For those of you who have tried the 52 Week Money Challenge and successfully completed it, I now have a new challenge for you! It’s called the 52 Week MEGA Money Challenge. Now, I know saving money can be quite the challenge, especially when you are in your 20’s. Many of us are counting every penny and it’s really hard not to spend it, let alone save it! But if the other challenge was a breeze, and you have the income to support saving a larger amount of cash, then it’s time to take it a step further!
The mega challenge is based on the standard challenge, but instead of beginning week one with a $1 deposit into the challenge fund, the mega challenge begins with $5. Then each week of the year, you multiply that week’s number by $5. In week two, the goal is $10, in week three it’s $15, and so on until the last week of the year (52) when you’ll need to deposit $260 into the fund. While the price is steep, the reward compares. If you are able to accomplish the challenge, you’ll have an extra $6,890 in your bank account at the end of the year. Imagine all of the things you could do with that extra money!
This is an excellent challenge for those who are highly motivated and currently have the income which can support these savings numbers. The purpose of these 52 week challenges isn’t necessarily about the overall money saved. The main point of it is to get you into the habit of saving money each week, and a side benefit of that is that you can begin to fund your emergency savings as well. Shoot for the highest amount you feel confident you can achieve, but definitely don’t overextend yourself to the point that you end up quitting. If you feel it’s too much some weeks, put only the amount you feel comfortable with.
Are you up for the challenge? If so, keep us updated on your journey!
Until Next Time,