenses in check. And this will help you in saving some money for the money challenge.

2. Buy In Bulk

Rather than shopping for the groceries only for the week, get for the whole month or two. Shopping in bulk will help in cutting the prices lower, and free up some money for savings.

3. Choose A Cheaper Cell Plan

With each day, a new telecommunication plan is launched. You need to get updated to a new cheaper cell plan according to your uses. Check all the plans that are available and customize one according to your needs. This will free up some more money of yours.

Lastly, you need to remember these specific points 

 It is all in your head. 

You have to be in a mindset to follow the challenge till the end. Focus on your mindset. Keep on telling yourself that you won’t back out and will complete the challenge. Remove any kind of doubt form your mind. The moment you think that savings isn’t possible, you’ll start losing all your saved-up amount.


In order to make sure that you do not spend the saved money, put them in another savings account. 

You can also keep them in piggy bank at home, but for that you would need cash always. The temptation to break the piggy bank is another threat. Plus, another downfall is that you won’t be getting any interest on the piggy bank savings.


Always be realistic.

You should start slow, but in the meantime if you feel that you can double the savings figures, then think about the $10,000 challenge. It is easy as you just need to double all the figures.

Cut down everyday expenses to free up some money. 

Some of them include buying bottled water, instead carry one while leaving home. Minimize eating out and start making meals at home. It will save you lots of money and is a healthy thing to do too. So you’ll be saving money on food as well as health problems that you might face because of frequent outside eating.



Conclusion

This is a tried and tested formula, and people have found success in saving quite good money.
There are few people who also have suggested the reverse 52-week money challenge. According to them, this is for keeping more money to spend in the winter holidays and festival season.

So this is all I can tell you about this 52-week money challenge thing. So why don’t you give this a try and see if it works for you too.

How to save $5,000 with the 52-week money challenge

By Admin → Saturday, March 17, 2018

Saving up money can be a daunting task especially when it seems as if you don't spend much money in the first place. You might give your life a cursory overview and think to yourself that there really isn't any other thing you could do to save up more money just short of living like a miser.

But that's where you are wrong, you can save your money every week by making a few slight changes to your lifestyle. You don't necessarily have to pinch pennies while buffering your savings account. 

There are just a few things that you can adopt to make a huge difference in your savings.

1. Save money by preparing your meals

Most times we don't even think anything about spending close to or more than $10 on lunch a day but if you calculate the expense spent on lunch in the long term, you would realize that you spend a lot of money that could be saved. 

In a week alone, you put away $50 or more which would have been about $20 if you prepared your own lunches.

2. Do away with bad habits

Some of the bad habits that we cultivate are a drain on our money. Drugs, smoking, name it. Someone who smokes about 2 packs of cigarettes a day would find out that he spends a lot of money to keep himself in that bad habit. It's not just that he would be spending a lot of money per year on cigarettes; it's also the potential money he would have to spend on health bills if he develops a complication from his habitual smoking. 

Another way in which bad habits like smoking funnels away a good sum of money is in insurance payments. People who smoke pay a lot more on their insurance than others. 

If it is impossible for you to stop smoking, perhaps you can cut down your normal intake and save some money from that avenue.

3. Try to get discounts

If you must eat outside, then you might as well get loyalty discounts from the fast foods that you frequent. The discounts would either remove a percentage of your bills or would offer you one free meal. So when you make a stop for dinner tonight, be sure to apply for the loyalty discount. It would save you a good amount of money by the week.

4. Stay away from the ATM

Although a very convenient invention that allows us to access our money even in places where there might be no banks or when the banks are closed, the ATM is another avenue through which we unnecessarily spend our money. Once you go to withdraw, the ATM collects a fixed amount of money from your account. So to save that money, why don't you try to plan your financial budget way ahead of time. You can decide to visit your bank every Friday during your lunch break and withdraw the amount of money that your would need the next week. This would not only eliminate the money that the ATM collects, it would also help you live within a budget and save even more money. If you absolutely must visit an ATM, you could try visiting your Banks ATM to avoid the charges.

5. You don't need to get that haircut every 2 weeks

Most people have a fixed time that a particular haircut would last and once the time is up, it doesn't really matter the state of the haircut, they would still get another one. Grooming costs a pretty penny and if you are making a trip to the groomers every 2 weeks, you might want to space that out a bit. So instead of getting a haircut every 2 weeks, how about getting a haircut every 3 weeks or month depending on the state of your hair.

