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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

A passionate writer who loves sharing about positive psychology.

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Last Updated on March 23, 2021

Manage Your Energy so You Can Manage Your Time

Manage Your Energy so You Can Manage Your Time

One of the greatest ironies of this age is that while various gadgets like smartphones and netbooks allow you to multitask, it seems that you never manage to get things done. You are caught in the busyness trap. There’s just too much work to do in one day that sometimes you end up exhausted with half-finished tasks.

The problem lies in how to keep our energy level high to ensure that you finish at least one of your most important tasks for the day. There’s just not enough hours in a day and it’s not possible to be productive the whole time.

You need more than time management. You need energy management

1. Dispel the idea that you need to be a “morning person” to be productive

How many times have you heard (or read) this advice – wake up early so that you can do all the tasks at hand. There’s nothing wrong with that advice. It’s actually reeks of good common sense – start early, finish early. The thing is that technique alone won’t work with everyone. Especially not with people who are not morning larks.

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I should know because I was once deluded with the idea that I will be more productive if I get out of bed by 6 a.m. Like most of you Lifehackers, I’m always on the lookout for productivity hacks because I have a lot of things in my plate. I’m working full time as an editor for a news agency, while at the same time tending to my side business as a content marketing strategist. I’m also a travel blogger and oh yeah, I forgot, I also have a life.

I read a lot of productivity books and blogs looking for ways to make the most of my 24 hours. Most stories on productivity stress waking up early. So I did – and I was a major failure in that department – both in waking up early and finishing early.

2. Determine your “peak hours”

Energy management begins with looking for your most productive hours in a day. Getting attuned to your body clock won’t happen instantly but there’s a way around it.

Monitor your working habits for one week and list down the time when you managed to do the most work. Take note also of what you feel during those hours – do you feel energized or lethargic? Monitor this and you will find a pattern later on.

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My experiment with being a morning lark proved that ignoring my body clock and just doing it by disciplining myself to wake up before 8 a.m. will push me to be more productive. I thought that by writing blog posts and other reports in the morning that I would be finished by noon and use my lunch break for a quick gym session. That never happened. I was sleepy, distracted and couldn’t write jack before 10 a.m.

In fact that was one experiment that I shouldn’t have tried because I should know better. After all, I’ve been writing for a living for the last 15 years, and I have observed time and again that I write more –and better – in the afternoon and in evenings after supper. I’m a night owl. I might as well, accept it and work around it.

Just recently, I was so fired up by a certain idea that – even if I’m back home tired from work – I took out my netbook, wrote and published a 600-word blog post by 11 p.m. This is a bit extreme and one of my rare outbursts of energy, but it works for me.

3. Block those high-energy hours

Once you have a sense of that high-energy time, you can then mold your schedule so that your other less important tasks will be scheduled either before or after this designated productive time.

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Block them out in your calendar and use the high-energy hours for your high priority tasks – especially those that require more of your mental energy and focus. You also need to use these hours to any task that will bring you closer to you life’s goal.

If you are a morning person, you might want to schedule most business meetings before lunch time as it’s important to keep your mind sharp and focused. But nothing is set in stone. Sometimes you have to sacrifice those productive hours to attend to other personal stuff – like if you or your family members are sick or if you have to attend your son’s graduation.

That said, just remember to keep those productive times on your calendar. You may allow for some exemptions but stick to that schedule as much as possible.

There’s no right or wrong way of using this energy management technique because everything depends on your own personal circumstances. What you need to remember is that you have to accept what works for you – and not what other productivity gurus say you should do.

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Understanding your own body clock is the key to time management. Without it, you end up exhausted chasing a never-ending cycle of tasks and frustrations.

Featured photo credit: Collin Hardy via unsplash.com

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