Advertising
Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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

More by this author

Jenny Marchal

Freelance Writer

Success In Reaching Goals Is Determined By Mindset How to Save a Bunch of Money Easily With This Simple Challenge 11 Killer Ways To Get Rid Of Roaches Without Harming You If You Understand These 5 Rules In Psychology, You Can Live A Much Easier Life How To Get Over Someone You Deeply Love

Trending in Productivity

1 How Creativity Can Help You Get Ahead in Life 2 How to Set Stretch Goals and Keep Your Team Motivated 3 How Self Care Can Help You Live Your Best Life 4 How to Develop Mental Toughness to Help You Stay Strong 5 How to Calm Down When You’re Stressed and Anxious

Read Next

Advertising
Advertising
Advertising

Published on April 25, 2019

How Creativity Can Help You Get Ahead in Life

How Creativity Can Help You Get Ahead in Life

Have you ever felt limited in your abilities to do something you really wanted to pursue? Maybe it was an ambition you had, or an idea to start something. Perhaps it was an opportunity that came your way, but you weren’t able to take it because something held you back.

Often, we’re unable to progress towards our goals because such obstacles stand in the way. We let our limitations stop or overshadow our abilities to see through to a goal.

Yet, there’s one thing that we rarely think of to use when trying to overcome limitations.

Creativity.

What is Creativity?

When I say creativity, I’m not talking about an innate talent. Creativity is a much needed, but often neglected, skill that everyone has! It’s a skill with huge leverage that allows you to generate enormous amounts of value from relatively little input.

Creativity at its heart, is being able to see things in a way that others cannot. It’s a skill that helps you find new perspectives to create new possibilities and solutions to different problems.

Everything, including brilliant inventions, cannot come from nothing; it all derives from some sort of inspiration. Creativity works by connecting things together in order to derive new meaning or value.

From this perspective, you can find creativity at play in many areas.

Advertising

For example, Mark Zuckerburg rapidly became successful by taking the previously existing concept of social media, and combining it with an incredibly simple interface that appealed to a much wider audience. Uber and Lyft combined the idea of a traditional taxi service with an incredibly efficient smartphone app.

Both of these examples connect different ideas, find common ground amongst the differences, and create a completely new idea out of them.

That’s creativity in a nutshell, and anyone can improve theirs.

Limitations are Actually Opportunities

The advantage of using creativity, is to help you see limitations as opportunities. Take any limitation that you may find yourself facing, is there a way to look at things differently?

Let me illustrate with an example.

On the day of my son’s 5th birthday, my wife and I arranged a party for him at a children’s adventure park. His friends and family were all invited, and the plan was to have a long, fun day out to celebrate.

However, the day didn’t go exactly as planned…

Advertising

At Lifehack, we pride ourselves on a healthy work-life balance, so I wasn’t concerned about taking the day off to celebrate. But, on the big day, a call came through to my phone.

It was a manager from Lifehack. He excitedly told me that a group of investors were quite interested in our business proposition, and were wanting to meet later that day.

This was great news! A potential investment could be coming our way. But, I was already miles away from home and the office. Plus, it was my son’s birthday…

I asked if I could call him back once we got settled into the park.

To be honest, I was pretty certain I was not going to be able to make it. Asking to reschedule would be a risky request, but there was no way that I was going to miss my son’s party.

My son could sense something was off, and he asked me what was wrong. So I let him know that I just received a call about a meeting today, but also told him not to worry as today was about celebrating his birthday.

But like all kids, he continued questioning me…

Advertising

“But daddy, is it important?”

“No, of course not,” I bluffed.

Then, with childlike intuition and creativity, he asked: “Can’t you just meet with them at the park?”

And, then it struck me! This was the idea that I was missing.

Even though my son didn’t quite understand that it would not be possible for the investors to meet me at the park, it made sense for me to simply do a video call!

I could miss 25 minutes of the party to do a quick call while the rest of the party walked through the aquarium. And, in the end, that was exactly what happened.

I called back my teammate and asked him to briefly explain to the investors why I couldn’t be there in person to meet, but would be happy to join via video. I took the call, and was able to spend the rest of the day at the park with my son.

Advertising

Not only did my son enjoy his birthday, his simple idea led to a successful investment meeting that allowed us to get funding for a new project.

This is where I was able to turn a limitation into an opportunity that enabled me to reach my success.

Creativity is One Key to Success

When you use your creative ability to turn your limitations and setbacks into opportunities, you’ll find doors opening for you in areas you may have never imagined.

Remember, your attitude is also important when it comes to achieving a goal, and tackling a setback or problem. That’s because a positive attitude transforms not just your mental state, but your physical and emotional well being. It is the key to lasting total transformation.

Check out this article to learn more about how you can tune your attitude towards positivity.

So, the next time you’re feeling limited by your abilities, setbacks or challenges, don’t give up. Really look at the situation, and see how you can leverage on your creativity to find an alternative solution.

Featured photo credit: Photo by William Iven on Unsplash via unsplash.com

Read Next