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New Year Savings Challenge

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A new year has come. A new beginning for me and my so called blog. I haven’t been as active as I was due to mommy and wife duties. For a year I have set my focus mostly on my son, my husband and my work. Now that my son has turned a year old, I would like to try and get back to how life was, pre-baby. I have decided to try and setup this new blog with hopes that it would be easier to manage. I have a list of to-do’s for this year and to start off, I would like to share with you the challenge that I joined in – The 52 Weeks Challenge. This was initiated by the founder of N@W, otherwise known as Newly Weds at Work, in our Facebook group and as I would like to develop the discipline of saving money, I decided to join the Team 50. There are several teams formed – Team 50s, 20s, 30s, Reverse 50s, 20s and 30s, etc. – and members of the group are given the opportunity to decided which team they would like to join. I joined the Team 50s because I would like to maximize what I can save until end of the year. Just the other day I shared this activity to my husband and asked him if he would like to join. I thought it would be fun if both of us would do the challenge and just today, he decided to get on board. He has prepared our Excel sheet where we log in our weekly contribution and to see how much we have saved up. We have always been transparent with regards to our money/salary/spending.

The challenge starts with the participant saving/keeping an amount of 50 (or an equivalent currency depending on the participant how he/she would like to do it). This amount would increase every week with an increment of 50. So, for the second week, deposit/savings would be 100. This increment shall continue until the 52nd week. Same rule applies to Team 30s, 20s, etc.

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The Reverse 50s – which my husband decided to do – will start from the highest amount to be saved for the first week. So for this week, he’ll have to save Qr. 2,600. This amount will then decrease every week with an increment of 50 per week.

We’ve agreed to keep our savings separate to make it more fun. Fun in his vocabulary means that he would be teasing me if I forget to save my due amount or if he were able to save more than I. He would be keeping his savings in a separate bank account and I would be keeping it in a piggy bank (just because I think piggy banks are cute and childish and fun).

Have you got any challenges to take on this year?

About Riv

A year of the Tiger baby | Cancer | BSIE | Only child | Shopaholic | Techie-holic | Fashion | Clothes | Accessories | Make-up | Dogs | Movies | Music | TV Series | Photography | Colors | Weddings | Family | Husband | Married | LDR | Almost a blogger.

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