52 week savings challenge that will get us in the habit of saving

by

Let’s save $1,378 this year to spend on ourselves. OMG, how good would that be?! While it doesn’t even seem possible, you can do it with the 52 week savings challenge.

Brought to you by Stockspot

You’ve probably seen something like the 52 week savings challenge around before. This one is a little different, though. See, the thing with other money challenges is that they vastly over-estimate our ability to stay focused. They ask you to save $1, then $2 the next week, $3 the week after and so on. So, each week you have to put in more of a commitment than the previous week.

Nah, that’ll never work. If you’re anything like me, you need a challenge that requires less and less of you as the year goes on. Grab us while we’re feeling motivated, then allow us to dwindle off at a steady pace. That’s my kinda 52 week savings challenge!!

The Mumlyfe version works with your care-factor

We start saving $52 in the school holidays, when we can avoid the shops, spend time with the kids for free and not have to pay for extra-curricular activities. Then, as the year progresses, this savings challenge has our backs. Each week we put in less and less, until by Christmas next year, we’ll only be putting in spare change.

Couldn’t be simpler, right?

Big $$$ = big motivation

Best bit? You’ll save your money so much faster! You put in a couple of week’s of watching your budget and you’ve already saved over $100. It just grows from there. With the standard 52 week challenge, but the end of the first month, you’ve saved 10 bucks. Meh.

If you’re feeling flush, you can double the amount on the savings challenge each week, starting with a saving of $104. By mid-June you’ll have saved the minimum deposit of $2,000 to open an investment portfolio with Stockspot. After that, commit to adding a minimum $200 a month and you can really watch your money grow.


Find out more about investing here: Stockspot General FAQs


 

52 week savings challenge - save $1,378 by actually saving less money each week! #savingschallenge #money #budget #mumlyfe

Track your progress

To make it even easier, we’ve created a tracker sheet. It’s quite an important part of the savings challenge because ticking off the chart week after week becomes addictive. No, really, it does. Most places attribute this habit-creating technique to comedian Jerry Seinfeld (randomly), but the “Seinfeld Strategy” has long been a productivity hack to help create good habits.

It works because, as as that legendary financial planning guru Seinfeld says, “Your only job is to not break the chain.”

It doesn’t matter if you feel motivated or not, it doesn’t matter what result you are ultimately trying to achieve, all you have to do is focus on not breaking the chain. So put your weekly money aside, tick the box, and your job is done.

It works because, as that legendary financial planning guru Seinfeld says, “Your only job is to not break the chain.”

Print and begin

So, let’s hop to it. Print out the tracker – click on the image below and a pdf will open ready for you to print. Stick your tracker up where you’ll see it every week, ready for the new year. On 1 January, make your first deposit (a jar works just fine, but eventually you might want to invest your cash), then deposit the next amount, then the next and so on every Tuesday this year.

FREE 52 week savings challenge tracker to download and print #savingschallenge #money #printable #mumlyfe

Good luck saving towards your goal. I plan to take myself to an overnight resorty-spa-relax-me-now type thing at the end of the year to reward myself. It’s something I’ve always wanted to do, but never thought I’d be able to save for…

How will you treat yourself?

Money jar designed by Freepik / Image from Deposit Photos

Written by Bron Maxabella

Bron is the founder of Mumlyfe and is so happy to welcome you here. Bron has been writing in the Australian parenting space as Maxabella for more than seven years and is mum to three mostly happy kids and wife to one mostly happy husband. Mostly happy is a win, right?

We’re very social

More for you

How to support learning from home when you’re working

How to support learning from home when you’re working

We've all been thrown well and truly in the deep end right now. How are we supposed to support learning from home when we are, in fact, working from home ourselves? We've been doing it for a few days now and day one I. was. done. So done. But I can't be done. And you...

Back to school is the real New Year’s Day for mums

Back to school is the real New Year’s Day for mums

My first kid went back to school today, the other two are in tomorrow. Which reminds me - tomorrow is my new year's day for mums. Ignore the 1st January. It never works out for a mother. We try to be 'brand new' but there's no kidding ourselves: it's hard to turn over...

Affiliate links

From time to time Mumlyfe uses affiliate links.  It means that Mumlyfe may recieve a small commission at no cost to you when you make a purchse using the link.  YOu can find out more about how it works here.

You may also like

Related

Making nature mandalas and art for kids

Making nature mandalas and art for kids

For a long time my girls have created little nature mandalas and art whenever we are in the bush or out for a walk. They gather collections of things as we wander and bring them together to make nature mandalas. They've been doing it since they were small, and it is...

The best advice my mother ever gave me

The best advice my mother ever gave me

Happy mother's day, mums! I'm celebrating my 16th MD this year. My first was the day after my son was born, way back in 2004. I was recovering from a 40-hour labour and Max was already showing signs of being a "non-sleeper" (as the midwives so mildly put it). To say I...

Bill Granger’s self-saucing chocolate puddings

Bill Granger’s self-saucing chocolate puddings

Try this version of Bill Granger's self-saucing chocolate puddings if you dare! I'm not even going to pretend that they are in any way welcome on a healthy diet. When you want to treat yourself, this is how you do it. An easy-breezy dish to make that packs and...

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Pin It on Pinterest

Share This