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Hacking the 52 Week Money Challenge the Smart Way

Hacking the 52 Week Money Challenge the Smart Way

The financial savings picture in America (and the world) isn’t a good one, at multiple income levels. For example: across people with incomes less than $25,000, 38% have $0 saved. For those with incomes from $100,000 to $149,999, it’s not much better: 18% have $0 saved, and 26% have less than $1,000.[1]

This obviously can create problems in the future. Nearly half of American adults can’t cover an emergency expense of $400 without selling something or borrowing money, and 31% of non-retired adults have no retirement savings or pension at all.[2]

Is there a way to get better at saving money? Yes, here’s a challenge you can take to turn around the situation.

The 52 Week Money Challenge

The 52 Week Money Challenge is fairly simple.

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  • On Week 1, you deposit $1 in savings. Now your total is $1.
  • On Week 2, you deposit $2, for a new total of $3.

If you follow this for 52 weeks, your eventual total for the year will be $1,378.

Here’s a table showcasing it visually:

    The 52-Week Money Challenge works because of habitual momentum. You have a commitment now to do something every single week, and if you achieve it, it will better your financial situation. Charles Duhigg, a leading researcher on habits, has explained that most habit formation takes place as cue, routine, and reward.[3] The 52-Week Money Challenge is the same way:

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    • Cue: Every week, you remember you need to do this.
    • Routine: You keep doing it!
    • Reward: Now you have more savings.

    Hacking the Money Challenge

    How do you make the conscious decision not to spend dollars on fun things?

    For example, you know there’s a good chance you’ll spend more money during the holidays— flights to see family members, gifts for family and co-workers, maybe even New Year’s Eve plans. You might spend more in the summer too: vacations and summer sales.

    How do you make sure you don’t do that and stay on track with your 52-Week Money Challenge? There are three main hacks if you want to get the most out of the 52-Week Money Challenge:

    Automate Money Storing and Transferring

    The whole point of automation is making things simpler, and that can work in the 52-Week Money Challenge too. Just automate out the payments beforehand and you’ll never even think about it. It will just not be there—it’ll be savings. Your bank can help you with this, as can apps like Qapital.

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    Combine the Challenge with Another Goal

    Consider merging the 52-Week Money Challenge with a weight loss challenge— lose 1 pound per week, for example— or a spending challenge. You could reduce the number of times you eat out each week in a given month (8, 6, 4, 2) and start from a smaller number each month (7, 5, 3, 1 the next month; then 6, 4, 2, 0).

    If you’re tying a money-saving challenge (the 52-Week Money Challenge) with another challenge that will directly impacting savings (eating out less or trying to lose weight— or both!), there will be increased motivation to save money.

    Go Beyond the 52 Weeks

    Each year you’d save $1,378. In five years, you’d have $6,890. In 10 years, $13,780. It could lead to some pretty nice vacations, if nothing else.

    Just don’t stop. The 52-Week Money Challenge is a low impact way to save money.

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    Challenge Accepted

    Go do it. Do the 52-Week Money Challenge. And think on some of the hacks, or create your own— for example, if Week 1 is $2 and then Week 2 is $4, you’d double your savings ($2,756) for the year. In 10 years, you’d have over $27,000 in savings.

    That would be impressive given the numbers we initially discussed. Most Americans have less than $1,000 in savings, so even if you just do the basic 52-Week Money Challenge with the hacks discussed, you’ll end the year with more than most people.

    Saving is important, whether the savings leads to leisure pursuits or solving emergencies. Start with the 52-Week Money Challenge and see how easy it can be.

    Featured photo credit: http://money.cnn.com/2017/05/10/retirement/retirement-savings-return/index.html via money.cnn.com

    Reference

    More by this author

    Brian Lee

    Chief of Product Management at Lifehack

    100 Incredible Life Hacks That Make Life So Much Easier 10 Best New Products That People Don’t Know About Book Summary: The Power of Habit in 2 Minutes 1 Minute Book Summary: How To Make People Like You in 90 Seconds or Less 2 Minutes Book Summary: Thinking Fast and Slow

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    Last Updated on September 18, 2019

    15 Best Organizing Tips For Office Organization and Getting More Done

    15 Best Organizing Tips For Office Organization and Getting More Done

    You may think that you don’t have time for office organization, but if you really knew how much time that disorganization cost you, you’d reconsider.

    Rearranging and moving piles occasionally doesn’t count. Neither does clearing off your desk, if you swipe the mess into a bin, or a desk drawer.

    A relatively neat and orderly office space clears the way for higher productivity and less wasted time.

    Organizing your office doesn’t have to take days, it can be done a little at a time. In fact, maintaining an organized office is much more effective if you treat it like an on-going project, instead of a massive assault.

    So, if you’re ready to get started, the following organizing tips will help you transform your office into an efficient workspace.

