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Last Updated on August 15, 2018

How to Save a Bunch of Money Easily With This Simple Challenge

How to Save a Bunch of Money Easily With This Simple Challenge

Do you find it hard to save money? If so, you’re not alone. A recent survey found that 62% of Americans have under $1000 in savings.[1] This can be disconcerting when we think about the future – buying a house, car, or even much-needed holidays – our desire to be successful in saving money is important to our peace of mind and security. But could there be a simple and easy way to encourage our saving habits?

Video Summary

What is the 52-Week Money Challenge?

A new concept has become increasingly popular that does just that – the 52-week money challenge.

The idea is to focus on each week, starting small, and gradually building up the amount of money you save. It’s not only consistent, but it takes away the pressure of taking big chunks of income each month which, let’s face it, never feels great. Intrigued? This is how it works.

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You start by saving just $1 in week 1. The next week it’s $2, the third week it’s $3 and so on. The idea is that by week 52 when you’ve saved $52 in that weekly period, you will have amassed $1,378.

What Are the Pros and Cons?

The best thing about this 52-week money challenge is anyone can do it. It’s doable and you can adapt it to your needs.

For example, you can reverse the process by saving $52 in week 1 and working backwards. This is particularly beneficial for people worried about having to put away $52 during the end of the year holidays.

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You could even mix the amounts up according to how much or how little you have each week, making smaller contributions when the purse strings are tighter or choose a higher amount when you can afford more. Either way, it’s a solid, simple way to save up a sizeable chunk.

There are potential cons to this challenge. One is that it can be hard if you’re used to handing over your debit card instead of using cash. But setting up a bank transfer could help here.

Want to Try the 52-Week Money Challenge? Here’s How to Get Started

Whether it’s saving for a holiday, putting more towards your mortgage or other monthly or yearly bills, starting this challenge will get you motivated to putting aside those all-important dollars.

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Write It Out

Write out (or print out) a list of each week and the amount to save. Having it as a reference will allow you to see your progress. Cross off each week or each amount you’ve managed to achieve.

Set Up Reminders

Once you’ve reached a few weeks it can be easy to start forgetting to put your money aside. Make sure you set up a weekly reminder on your phone or desktop to help you keep on top of it. Keep the cash jar in a place where you can see it and will serve as a reminder. Alternatively, set up an automatic bank transfer so you don’t have to think about it at all.

Make a List of Ways You Can Save

There are literally hundreds of ways you can save dollars here and there. The first weeks will be easy but as it progresses, finding ways to tuck away $40 or more can get tricky but it’s not impossible.

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Think of ways to cut back or generate money – these could include:

  • Selling unwanted items
  • Making gifts for people instead of buying
  • Switching off your heating for longer periods
  • Car sharing to save petrol
  • Walking instead of driving
  • Negotiating a better contract for your phone, heating or water supply
  • Switching off unneeded lights
  • Cooking big meals and freezing them for future meals
  • Looking for deals or discounts at your grocery store
  • Choosing shop brands over big brands
  • Making your lunch instead of buying it

Once you have a list of practical ways you can save, estimate how much money could could potentially save for each one. For example, buying lunch every day could cost $5-10 so ultimately saving you around $30 a week if you made your lunch instead.

Be Competitive

Why not turn this challenge into one with your friends or spouse? Having someone there to motivate you will spur you on and keep you on track. Have an incentive going like the person who saves the most money gets to choose the next big vacation.

Every Little Helps

The main importance of the 52-week money challenge is that it’s encouraging you to save. If 62% of Americans are not regularly saving then it shows that anything that’s getting you to put a few dollars aside every week is better than not saving at all.

Remember, it’s the small steps that lead to the big progression. Don’t feel discouraged if you can’t fulfil an amount in a particular week, just know that your willingness to put a strategy in place is good enough. Keep a positive mindset and see how it’ll reflect the money you’ll ultimately save in a year.

Reference

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Jenny Marchal

Freelance Writer

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Last Updated on August 20, 2018

How to Prioritize Right in 10 Minutes and Work 10X Faster

How to Prioritize Right in 10 Minutes and Work 10X Faster

Everyone of my team members has a bucketload of tasks that they need to deal with every working day. On top of that, most of their tasks are either creativity tasks or problem solving tasks.

Despite having loads of tasks to handle, our team is able to stay creative and work towards our goals consistently.

How do we manage that?

I’m going to reveal to you how I helped my team get more things done in less time through the power of correct prioritization. A few minutes spent reading this article could literally save you thousands of hours over the long term. So, let’s get started with my method on how to prioritize:

The Scales Method – a productivity method I created several years ago.

How to prioritize and work 10X faster with the Scales Method

    One of our new editors came to me the other day and told me how she was struggling to keep up with the many tasks she needed to handle and the deadlines she constantly needed to stick to.