6. Get better deals on entertainment

Entertainment is something that everyone needs in their lives and it can be costly to get entertained. Instead of always paying a full prize for your entertainment why don't you subscribe to sites that would keep you informed about where the cheapest entertainment deals are. That would go a long way to saving quite a bit of money.

7. Save some money on your bills

You can save quite a bit from your bills by not always running the thermostat. Just having the temperature of your place a few degrees lower would go a long way to saving you some money on the bills.

8. Plan your food

Planning your food is said majorly to people who complain of not having enough time to prepare healthy meals. It can save you some money too. If you plan your meals, you would buy and prepare your food for the entire week over the weekend and save yourself any impulsive buying.

9. Put away more money

Everybody has that one account that is being built up for times when they don't have anything. For some people it is the retirement account, while for others it is a nest egg account. It doesn't matter what that account means to you. What matters is that you put in some money into it every week.

10. Try to get the best insurance deals

Call up your insurance company and find out if they offer better deals on your type of insurance. If they do, then you get on that deal and save yourself some money. If your current insurance company is not doing it for you, then you can try another one. You would definitely find an insurance company that would offer you the deal of a lifetime.

11. Stop using cable.

Cable costs a whole lot of money in subscription every month. But why would you pay an exorbitant fee for cable when you can enjoy the same channels and the same shows that you watch on other cheaper sites like Hulu. So discontinue your subscription today and settle down for Netflix.

12. You don't need that gym membership

Truly, you don't need to spend that much money on a gym membership that you mostly don't even use. You can still be fit with the basic exercises at home. If those are not enough for you then you can follow an online exercise session. If you love the gym and all of its machines, you also can spend less by checking with your company to know if they give any bonuses like free gym membership.

13. Save some money from transport

Commuting to work is usually unavoidable and can also cost you quite some money spent in gas and car maintenance. You could try to take the bus to work or find some other way to save a bit on gas and cat maintenance.

14. Try to buy in bulk

Most things that we buy in singles can be a lot cheaper if we bought them in bulk so you and a few of your friends could pool your resources together to go grocery shopping together and in bulk and then share it. That way, each of you gets to save a few dollars every week and over time, that could add up to some appreciable amount of money.

Conclusion.

We all can save if only we would cut out the unnecessary and try to do things for ourselves instead of paying for them all the time.

14 Things You Can Do to Save Money This Week

By Admin → Thursday, March 8, 2018


When they consider it as a challenge that they have to face every week for the coming 52 weeks many people get scared. But, the truth is that it is a very simple as well as practical way to save money. Saving money and reducing expenses are two sides of the same coin. Many people start to worry when they are asked to reduce the spending all of a sudden. 

However, when they clearly understand the 52 Week Money Saving Challenge they are relieved of the anxiety. There is no imposition of any drastic austerity measures. It is a gradual process of saving money and the program starts with saving just $1 in the first week. 

Then every week increase the saving by $1 – ie. In the first week save $1, in the second week save $2, in the third week save $3, the fourth week save $4 and so on ……… and at the end, on the 52nd week of the year save $52. 

On December 31st the total savings of the year will be $1,378. This is an excellent example of small saving that grows gradually without causing any hardship. This is a simple and effortless way of saving money but a very systematic way of saving. 

The accumulation of $1,378 as your savings at the end of the year is the reward that one gets for systematically saving money throughout the year. Since one takes a commitment to save a few dollars every week of the year he is able to develop the habit of saving money. 


Helps to develop saving habit and attain financial stability

The 52 Week Money Saving Challenge is a savings plan that is voluntarily chosen by a person. He has full freedom in deciding the ways to save money every week. On a particular week of the year he has to save $10 as part of this program. 

The person who chose this program only has to decide how to save $10 in that week by reducing his expenses. He will be deciding where to cut and where to adjust. Hence, apart from building the habit of saving he becomes more efficient in managing the finance by controlling expenses and ensuring some savings at the end of every month. 

Since every week one has to save more by $1, he will find more ways to save money and as a result extravagant expenses will be minimized. At the end of the year when you find that you have saved an amount of about $1400, you become more confident of your saving ability and will be saving more in the succeeding year. 

