Hi Everyone!
Last year, I have posted a challenge for all the readers to see who can actually complete the quest of 52 weeks Money Challenge! (http://jyklmoneyblog.blogspot.sg/2015/01/saving-challenge-52-weeks-money.html)
My result is that, I didn't follow it when it is halfway through because I totally forgot about this challenge since I have switch to wordpress for a couple of months before jumping back to this blog. However, I have do a rough counting on the remaining weeks before the end of the year and found out that there is exactly 26 weeks before the end of 2016. (which means that we are in the middle of 2016!)
Okay, since we are doing this for 26 weeks, if anyone wish to join this challenge, do comment below and I will create a section which is call saving quest in my blog so that we can know how many quest we can complete within the given period of time.
This saving quest a challenge and also a goal for us to save more money in order to build up our finances. So If you are ready to go do comment below and we will report our monthly progress in the comment below. Of course, please do not cheat or report a fake result because only you know, and if you didn't hit that target, you will be the one at the losing end!
So the aim of this money quest is to save an additional $351 in the year of 2016! So in order to make it more interesting, you are only allow to use your money which has been allocated to your expenses for this challenge. So can you achieve this quest?
Come on and let's have a challenge! Do write down a comment below and we will do frequent update on the comment or you can write it on your blog post every month or every two month or anytime you want to report! So comment now to accept the challenge! (It will be fun!)
Hi JYKL,
ReplyDeleteThat's a cool way to make it a habit (in fact, i have a post about it here: http://investingwolf.blogspot.sg/2015/01/how-to-start-saving.html)... In the post, i suggested inverting the challenge as it helps to generate more interest on the $202 you have already saved up within the first 4 weeks. Plus you get to spend more on presents in Christmas.
Hi Investing Wolf,
DeleteYea, just read your post on the different level of savings. It is good, inverting concept can really help to boost the interest receive at the end of the year.
I am in the process of thinking of fun and interesting way to encourage people to save, which is why I intend to create a quest page to consolidate all the quest that can be done by anyone and anywhere :D
Hi James,
DeleteYea... Most of the banks generate interest on a monthly basis and the inverted 52 week challenge can help increase interest on interest right from the beginning of the year which will also make a difference in the long run.
Hi investing wolf,
DeleteYou are absolutely right, if we save more at the beginning, we will be able to earn high interest due to compounding effect.
However, i think the normal way enables the people who just started saving, to start slow and slowly adjust their expenses so that they can achieve the 26 or 52 weeks goal
But those who can do the inverted challange, it will be better cause more interest rolling in.
A very good view on the challange!
grt
ReplyDelete