Are you in search of how to develop ace money habits? Why not make the 52-week saving challenge your go-tp concept?
Habit formation can be both easy and challenging. Such is also a common occurrence as we grow financially. Spending money seems easy while earning, saving and investing are not! – it can sometimes feel like climbing a thousand flights of stairs.
You see, money mastery is a habit thing. It is also a consciousness thing. It is about overcoming mental blocks and limiting beliefs we have accumulated while growing up.
Instinctively, our brains love simple tasks. If you want to grow from a non-saver into a regular saver, – you require simple solutions. With this in mind, My Money Pot advocates for a simple way of helping you do just that – join the 52-week saving challenge.
The 52-week saving challenge is an exciting game that helps you address; spending and saving habits, limiting beliefs and simplify the actual saving and growing money. Sample this:
The concept: develop a savings and goal-setting habit throughout the year.
How to play the 52-Week Saving Challenge
Start small by saving KES.50 in the first week. In the following weeks, look into your spending and spare an extra KES.50. Consider the amount saved each week as the new amount you must have in addition to the KES.50. For example, week one seed money will be KES50, week two KES.100, week three KES.150 and so forth. As you build up the momentum, you will notice the excitement of finding that extra KES.50 as the weeks’ pass.
The reward
If you stick to the plan (persistence), at the end of the 52 weeks, you will have saved at least KES.68900 (without interest). The idea is to simplify and build BIG from small and humble beginnings.
Maximising returns
You can achieve this by inverting the method. That is, starting from the highest amount as you work down to the smallest as the year progresses. This method enables you to reap more yields from the power of compound interest. As the savings grow, the habit muscle also grows.
However, if you are a beginner, consider building from the upward model. Consequently, you overcome discouragements or even abandonment of the plan.
How to keep the game going
Is it REAL? Oh yes! It is not a story – it is a playable game, with you as the key player and spectator rolled into one. You can also get an accountability partner to keep you on your toes as they cheer you on along the journey.
The Lesson
The habit of building up saving is similar to keeping up with physical fitness. In the beginning, you feel sluggish; as the repetitions occur, the process embeds into your routine. You start feeling some sense of self-control and the motivation builds up. In the process, you start seeing the possibilities that seemed impossible!
Where do I put it
If you care about interest, consider a money market fund account or an account that does not eat into your capital sum.