Hence the 52 Week Money Saving Challenge is indeed a promising beginning and it is sure to nurture one’s saving habit and will ensure that every year a substantial amount of money is saved. 

This saving program is an excellent reminder to save a little amount of money every week. The spirit to save money on a weekly basis will certainly help to curtail the expenses and will help you to a great extent to attain financial stability.




Really inspiring

At the beginning of the New Year we will have ‘Resolutions for the Year’ and the resolution to implement the 52 Week Money Saving Challenge’ will ensure that we will have more money in our pockets at the end of the year. 

At the end of the year, when we look back to the previous 12 months, we will have a great feeling of satisfaction. 

We realize how we could curtail our expenses and increase our savings and as a result we get the inspiration to save more in the coming years. Another great advantage of this simple and easy savings plan is that each member of the family can get involved in it and contribute towards creating a larger amount as savings by the end of the year. Every one of us is eager to earn more money. 

However, controlling and thereby reducing the household expenses is an effective way to reduce the requirement for more money. We are relieved of the financial stress when we see that every month our savings are growing. Many people may feel that if we keep the money in the home we may have the tendency to take the same out and spend when there is urgency. 

In that case at the end of every month the savings of that month may be credited to your bank account. The money deposited in the bank will fetch interest also and as a result your savings will grow faster.


Easy methods to curtail expenses

The 52 Weeks Money Saving Challenge becomes really challenging when you find that you are required to save more every week and that up to the 52nd week you have to save $1 more every week. However, this is not a very tough task. If one is ready for some minor adjustments, the target can be easily met. 

One may go through the electricity bills of the previous months and there will be enough scope to reduce the consumption. Substantial saving on the electricity bills will make the task easier. One has to take maximum advantage of the discount coupons that are offered for the various household items. Savings through coupons enable you to save more than your expectation. 

Similarly the subscription services ensure substantial savings in the purchase of grocery and other household goods. Since you need not go to the store physically you can save a lot on fuel and also you can save your time. 

Additionally, when you purchase in bulk the items that are essential and are required regularly, you can avail cash discounts. Through subscription services one can have the advantage of member savings also. 

While purchasing the various food products, one need not go for the branded items always. The generic products that we come across in the departmental stores are also of the same quality but of lesser prices. By way of online shopping one can take the advantage of various cash back deals. 

Dining out is not a necessity most of the times, but rather a luxury. While the ‘luxury eating out’ can be curtailed, the ‘necessary eating out’ can be made less expensive by paying through a cash back credit card and also by eating from selected restaurant that provide special offers such as early bird cash discounts, ‘eat free for kids’, ‘free stuff on your birthday’ and ‘discounted gift cards’. 

Make it a point to sign up with the restaurants that send emails or text alerts about the special offers.



For the Year ahead

52 Week Money Saving Challenge promises you that at the end of the year you will have $1,378 in your pocket. Then starts the next New Year and you have the Resolution to save $2 in the first week, $3 in the second week, $4 in the third week and so on. 

It will be possible because by that time you will be an expert in controlling expenses and creating more savings.

52 Week Money Saving Challenge! The Easy way to Save $1,378

By Admin → Wednesday, March 7, 2018
A Better Way to Do the 52-Week Money Saving Challenge

The 52-week money saving challenge is proved to be a massive and great tip to follow in order to save some not bad cash at the end of every year. We are in a world that become running fast, we should have also a method to be able to adapt with this change.

We basically cherish keeping track of who's winning and feeling like we're gaining ground toward an objective. Furthermore, that clarifies the prominence of one amusement tip that numerous individuals use to enable them to collect cash with the 52-Week Money Challenge. Accomplishing your cash objectives is a long-term duty.


Simple Method to follow for better Money saving challenge experience

Begin the test by securing only $1 in the main week, the following week you would spare $2, $3 and so on. In addition, before the year's is over, you will spare $1378 easily. There are a couple of ways you can supercharge your reserve funds.

In case you're somebody who likes to jump into the profound end, you could likewise do the turnaround 52-week cash challenge, where you begin with approximately $52 in the primary week and work your way down till the end of the week. This is awesome for individuals who wind up with an additional whirlwind of inspiration toward the start of the year.  However, rapidly lose all of their earnings.


What is good about using a fixed amount of money in the week challenge?

