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For those who haven’t tried it yet, the concept is pretty simple. The standard version has you putting aside the number of dollars which correspond to the week number of the year. For example, in week one you put aside $1. During week two, you put aside $2. During week ten you put aside $10 and during the last week of the year you put aside $52. If you do this the entire year, you will have saved $1,378.
The modified 52 week money challenge version will give you the same $1,378 at the end of the year, but gives you a lot more flexibility than the standard version. The modified version lets you choose the amount you want to deposit each week. This means if you have a tight money week, you can choose to save a small amount, and when you have a good money week, you can save a larger amount. The goal each week is to cross off the highest amount you have left on the chart, but ultimately any number can be crossed off depending on how the week goes. By giving you the flexibility to choose the amount each week, you have a better chance to complete the challenge.
While this has been a popular challenge for people to take, many begin the challenge strong but then lose steam as the weeks pass by and ultimately fail to complete the challenge. There are a number of reasons for this. One of the main issues is that it can be difficult to stay motivated as you try to complete the challenge on your own, without any support from others. For those who tried in years past, but failed for this reason, you might want to head over to the forums where some of the members will be doing the challenge again this year. This will help you get support when the motivation begins to disappear, plus it’s an excellent place to talk about any financial situations you have to get other peoples’ ideas. You may also want to get your other family members involved. There are a number of challenges for lower amounts of money that the kids can do. These include 52 week challenges with pennies, nickels, dimes and quarters.
For all those considering taking part in a 52 week challenge in 2015, the best advice is to simply begin. Starting the process is so much more important than if you actually succeed in saving the dollar amounts or not. That’s because it gets you in the habit of putting a little money away each week, and creating this habit is the true genius of this challenge. Once saving money becomes a habit you do on a weekly basis, you can adjust the amount to whatever may financially fit your life. Once this has been established, you will put yourself in a financial position to be in a better spot in 2016 than you began with the New Year.
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