Wilma BerinHappy New Year! 🙂
It is the start of the year once again, and like all of you, we also do our New Year’s Resolution. One in our list is to again try our success in the 52 weeks challenge. The 52 weeks challenge famously adopted by Kuripot Pinay is a money saving challenge by starting from small amount and increment the amount every week. For example, if my base amount is 10pesos, and it will increment 10pesos every week, next week the amount I should save is 20pesos, then 30, and so on. All you need is a print copy of the challenge and post it in your piggy bank.
Stephen Covey famously said in The 7 Habits of Highly Effective People, “Begin with the End in Mind”. The 52 weeks challenge is a very good tool to save because it will make you on eyeing the finish line without being overwhelmed at the process. It is like you take baby steps at the beginning and gradually the weight of the action becomes heavier until the habit is developed.
History
Last year, January 2014, two weeks before the 52 weeks challenge went viral in the internet and TV shows, me and Kevin have already started the challenge. We were so excited that we even disseminated print out copy of the challenge in our office friends. We kept our improvised coin banks (old microwavable containers) in our office desk so we will not be tempted to open it when there are small emergency needs in our own household. We chose the base 10 and increment by 10. I even posted a picture of our 52 weeks challenge coin bank on its 12th week on my instagram account. Good thing that we both took the challenge so we have each other to check if we missed a week..
The Challenge and the Fall
1. Strategy – The first 2o weeks of the challenge was chicken. It was easy for us because we receive our salary every week. My technique was I put my excess allowance from the previous week on the coin bank (post paid). Kevin did a different move. He will put an amount of money that will be good for 2 to 3 weeks (prepaid) But there were times he forgot that his last payment was until a certain week only. The problem his technique, he missed a week so he needed to cope up for the previous week while saving for the present week.
2. Temptation – As the week progresses, our excitement and encouragement as the total amount of our saving grows. But whenever there were small bumps on our finances, we were tempted to resort on that precious coin bank. When we do not have money for our afternoon snacks, or we are short of 20pesos for our fare, we “borrow” on the coin bank. Yes, we have this “sincere intention” to pay back but there were rationalizations like “why I am owing my own money?” And the hard part is, it is hard to save for your borrowed money while saving for the present week (especially when you do not have an excess money).
3. Budget – The challenge taught us very well that saving consistently is a hard (to learn) discipline. But it also taught us to take SMART goals (Specific, Measurable, Attainable, Realistic and Time Bounded). Aside from we fail in the area of resisting the temptation (of spend the precious savings in undue time), we also failed to recognize that the amount on the later part was beyond our capacity. On Week 27 and beyond, we were so challenged and discouraged because we cannot put 300php at once in the coin bank every week.. We struggled, then we eventually gave up.. We let the coin bank sit in our desk drawer for a while.. a rougher bump came, and there.. we were totally defeated. Kevin reached Week 29, and I reached Week 26.
The Comeback
New year is the season to start again! So here we are, taking the challenge again but with a slight twist. We evaluated our struggles and mistakes, and we came up with our own version of 52 weeks map. The map resets the amount in the 27th week or the 2nd half of the year back to the base amount. It is like continuing the challenge by starting it again. We shared earlier that we have struggled with putting large sum in the later part of the year so we decided to reset it in this version.
Why did we not adopt the 5pesos challenge map? Yes, it is more attainable, but we prefer to start again on where we have previously started. But aside from the amount that you target to save at the end of the year, it is the discipline to consistently save is what will count most in doing is this challenge. So just save, until you reach your goal!
Here is a copy of the 52 Weeks Challenge LoversintheCity version template. Resize it so that it will fit your coin bank!
How did you find our version of the 52 weeks challenge? Hope you also share previous experiences, lessons, strategy with the challenge and what will you do to accomplish this year’s challenge by leaving it in the comment box below. – Wilma