Furthermore, there is something fulfilling about just parting with $1 in the last seven days stretch of the test. Regardless of which strategy you pick, the most straightforward approach to guarantee a successful method of earning, it is feeling comfortable setting up an immediate charge for every seven days stretch of the year. In this case you could likewise simply level it out into level with increases.

For example, $26.50 every week in case you are doing all the necessary and the fundamental test, or even $53 every week in case you're doing twofold. However, that is does not really sound fun at all. Obviously, a large portion of the fight with a test like this one is keeping yourself responsible, so you do not subtly spend out your immediate charge earnings when you have a very urgent need for spending money on unnecessary stuff of everyday life.

In other words, you want to feel free using all your money, investing in unnecessary things as to buy so many clothes that you will not use I a daily basis.


52-Week Money Saving Challenge

The 52-Week Money Challenge 

Commence by stocking ceaselessly only $1 in the principal seven day stretch of the year, and after that start bit by bit increasing your saving by a dollar a week during the year. In a result you keep $2 in Week 2, $3 in Week 3, and so on, until the point that you are able to keep $1,378 savings before the end of the year.

How to win the 52-Week Money Challenge? And what is the better way to do that?
One of the hardest parts about saving cash is sticking in your word not to spend those dollars on entertainment means, or insignificant stuffs. That is the reasons why you can start using a calculating machine to keep you stick in your promise not spending the money dedicated to the 52-money challenge.

Most recognized banks have refined on the web and provide managing your account, which enable you to set up programmed stores on whatever timetable you need each Friday, or each payday, or whatever works for your calendar.

Some of these Bank service even enable you to approve exchanges by means of instant message, making it simple to adhere to the test.  The other beneficial part about keeping cash in a manageable account bank is really having the money available to stuff every week but cannot take it as well as fighting the temptation to take it.

In a result to that, setting up a high-premium investment account on the web, can naturally deduct cash and preserve it so you want spend it.


Make a month and week challenges

The typical method to do the 52 Week Money Challenge is through slow developing. In week 1, you spare $1. In week 2, you spare $2. Week 3, you spare $3. When you get to week 52, you'll be securing $52 for the week. Just set up a programmed investment funds store for $100 a month. At that point, every month, kick it up by $5 (or $10).

For instance, spare $100 in January, $105 in February, $110 in March, et cetera. By next December, you'll be sparing $155 a month and sitting on adjust of $1,530. For example, in case you use $10 increases, you'll have $1,860 set aside.

In this method, propelled savers or high workers who as of now have a significant just-in-case account may laugh amenably at the thought of sparing only a couple of dollars seven days in the early going. In case you are an expert saver or have a more forceful focus as a top priority, raise the stakes a bit by starting with $100 a week and keep with your commitments in increasing $2 day after day.

A Better Way to Do the 52-Week Money Saving Challenge

By Admin → Friday, February 23, 2018
Save Money While Paying Off Debt


How do I save Money while also Paying off Debts? This is one of the top concern for many people who wants to save money but at the same time wants to get rid of their debt.

Having debts can be one of the biggest problem to your financial future, and having more debts can hinder your saving plans as well as other goals.

So the question comes. How do you save money while also paying off debt?

Here are 5 ways on how to save money while also paying off debt.


1. Create a Debt Repayment Plan


You need to create a debt repayment method if you are serious about getting rid of your debts and keep on saving. Getting rid of your debts requires you to have a certain plan first.

Lots of people are not following any particular debt repayment plan. But having one is the best choice.

You may have to choose between these two method which works for me or you may find another which seems good for you too.

1. Paying off the lowest debt balances first. 
2. Paying off the highest interest debts first.

But for me, I always stick with the first option which is the debt-snowball method which is popular and is suggested by many personal finance experts. Since you’re paying off the lowest balances first, it allows you to celebrate quick wins.

Choose the one that works best for you. Because having a debt repayment plan is great and can keep you focused and motivated.

It looks something like this:

Step 1: List your debts from smallest to largest.
Step 2: Make minimum payments on all your debts except the smallest.
Step 3: Pay as much as possible on your smallest debt.
Step 4: Repeat until each debt is paid in full.


Here’s an Example of Paying off the lowest debt balances first


Say you have the following four debts:

1. $500 medical bill ($50 payment)
2. $2,500 credit card debt ($63 payment)
3. $7,000 car loan ($135 payment)
4. $10,000 student loan ($96 payment)


2. Reduce and Track Your Spending


This is a very important step towards improving your finances in any capacity. When you track your spending's, you will be able to get a clear picture of where your money goes.

