I’m sure that you’ve all heard about the 52 week savings challenge, basically the premise is that you are to save incremental amounts of money per week of the year. You’ll then have a lump sum of money to spend wrecklessly at the end of the year. I know we’re already well in to 2018 but this is a case of rather late than never, especially when it comes to saving. I also wanted to wait till I got into the groove of this savings challenge before I wrote about it.
Adapting it to suit me
The original 52 week savings challenge will have you saving R10 in week 1 going up to R520 by the last week of the year. I knew from the beginning that I would not be able to save over R300 per week so I made a decision to adapt the challenge to what is possible for me. I think this is the best way to tackle it, I prepared myself for success from the onset. Granted, I’ll have less money at the end of the year but I won’t be demotivated during the course of the year when the amount become too high.
How I’m saving
I decided from the beginning to save monthly, so I look at the monthly amount and I put it aside on the day that I get my salary. I also prepay, this means that with my April salary I will set aside the May amount so come end November, I will be done and can start spending my savings as soon as December starts.
I’m also not limiting myself to the monthly amount that needs to be put away, whenever I have spare money (mostly coins when I want to empty my wallet) I also add it to the container, so I’ll end up with more money at the end of the year.
Where to keep the money
I am keeping my money in an ice cream container next to my bed – I’m going old school with it (if you are ever at my house, you now know where to find it 🙂 ). I could have opened a separate savings account and transferred it there but I am loving seeing the cold, hard cash. I love it to count it now and again just to see how far I’m progressing.
I am up to date with my savings and I’m going strong. I have my wishlist ready (see my previous wishlist) and I keep on adding to it – at this rate, I will need more money, lol. I will share my list closer to the time when I’m ready to spend it.