Tag: debt-free

The 52 week money saving challenge was popularized in the Philippines by Rhea Suzette Mocorro of kuripotpinay.com which in turn she got from lifeasyouliveit.com. The origin of this challenge can be traced back to 2013 by a woman named Kassondra Perry-Moreland.

She wondered the following on a New Year’s eve why after working 23 years she still has no savings. On new years day she got an answer after seeing a 52 week outline for 2013. The aim is to save $1.00 and increasing that amount per week so that it would be $1.00 on the first week, $2.00 on the second week and so on.

 

Purpose
1. To establish a saving habit
2. Motivation – stick whatever you want to buy when you finish the challenge
3. Discipline – sticking to this would not only establish a habit but also a discipline to instead of buying something unnecessary no matter insignificant why not drop it in your
savings jar/container

 

Variations

1. printing the 52 week challenge tally sheet and cross of the amount you drop on a particular week so as not to force you to save the big amount on some not so rich months like
December
2. Make it monthly challenge – starting with a bigger amount
3. reverse saving – start with the bigger amount
4. Longer version of 104 week challenge
5. Opening a deposit account with good interests so that what you save also gets interest as extra income
6. Group 52 week money challenge – set an amount that beach should contribute so that your members will need to be accountable and you help each other by being their
accountability partner.