As for me, I didn't know the importance of tracking my spending just because I wasn’t making a lot of money. But by the time i decided to track my spending I realized lots of money leaks I had in my everyday spending.

If reach your financial goals, the you have to make it as a priority, because tracking your spending is important. 

You may create a simple spreadsheet and add all you daily spending and at the end of the month you will realise which expenses you need to reduce which are not important.

3. Set Your Goals


Always, you need to have Goals. Lets say your goal is like this “I’m going to save $1,000 a month into a dedicated savings account for purchasing a new car“.

Remember, your goal doesn’t have to be for purchasing a car, its can be for a vacation or something else. It can be any number of things saving for retirement, or  an emergency fund.

Having a clear goal makes succumbing to temptation less likely. 

You’re better able to resist the urge to buy those half priced clothes at the mall when you have a goal to reach.



4. Develop a Consistent Savings Habit  


The best way to make sure you don’t go into more debt is to have savings. Having saving comes from developing a consistent habit of saving.

Automating your finances gives you peace of mind. 

You know you’re saving money but you don’t have to worry about manually going in and doing it.

Set up a regular habit of saving to a dedicated savings account. It doesn’t have to be a lot of money. But the importance is developing a habit of saving consistently.



5. Increase Your Savings Rate


One of the best things you can do to save money while also paying off debt is to increase your savings rate. 

Although its easier said than done, right?

Increasing your savings rate is best done through finding ways to make extra money. While cutting expenses can be great, I’m pretty sure you have already done most of the legwork for it. Now it’s time to focus your efforts on increasing your income.

Start small and look into ways you can make your first $100 or $500 in extra income. 

From there, think about ways you can scale your extra income efforts.

For me, blogging has been one of the best side hustles I’ve had so far. I started a blog as a way to inform and entertain people but it ended up into something more. There are several income streams you can create from a blog.

As I grew my blog, I started to let go of short-term side hustles I had been doing. I used my blogging income to help build my emergency fund and save for one of the things I love most: travel.

Although, getting a promotion or pay raise at work can be great, but it isn’t always a possibility. 

A side hustle is key to increasing your saving rate.



Final Word


It can be tricky figuring out how to strike a balance between paying off debt and saving money.

Developing a savings habit is important while paying off debt. It can cover unexpected expenses that pop up like car repairs, work-related stuff, or medical costs.

A stocked savings account reduces financial stress and gives you options. 

Saving money while paying off debt can feel hard at first, but by doing a few things, you could kickstart your savings habit.



What strategies have you used to save while paying down debt? 

Or what strategy are you looking forward to trying? Let us know in the comment section below.



5 Ways To Save Money While Paying Off Debts

By Admin → Thursday, February 15, 2018
52 Week Money Saving Challenge for Kids


Creating a saving habit for your kids help to prepare them for their bright future, and the money saving challenge for kids is the best starting point.

Giving your son or daughter an early experience with a saving challenge for kids habit might be the best way to show them that setting money aside can help it grow.

It's a good way to start your children on the road to financial success.

Teach your children about saving and help them to get the best financial start in life with a 52 Week Money Saving Challenge for Kids.

52 Weeks Money Saving Challenge for Kids

This saving challenge for kids is aimed at helping kids to learn the value of saving as well as earning and hard work.

Building your kids saving mentality is a great way to demonstrate the power of personal finances.

Help out your kids to build their own money saving goals.


Start with a PIGGY Bank

For your kids to start a money saving challenge, just give them a way to see their success by providing them with piggy banks.

Creating the right financial foundation for your children is as important as teaching them the alphabet. 

Teach your kids the virtue of saving with one of the best piggy banks for kids will help to build up their money management as they grow up.


Introducing the 52-week money challenge for kids


Here are 52 week money saving challenge for kids to start with. 

This plan starts with just a single quarter (0.25). Then by saving just a quarter more every week, the end result after 52 weeks money saving challenge is  almost $350

Example 1
52 Week Money Saving Challenge for Kids
Download this free 52 Week Money Challenge printable copy here >> 52 Week Money Challenge for Kids printable << that you can give to your kids




52 Week Money Saving Challenge for Kids

By Admin → Wednesday, January 17, 2018