Save over 65k using the Mshwari 52 week saving challenge

Save over 65k using the Mshwari 52 week saving challenge

July 15, 2022 Off By TLK

Successful personal finance management is important for good health and happy life. If you understand how to save using the 52 week saving challenge then you are on the road to financial success.

52 week saving challenge chart

Financial success does not mean having loads of money to throw parties. It has everything to do with having money that satisfies basic financial hurdles. And spare cash to indulge a little in things that make life worth living. One thing is, you can never have enough money in this world.

The 52 week saving challenge is popular in Kenya because of the discipline it instills in someone. The idea is to help you save some money every week for 52 weeks. You can then use the money on a personal project or emergency or go on vacation.

Download the saving chart below for personal use:

Three reasons why the 52 week saving challenge pdf is the best saving plan

  1. It is simple and manageable. The amount of money you put aside every week is money you can account for. This wouldn’t be possible without a saving plan. In this case, you can even start with only KES 50 in week one and raise the amount slowly.
  2. You can dictate the amount you want to save regularly. Recreate the plan and start with KES 100 or KES 200 and scale upwards. You should however be disciplined and faithful to the plan you choose.
  3. It develops the discipline of saving. Now, if you have ever read the book The Richest Man in Babylon, which is hailed as one of the best books ever for financial management, you will notice that one of the lessons is the ability to put aside a tenth of what you earn for yourself before spending the rest on other expenses. Learn to pay yourself, not through indulgence but by saving. It is the golden rule of creating wealth.

When you faithfully follow the plan, you will have at least KES 68,900 by the end of week 52. That is money you didn’t feel any pain saving.

4 ways to keep yourself financially disciplined

  1. Do not use home bank. You might think that you are too disciplined to break into your own bank, but truth is when you are planning on something novel like the 52 week saving challenge, problems also have their committee meeting on when to visit you in five weeks’ time. Open a bank account.
  2. Do not save on MPESA. The temptation is big. MPESA is the easiest platform to use when spending money. Once you need to pay for something at the shop and you do not have enough liquid cash, the option is MPESA. Do not lie to yourself that you will refund the money.
  3. Save every week according to the plan. It might seem a wise idea to skip some weeks and then deposit bulk cash covering the skipped weeks. If you make this a habit, it means you are not disciplined enough. It is easier to deposit KES 50, 150, 300, 500 every week for four weeks than to make a lump some KES 1000 in the first month.
  4. Do not budget with your savings unless you are saving for a particular project. If you are saving for a holiday or for school fees or for that house utility gadget you have always wanted, well and good. But it is better to save then plan latter on what you want to do with the money. Probably your needs would have changed by that time.

Hopefully, these tips will help you have some cash at the end of the year if you follow the 52 week saving challenge. Especially after the festive season that leaves many people broke. If you have not yet started on this plan, you can still catch up. All the best!

Photo credit: Cafecredit.com