    1. Purge Your Office

    De-clutter, empty, shred, get rid of everything that you don’t need or want. Look around. What haven’t you used in a while?

    Take one area at a time. If it doesn’t work, send it out for repair or toss it. If you haven’t used it in months and can’t think of when you’ll actually need it, out it goes. This goes for furniture, equipment, supplies, etc.

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    Don’t forget about knick-knacks, plants (real or artificial), and decorations – if they’re covered with dust and make your office look shabby, they’re fair game.

    2. Gather and Redistribute

    Gather up every item that isn’t where it belongs and put it where it does.

    3. Establish Work “Zones”

    Decide what type of activity happens in each area of your office. You’ll probably have a main workspace (most likely your desk,) a reference area (filing cabinet, shelves, binders,) and a supply area (closet, shelves or drawers.)

    Place the appropriate equipment and supplies are located in the proper area as much as possible.

    4. Close Proximity

    Position the equipment and supplies that you use most within reach. Things that you rarely use can be stored or put away.

    5. Get a Good Labeler

    Choose a label maker that’s simple to use. Take the time to label shelves, bins, baskets drawers. Not only will it remind you where things go, but it will also help others who may have a need to find, use, or put away anything in your workspace.

    6. Revise Your Filing System

    As we move fully into the digital age, the need to store paper files has decreased.

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    What can your store digitally? Are you duplicating files? You may be able to eliminate some of the files and folders you’ve used in the past. If you’re storing files on your computer, make sure you are doing regular back-ups.

    Here’re some storage ideas for creating a smooth filing system:

    • Create a meeting folder – Put all “items to be discussed” in there along with items that need to be handed off, reports that need to be given, etc. It’ll help you be prepared for meetings and save you stress in the even that a meeting is moved up.
    • Create a WOR folder – So much of our messy papers are things that are on hold until someone else responds or acts. Corral them in a WOR (Waiting on Response) folder. Check it every few days for outstanding actions you may need to follow-up on.
    • Storage boxes – Use inexpensive storage boxes to keep archived files and get them out of your current file space.
    • Magazine boxes – Use magazine boxes or binders to store magazines and catalogs you really want to store. Please make sure you really need them for reference or research, otherwise recycle them, or give away.
    • Reading folder – Designate a file for print articles and documents you want to read that aren’t urgent.
    • Archive files – When a project is complete, put all of the materials together and file them away. Keep your “working folders” for projects in progress.
    • File weekly – Don’t let your filing pile up. Put your papers in a “To File” folder and file everything once a week.

    Learn more tips on organizing your files here: How to Organize Your Files for Better Productivity

    7. Clear off Your Desk

    Remove everything, clean it thoroughly and put back only those items that are essential for daily use.

    If you have difficulty declutter stuff, this Declutter Formula will help you throw away stuff without regretting later.

    8. Organize your Desktop

    Now that you’ve streamlined your desktop, it’s a good idea to organize it.

    Use desktop organizers or containers to organize the items on your desk. Use trays for papers, containers for smaller items.

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    Don’t forget your computer desktop! Make sure the files or images are all in organized folders. I’d recommend you clear your computer desktop everyday before you leave work.

    9. Organize Your Drawers

    Put items used together in the same drawer space, stamps with envelopes, sticky pads with notepads, etc.

    Use drawer organizers for little items – paper clips, tacks, etc. Use a separate drawer for personal items.

    10. Separate Inboxes

    If you work regularly with other people, create a folder, tray, or inbox for each.

    11. Clear Your Piles

    Hopefully with your new organized office, you won’t create piles of paper anymore, but you still have to sort through the old ones.

    Go through the pile (a little at a time if necessary) and put it in the appropriate place or dump it.

    12. Sort Mails

    Don’t just stick mail in a pile to be sorted or rifle through and take out the pieces you need right now. Sort it as soon as you get it – To act, To read, To file, To delegate or hand off. .

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    13. Assign Discard Dates

    You don’t need to keep every piece of paper indefinitely. Mark on files or documents when they can be tossed or shredded.

    Some legal or financial documents must be kept for specified length of time. Make sure you know what those requirements are.

    14. Filter Your Emails

    Some emails are important to read, others are just not that important.

    When you use the filter system to label different types of emails, you know their priority and which to reply first.

    Take a look at these tips to achieve inbox zero: The Ultimate Way to get to Inbox Zero

    15. Straighten Your Desk

    At the end of the day, do a quick straighten, so you have a clean start the next day.

    Bottom Line

    Use one tip or try them all. The amount of effort you put into creating and maintaining an efficient work area will pay off in a big way.

    Instead of spending time looking for things and shuffling piles, you’ll be able to spend your time…well…working and you’ll enjoy being clutter free!

    More Organizing Hacks

    Featured photo credit: Alesia Kazantceva via unsplash.com

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