Daring myself: The 52-Week Money Challenge

I just saw this being reposted on my Facebook timeline.

So I went to click on the link, which redirected me to Kuripot Pinay’s blog entry on the 52-Week Money Challenge. She based this on Life As You Live It and thought of making a Pinoy version of it.

The premise is pretty simple: every week for the whole year, you put a certain amount into your savings, probably in a piggy bank, old canister, or whatever. The thing is, the money you put in each week should grow in increments, maybe 5, 10, 20. By the end of the 52nd week, the money you saved would have grown.

But you’d have to do this regularly — religiously — so that you can achieve the total pot. And you shouldn’t cheat by getting money from the pot while in the middle of the challenge.

Here’s a sample of the Money Challenge posted by Kuripot Pinay:

Sample of the 52-Week Money Challenge

Sample of the 52-Week Money Challenge

As you can see, she started with PHP50 and increased the amount put into the pot by increments of PHP50. By the yearend, she would have almost PHP70,000 saved. Not bad, right?

Reading through the comments, though, there were people skeptical about it, saying that instead of putting it on a piggy bank, why not invest it so it can grow bigger?

I get the intention of Kuripot Pinay, though. As one commenter said, it’s a start for those who are having a hard time disciplining themselves to save up.

And, I must admit, I’m one of them. Doing this 52-Week Money Challenge is not just about growing money per se. It’s about gaining control and discipline to allot a portion of your money into the piggy bank instead of spending it for something else. And believe me, that is hard.

So I’m giving this a try. I’ll be starting small, though, and increase my savings each week in increments of 10.

Once I’ve reached Week 52, then I’d probably invest the total pot in the stock market.

I think that’s a good plan. I just hope I can do it. 🙂

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