The last post was about how to start saving. In line with that theme, I’d like us to take this challenge together. The original challenge was by Bank Rate for 2015. The challenge was to save $1 on the first week of the year, and to increase the amount saved by $1 every week, until the 52nd week.
The point of the challenge is to set aside change that you’d otherwise thoughtlessly spend because it isn’t much. Like when you go to the supermarket with a shopping list, then while waiting on the queue to pay, you grab that bar of Top Deck Dairy Milk chocolate because 175 bob is not much money? I do that all the time.
This challenge is for us to save such small amounts and see it add up. It will also get us thinking actively about how we can save more by adjusting our lifestyle. I also think it is good fun!
So here goes the challenge.
Starting week 1 of 2016, save 50 bob, then 100 bob this week, 150 bob next week and so on and so forth, until the last week of December where you will save 2,600 bob, and your savings will add up to Kshs 68,900 .
We are late to start, which means this week, we need to save 150 bob to catch up, then 150 bob next week, 200 bob the week after etc.
The strategies to stay accountable
- Keep it visible. Print the table below and tick off every week as you save. Tape it on your wardrobe door, so you see it every time you are getting dressed as a reminder.
- Save extra. May be you have had a great week and you have 1,000 bob that you would like to save, yet the weekly amount is say, 500 bob. Instead of saving 500 and spending the rest, save the entire 1,000 bob, then tick the corresponding week (Week 20).
- You can choose to go reverse by starting with the harder weeks at the end of the year, then working your way up. HOWEVER, should you choose to do this, do not take the money out of your regular savings for this challenge, it is supposed to come out of regular spending.
- If you can, automate. Set up a weekly transfer. Some people get piggy banks, but I am not a fan of this, because I do not live alone. I’ve also heard of cases where cleaning ladies slowly relieve you of your piggy bank contents without your knowledge. My strategy here will be M Shwari. Every week, I’ll be transferring the weekly amount via M Pesa to my M Shwari account.
- Can you do it monthly? Well, if you want to you can, but the risk is that you will end up reducing your regular savings so you can do the challenge. Also, it stops being something you actively and consciously do!
How I intend to stay accountable?
On my weekly newsletter, I will have a section at the bottom where I post the M Shwari confirmation text, and an update of my running balance. Sign up to my newsletter below, let us keep each other accountable.
So? Are we on?