52 Week Money Challenge

52 week money challenge
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When it comes to promises and affirmation, lots of people use the technique of challenges to alter life for the better. Some people are taken with the idea of going to Australia. Others want to save money to obtain hardware for a home studio or buy a pro camera to start filming. At all events, a person aiming to schedule funds for these activities will face the dilemma of choosing between wishes and opportunities.

Nowadays, there are many alternative money-saving programs that can help reach the goal. In this review, we acquaint you with a 52-week money challenge. In the event of success, you will almost effortlessly collect 1,378 US dollars by the end of the year — that’s the exact period of the challenge.

What Is the Money Challenge Chart?

The idea is simple and resembles a still bank used in childhood. Open a savings account and invest a certain amount of money weekly, adjusting the sum. Control your savings using account receipts or a printable handout. Following the nature of challenges and affirmation techniques, it is even more advisable to have a tangible tracking list to control it manually. Besides, having a printed chart handout allows keeping the scheme in front of the eyes at all times and makes it almost impossible to avoid a regular investment.

The primary factor of any success is motivation, and nothing can beat the game factor here. A game brings a sense of freedom and much positive. It shifts limits and doesn’t impose a burden of obligatory action. Besides, fixing positive results keeps us moving further and protects us from being depressed or stuck.

How to Benefit from a Money Challenge?

Saving for the sake of saving might be challenging. Therefore, always keep these benefits in mind to help you resist the temptation to spend the funds.

  • Discipline

A regular investment without spending the savings tempers the character and learns to follow the outlined schedule and create a weekly saving habit.

  • Adjust your savings

If you want to increase the total at the end of the challenge, you can adjust the weekly investments and start the first week with two USD, for example. By the end of 52 weeks, the total sum will equal 2,756 USD. There are online money challenge calculators and mobile apps that draft the schedule. Alternatively, you can designate a constant amount of money you will invest weekly to preserve the saving strategy. For example, 20 USD weekly will make 1040 USD in total by the end of week 52.

  • Flexibility

Small sums do not pressure one compared to more significant amounts. Besides, it helps keep one’s basic account unaffected. Money challenge allows saving funds and doesn’t make one choose between paying credits and achieving a 52-week goal.

  • Build your first saving fund

Many young people don’t have fixed earning opportunities. Therefore, it is intimidating for them to start saving. A 52-week money challenge might be of great assistance, as most young people can seamlessly designate the conventional amount, gain the expected result at the end of the year, and provide an emergency fund.

The Unexpected Difficulties

A challenge won’t make a challenge without difficulties it might create throughout the process. Here are the foremost tricks that one should overcome to reach the goal:

  • Self-control

Indeed, resist spending even tiny amounts of money is a must if you want to accomplish the challenge successfully. Therefore, self-control is the fundamental skill one should cultivate. The temptation to get a couple of dollars to buy coffee can ruin everything. Consider this money your survival kit and avoid spending it no matter what.

We suggest that you propose a friend to enter the challenge. Competition with others can positively influence the outcome.

  • Increasing amounts

It’s not complicated to start with one or five dollars a week. However, the final period of the self-challenge can be twisted, especially when you start in January to finish in December. Christmas arrangements, holiday expenses, and traveling preparations may reduce your chances to regularly invest 50 dollars during the final weeks or even make you quit the challenge.

Our suggestion is to start the challenge vice versa, investing larger amounts during the first weeks and reducing the “compulsory” payments at the end of the game. Another solution is to divide the total sum into equal parts.

  • Regularity

The pace of life can make us forget to invest regularly. The amounts are not overwhelming at the beginning, and most people forget about the challenge quickly. On the one hand, it’s excellent as the “game” doesn’t influence everyday expenses. On the other hand, you should create a schedule plan and always have it well visible to keep the contest alive.

Filling Out the Money Challenge Chart

Completing money challenge charts is pretty straightforward and doesn’t require specific skills and intimidating schemes. We inspire you to build a needed PDF file using our latest software and start your mini-accountant adventure, so you get a piece of change by the end of the year.

The chart consists of four columns:

  • Week number, indicating what stage you are in at the current moment
  • Deposit amount — the conventional investment one should make following the week number. Thus, for week one, this sum equals one USD, while during week 41, the challenged person should invest 41 USD.

step 1 completing column 1-2 - filling out a 52 week money challenge

  • Deposit complete — check the slot if you managed to maintain the rules and provide the requested amount.
  • Account Balance — the column shows how much money you have already saved following the challenge schedule.

step 2 completing column 3-4 - filling out a 52 week money challenge
The algorithm is intuitive: invest the funds and checkbox the periods to have 1,378 USD by the end of the self-contest. The final weeks might be challenging to accomplish as the sum rises period by period.

There is an alternative challenge system: you can invest money starting with the greater sum, meaning the last week investment will make one USD.

If you manage to fulfill the task, the reward will be beyond satisfying.