My 52-week money challenge

52 week money challengeAfter years of being chronically broke, I’m finally in a position to save money. My journey out of poverty has finally begun.

Despite my apprehension of not overcoming my negative relationship with money, I’m relieved to report that losing my job, filing for bankruptcy and going on income assistance in the space of two months had a profoundly positive effect on me.

I came across the 52-week money challenge a few months ago on Facebook and knew this was a doable challenge for me. The premise for this challenge is quite simple; put away the same amount as the week you’re at. So, on week one, you’ll put away $1 and on week 15, you’ll put away $15. At the end of the 52-weeks, we’ll have saved $1378, which will pay for a trip to Montreal to visit with my sister and her new baby.

I have since placed the 52-week money challenge image on my desktop as a constant reminder of what I hope to achieve. Each Monday, my daughter and I collect the amount required for that week and eagerly deposit the coins into a wooden treasure chest we painted. I’ve just passed week 9 and have $45 in my account.

For many people, I know that $45 doesn’t seem like a lot of money. However, having spent many months where $45 was all I had available to feed myself and my daughter for a month, I have a new appreciation for every dollar I save.

I know there are many ways of saving money and there are pros and cons for both. What’s worked for you?

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4 responses to this post.

  1. Posted by Anonymous on October 23, 2013 at 8:45 am

    Good for you Kathy, I am happy to see you come out of your darkest times. :)

    Reply

  2. Hi Kathy,

    I just read your most recent blog. Way to go! Are you keeping up with the program?

    As you say in the blog, there are lots of ways to save money. Many of them will work, but it takes planning and will power.

    Years ago I was given some advice that I have tried to stick with: Set aside 10% of income in savings, give away 10% as gifts, and live on the remaining 80%. It has worked pretty well over the years.

    Reply

    • Yes I am keeping up with this challenge. We have now saved $66 and are going on week 12.

      I, too, am putting 10% away every month in addition to the money challenge. I’m also putting away money on my reloadable credit card every month. So, when I freak out about where my money’s gone, I have to remind myself that I’m not broke like before because I’ve put several safety nets in place.

      Reply

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