When it comes to the 52 week money challenge, the ultimate goal is to succeed by saving that $1,378 by the end of the year. While the challenge appears simple in theory, it’s actually a little more difficult to complete than most think. There are three main things that I believe you need to do if you want to have the best chance of succeeding at this challenge. It’s certainly possible to complete it on your own, but incorporating the three areas below will greatly increase your chances of success. Here’s what you need to do.
Most people don’t go into the challenge with a plan. They decide to figure out a way to save the money each week, and approach the challenge one week at a time. I personally think that it’s important to do some preparation work, and doing this should greatly increase your odds of success. By preparing a few ways that you plan to try to save money every week throughout the year, you set yourself up to save a minimum amount each week. You then have the opportunity to increase your savings on top of that by finding other ways to save money throughout the year. This is what I did to prepare for the challenge. You should sit down and figure out what things you’ll commit to doing throughout the year as well.
Physically Place Money into an Account
Another important step to increase the likelihood of success with this challenge is to create a new account where you’ll hold the challenge money that you save. Failing to separate accounts will make it much more difficult to track how you’re doing throughout the year. In addition, you want to get in the habit of physically paying money that you save into that account. It’s important to not only note when you have saved money, but to take the amount you save out of your purse or wallet and put it aside for deposit into your new challenge account. By keeping the challenge money separate and in its own unique account, you can focus squarely on building that account.
Another important point that can determine whether or not you have success with this challenge is support. The more support you have, the better chance you have in succeeding. Let your family know what you are doing and ask them for their help in reaching the goal. If you have kids, have them do their own challenge so they can better understand what you’re trying to accomplish. Tell friends so that you are kept accountable throughout the year.
For those who don’t have or can’t get support from their family and friends, find it online. Follow this series here, and on other blogs, to get inspiration and to get your creative juices flowing on ways that you can save which you might not have considered. Participate by commenting on your successes and obstacles. Create an account in the forums where you can share what you are doing with others, ask questions, and give support to those participating in this challenge.
Finding a support mechanism is crucial, because life will inevitably happen and there are going to be times when you are frustrated and want to give up. Having someplace where you can find motivation to keep going can mean the difference between quitting and continuing to the ultimate goal. Gather as much support as you can get, and use it often.
When you have all three of these things in place, you have put down a solid foundation from where to begin the 52 week challenge. You have placed yourself in a much better position to continue the challenge for the entire year and achieve the ultimate goal.
(Photo courtesy of thinboyfatter)