Have you made a resolution to save money for something special in 2019?
Kicking off on the first week of a new year, the “52-Week Money Challenge” is a great way to set the right financial tone for the next 12 months. All you need is to set a goal to deposit into a fund the euro amount relating to the week number of the year, every week of the year, adding up incrementally to an eventual total of nearly €1,400 or more. Here are the basics of how to participate:
- Designate a specific place in the house where you can securely store the money away. You can even decide to open an “unter konto” at your bank account where you transfer money there monthly
- First, determine what is your end in mind. What do you want to do with the money that you are saving for? This is important especially when those hard months come (and believe them they will come) and you need a motivational point to focus on
- Today is 27th December 2018 make sure you have everything in place by 1st January 2019 so that you are not experiencing setbacks that will take you back to your comfort zone
- If you decide to put away €1 a week, then let it be €1 a week. If you decide to go for €2 a week then calculate.
- Monitoring is KEY. Keep an eye on your funds. You can also consider to journalling by writing down your thoughts when you put the money away. Use pictures of your goal and stick them to the jar/fridge or in your journal to remind yourself why you’re doing this.
- If your budget is tight, what are you willing to give up to be able to save €1,378 in one year?
- If you can afford it, have your spouse, partner, and children participate as well. (You will probably want to adjust the amounts for kids but it is a great way to get them excited about saving, especially when they see you doing it too).
May your journey be successful and above all may you have fun in doing the challenge.
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