You need to save.
Savings is one of the fundamentals of building up your business.
You need funds to start your business, no matter how small the cost is.
But do you have a plan to save in the first place?
Have you heard of the 52 Weeks Savings Challenge?
It’s a pretty ingenious plan that will help you to build up your savings in a year!
What you need to do is to save $1 in the first week and increase each week of savings by a dollar to compound your savings.
By the end of week 52, which is a year, you would have saved $1,378!
It’s pretty versatile also as you can start anytime of the year.
The 52 Week Challenge
Here’s the blueprint which I got from the internet.
Print this chart out and stick it to where you can see it every day.
Check off every week as you save and accomplish the savings.
The trick is to train you to be disciplined in the plan.
Studies have shown that having a goal is a key ingredient to success.
By tracking your savings, you actually have a goal to accomplish and you get a satisfaction when you completed your goal.
If you have family members, share this blueprint with them and challenge them to see who can achieve this goal!
Here are some tips to help you accomplish the 52 Week Money Challenge!
Have a piggy bank or cookie jar to keep your money. Every day just drop in your coins or cash into that piggy bank.
Alternatively, in the age of mobile banking, create an account that you cannot touch and transfer the amount you need to save every week into that account.
If saving manually is too tough for you, prepare a standing order to the bank to transfer a fixed amount of money to your savings account. In this case, you’ll know that you have saved some money automatically.
You would be surprised the amount you have saved at the end of 52 weeks!
Plan out your week on how to save that amount of money by the end of week 52.
It could mean also cutting down on your favourite indulgence or coffee.
If you are grocery shopping, look out for cheaper alternative such as house brands and use available discount coupons.
Look out for online deals such as Amazon’s Black Friday Deals and shop online for cheaper products.
Another useful online shopping feature is to use cashback feature from ShopBack. ShopBack (may not be available to all regions) allows you to get cashback from their online partner merchants. And it even includes cashback from buying Apple products!
It may be really challenging at the last few weeks of the challenge. If that is too challenging for you now, you can go through week 1 to 26 (which is half of the challenge) and repeat it twice.You’ll still get a significant amount of savings!
You’ll still get a significant amount of savings!
If you manage to save according to plan, that’s great!
But do you have excess cash after the savings?
Instead of spending it, why not put it into your savings and treat it as your bonus! I’m sure it feels good to see more money than expected in your savings!
Use a money management app to help you to track your costs.
There are many money management apps that you can download and use to track your spending.
One of the apps I use is called Wally.
It’s a free finance app that help you to track and manage your spendings and savings.
To use, just key in your income that you receive every month and key the amount that you spend for the day and what category.
You can specify how much you want to save and it will automatically tell you how much you have left to spend for each of your transactions.
I find it very useful to track what I’m spending on each month!
Are You Ready To Save?
So are you ready to save some money? For just $1 you can start saving now. Try it!
Download your free 52 Week Money Challenge printable sheet here!
*If you like to start, join our inner circle facebook group Think Rich Grow Rich!