    At the end of each day, she felt like she had done a lot of things but often failed to come up with creative ideas and to get articles successfully published. From what she told me, it was obvious that she felt overwhelmed and was growing increasingly frustrated about failing to achieve her targets despite putting in extra hours most days.

    After she listened to my advice – and I introduced her to the Scales Method – she immediately experienced a dramatic rise in productivity, which looked like this:

    • She could produce three times more creative ideas for blog articles
    • She could publish all her articles on time
    • And she could finish all her work on time every day (no more overtime!)

    Curious to find out how she did it? Read on for the step-by-step guide:

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    1. Set aside 10 minutes for planning

    When it comes to tackling productivity issues, it makes sense to plan before taking action. However, don’t become so involved in planning that you become trapped in it and never move beyond first base.

    My recommendation is to give yourself a specific time period for planning – but keep it short. Ideally, 10 or 15 minutes. This should be adequate to think about your plan.

    Use this time to:

    • Look at the big picture.
    • Think about the current goal and target that you need/want to achieve.
    • Lay out all the tasks you need to do.

    2. Align your tasks with your goal

    This is the core component that makes the Scales Method effective.

    It works like this:

    Take a look at all the tasks you’re doing, and review the importance of each of them. Specifically, measure a task’s importance by its cost and benefit.

    By cost, I am referring to the effort needed per task (including time, money and other resources). The benefit is how closely the task can contribute to your goal.

      To make this easier for you, I’ve listed below four combinations that will enable you to quickly and easily determine the priority of each of your tasks:

      Low cost + High benefit

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      Do these tasks first because they’re the simple ones to complete, yet help you get closer to your goal.

      Approving artwork created for a sales brochure would likely fit this category. You could easily decide on whether you liked the artwork/layout, but your decision to approve would trigger the production of the leaflet and the subsequent sales benefits of sending it out to potential customers.

      High cost + High benefit

      Break the high cost task down into smaller ones. In other words, break the big task into mini ones that take less than an hour to complete. And then re-evaluate these small tasks and set their correct priority level.

      Imagine if you were asked to write a product launch plan for a new diary-free protein powder supplement. Instead of trying to write the plan in one sitting – aim to write the different sections at different times (e.g., spend 30 minutes writing the introduction, one hour writing the body text, and 30 minutes writing the conclusion).

      Low cost + Low benefit

      This combination should be your lowest priority. Either give yourself 10-15 minutes to handle this task, or put these kind of tasks in between valuable tasks as a useful break.

      These are probably necessary tasks (e.g., routine tasks like checking emails) but they don’t contribute much towards reaching your desired goal. Keep them way down your priority list.

      High cost + Low benefit

      Review if these tasks are really necessary. Think of ways to reduce the cost if you decide that the completion of the task is required.

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      For instance, can any tools or systems help to speed up doing the task? In this category, you’re likely to find things like checking and updating sales contacts spreadsheets. This can be a fiddly and time-consuming thing to do without making mistakes. However, there are plenty of apps out there they can make this process instant and seamless.

      Now, coming back to the editor who I referred to earlier, let’s take a look at her typical daily task list:

        After listening to my advice, she broke down the High cost+ High benefit task into smaller ones. Her tasks then looked like this (in order of priority):

          And for the task about promoting articles to different platforms, after reviewing its benefits, we decided to focus on the most effective platform only – thereby significantly lowering the associated time cost.

          3. BONUS TIP: Tackling tasks with deadlines

          Once you’ve evaluated your tasks, you’ll know the importance of each of them. This will immediately give you a crystal-clear picture on which tasks would help you to achieve more (in terms of achieving your goals). Sometimes, however, you won’t be able to decide every task’s priority because there’ll be deadlines set by external parties such as managers and agencies.

          What to do in these cases?

          Well, I suggest that after considering the importance and values of your current tasks, align the list with the deadlines and adjust the priorities accordingly.

          For example, let’s dip into the editor’s world again.

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          Some of the articles she edited needed to be published by specific dates. The Scales Method allows for this, and in this case, her amended task list would look something like this:

            Hopefully, you can now see how easy it is to evaluate the importance of tasks and how to order them in lists of priority.

            The Scales Method is different from anything else you’ve tried

            By adopting the Scales Method, you’ll begin to correctly prioritize your work, and most importantly – boost your productivity by up to 10 times!

            And unlike other methods that don’t really explain how to decide the importance of a task, my method will help you break down each of your tasks into two parts: cost and benefits. My method will also help you to take follow-up action based on different cost and benefits combinations.

            Start right now by spending 10 minutes to evaluate your common daily tasks and how they align with your goal(s). Once you have this information, it’ll be super-easy to put your tasks into a priority list. All that remains, is that you kick off your next working day by following your new list.

            Trust me, once you begin using the Scales Method – you’ll never want to go back to your old ways of working.

            Featured photo credit: Vector Stock via vectorstock.com

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