Money Saving How by @RookieKE #52WeekChallenge

I must confess that I loved the money saving  formula #52WeekChallenge right away when I bumped on it on Rookie Manager  blog.I never saw it in 2016 but those who tried it last year are already talking about a mini-revolution in Kenyans  saving habits which is true.Thanks Kellie for posting.

Hey Loans Kenya readers,I think you should jump on board on this saving formula #52WeekChallenge for this year 2017.You are not late.This is still the first week in 2017.If you reed this late,cover the missed weeks and proceed up to the 52nd week.

Why you need this

The 2017 Saving Challenge is help in testing your saving discipline which when followed will make one end with a good lumpsum of money at the end of the year.The money can help achieve goals which would have been otherwise unachievable without that lumpsum. Some of those who took the challenge last year have talked about going back to campus!

#52WeekChallenge Saving Formula

You know there are 52 weeks in a year.What you do is to save ksh50 on week 1.On the 2nd week save ksh100.On the 3rd week save ksh150.By now you must have noticed that the amount to save increased by ksh50 more than the previous week's saving.Do that on and on until the 52nd week which comes in December and harvest a clean ksh68900.

See the chart below by Rookie

Kenyans saving formula #52weekchallege 2017
Saving Chart 
The starting amount is not fixed. If you can save more do it.You can start with ksh100 or ksh200 or ksh300 or ksh500 or even ksh1000 on the first week and continue adding the same amount up to the 52nd week and see how much you will harvest.

How to stay reminded

I know its easy to forget to save for that week.Don't worry because there are ways to make you remember that its time to save.

  • Download the chart above (or get a better one form the Rookie Manager link above) and pin it on a visible place in your house. Best places can be next to Calenders,next to wall clocks,above Tv, behind main door or on wardrobes.
  • Ensure you mark the weeks after saving from the saving chart.
  • Setup an alarm reminder on your mobile phone that will always remind you on a weekly basis.

Where to save

For those who still don't know where to keep their savings for the whole year should check this.

  • Nowadays there are mobile based money saving platforms.Most people recommend Mshwari which is good with its Lock Savings Account. Others include KCBMpesa and Equity banks Equitel backed Eazzy mobile.You can still use simple Mpesa,Orange money or Airtel money to save.
  • Home Saving Kits can be used too to save for the whole 52weeks challenge Always ensure you keep them safe if you are not living alone.
  • Bank accounts can be used to save for this challenge however most banks do not allow a deposit of ksh50 into a savings account. That way you'll have to accumulate the savings somewhere else for some weeks before it hits minimum recommended deposit which is normally around ksh500.If you had an active existing account though you can go ahead and start saving.

Where to get help and Motivation

If you feel like stuck somewhere or kind of discouraged, just reach out to RookieManager on Twitter @RookieKE for help.This is the best way to start the year 2017 .


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