Presenting this year’s challenge
With the coming of the new year, certain things are fashionable once again. Things like new year’s resolutions, bucket-lists and things-to-do, and other similar ‘projects’ that are supposed to run for the whole year. Three years ago I embarked on a 365-photo challenge which consisted of posting one photo everyday for the whole year. I made it to the middle of October. This year a writer-friend is doing something similar, but instead of a photo, he’s posting one haiku a day.
This year, for me, I am taking the materialistic route and do the 52-week money challenge. I got the idea from Minimum Compliance, who got it from Kuripot Pinay who, in turn, got the idea from Life As You Live It. The premise is quite simple; start on the first week by saving a specific amount then add the same amount for the succeeding weeks, for 52 weeks. So, if you’re saving P50 for the first week, on the second week, you need to save P100, and on the third week, P150, and so on.
I will probably use P40.00 as my base amount and, according to Minimum Compliance’s computation will result in a savings of P55,120.00 at the end of this year.
The things I need for this challenge, according to Kuripot Pinay, are (1) a goal, such as a gadget you want, budget for gifts, etc; (2) a piggy bank, or something to put your money into, like maybe a real piggy bank or a mason jar; and (3) the template to the challenge, for tracking your progress. I am using the template found in Minimum Compliance, which can be found here, because it is more flexible.
When my bank is done, it will probably look like this:
Minimum Compliance even offered some additional suggestions to lighten the load of the challenge, particularly on the last weeks. I will quote:
“… if the contributions get too heavy for the bigger amounts, it wouldn’t hurt to slide down a notch or two. For example, one can start with the 50-peso base. But when it gets heavy, say at Week 20, where you have to contribute P1,000, it’s perfectly fine to slide down to the 40-peso base, where Week 20 is still just as 800. In week 40, the contribution for the 50-peso base is already at P2,000. Sliding down to its equivalent from the 20-peso base demands just P800 as well.”
I will report on my progress every 8-12 weeks. So, what do you think? Fancy joining me in this 52-week challenge?