Did you know that with the 52-Week Challenge you can save around €1,370 a year ? It is considered one of the best methods for saving and one of the easiest to understand. However, it is not considered a magic formula, but rather requires patience, planning and a lot of perseverance.
Personal loans are an interesting resource to deal with some economic eventualities that we may have. However, it is much more interesting to have a significant savings capacity, since it will give you more room to react to unforeseen situations. And today we are going to present you one of the tricks to save money day by day.
In this article we are going to study in detail what the 52-week challenge consists of and some particularities to be able to carry it out.
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What is the 52-Week Challenge and why is it one of the best ways to save money?
The system is simple: it is a process that will last 52 weeks and will be cumulative. This means that you will have to increase the amount to really save money. Its main feature is that it adapts to any type of person’s budget, since we can start with just €1 .
This is one of the most interesting ways to save money because it requires you to save an additional €1 each week of the year. In other words: the first week you will have to save one euro, while the second week you will increase the amount by an extra €1 and you will have to save €2 . The third week you will save €3 and this will continue to increase until you reach €52 in the last week.
Compared to other saving methods (such as the Kakebo formula or the 50/20/30 Rule ), it is one of the easiest to understand and apply.
We’re talking about small amounts (although this will only last for the first few months). You’ll be able to save money without even realising you’re doing it. If you do the math, you’ll realise you’ll save exactly €1,378 each year… which is a pretty big amount.
Key Features of the 52 Week Challenge
At this point in the article you may be wondering why this resource works unlike other methods to save money . If you read its details you will be able to come to the conclusion for yourself:
Motivator
Differentiating itself from other methods of saving, the first steps we must take with this challenge are very easy to achieve, which produces a motivating effect on our brain.
It will gradually be configured in such a way that it encourages us to accumulate larger amounts of money.
Our financial discipline is increasing
One of the problems with being successful with different saving methods is having the financial discipline to start and finish them.
With this type of saving methods, it will be possible to develop this skill without even realizing it.
Although this does not mean that it does not require a significant effort on our part.
It is scalable
This means that we can adapt it based on the objective to be achieved. For example, if we want to reach a higher objective, we will only have to do the relevant calculations and increase the amount accordingly each week.
For example, if you want to save around €2600-2700 , you will only have to double the amount each month ( €2 ). Similarly, if your goal is lower, you can reduce the amount to €0.50 .
It adapts to the financial capacity of each person
The savings methods that you can find on the market are not always easy to follow because sometimes they may require us to invest disproportionate amounts that are outside our budget.
This will not happen with the 52 Week Challenge, as we can adjust it based on the income we receive each month, as well as any unforeseen events we may encounter.
Why is consistency so important in the 52-week challenge?
The truth is that this feature is important in all saving methods, but in this one it takes on a much more important nuance.
In the same way that if a person wants to get in shape (for this, they will have to train and follow a strict diet), if you want ways to save money at home with this type of saving methods you must be constant and methodical .
But we also have to be realistic: at any time we may face some kind of unexpected event or exceptional expense. Our goal should be to make the minimum number of exceptions if we really want to achieve the desired goal; in other words, we should not give in to temptation .
A good idea to motivate yourself and feel like you’re making a difference is to print out a template and make sure it’s in a clearly visible place so you can see it every day. Your task will be to write down the goal you’ve achieved each week; don’t just limit yourself to writing down the amount you had to save, but also the total you’ve accumulated. This figure will be even more motivating.
You have to be very careful with demotivating thoughts: for example, it could be the case that the deadline is approaching and we are some way from achieving our goal. In this situation, you have the resource of online loans ; combining it with the amount you have saved, you can surely lower the interest that you will be charged.
Also, remember that you have resources: if you are not able to save the amount required by the 52-Week Challenge, a good idea is to sell things that you are not using. You can also try to cut back on any fixed expenses you may have at home.
We encourage you to take the 52-Week Challenge and see how you can really save money .
