In the past couple of years, there has been a challenge floating around the internet called the 52 Week Money Challenge. Once it hit social media, it really took off and many people started to do the challenge to save money for whatever purpose they needed to do so.
Information on the 52 Week Money Challenge:
Who Came Up with the Idea?
The creators of the 52 Week Money Challenge are husband and wife Daniel and Montina Portis which they started in 2010. It was to help the challenges that they themselves were facing. From there, the challenge was placed on Montina’s YouTube channel to help others as well. At the end of the challenge, one would have saved $1378.00.
Advantages of the Challenge
If you are not confident in saving money, having a hard time saving or just think saving is not for you, then these advantages can change your mind. It’s pretty simple, for each week of each month, you would keep a certain amount to the side. For example, the first week would be $1, the second week add another $2, the third week added another $3 and you keep going. Now that you have the idea, what are the advantages of this challenge?
Making deposits each week. This will give you discipline on saving your money each week. It will become a habit and will make it less easier for you to fall off the wagon.
Watch your savings grow. When you see your savings increase each week and month, it can encourage you to keep going.
Save for anything. This challenge will not only get you into the habit of saving, but it will allow you to save for something that you are looking forward to. It could be for a vacation, helping to purchase a vehicle or saving for a rainy day.
Disadvantages of the Challenge
Savings in a jar. Most people are using a jar, shoebox or other container around their home to keep their money, however this may not be safe if it is not kept well hidden. Having a savings account to place your money in is the best idea. This will also keep your hands out of the cookie jar and doing any unnecessary spending.
No immediate results. Doing this challenge, you won’t be seeing immediate results because it does take some time to get to the final amount. Patience is needed to keep the momentum going to reach the goal.
Ready for the Challenge?
So if you want to jump on board to do the 52 Week Money Challenge, get a few pointers on how to start and accomplish the challenge along with some motivation below.
Montina Portis 52 Week Financial Challenge– this is a FREE Course
Kassondra’s 52 Week Money Challenge – this Facebook group is great for motivation and keeping up the challenge with others.
What are your thoughts on the 52 Week Money Challenge?
Image: iStockPhoto
