If you have trouble with the discipline of saving, one method might be the “52-week challenge.” Since it’s the beginning of the week, it can start right now. Adrian Căruceru, a money management coach, explained what this challenge means in the interview “Coffee in a small studio” by HotNews.ro.
“52 weeks is the same as a year. The challenge is to save an amount equal to the number of weeks in the year. For example, for the week from January 2 to 8, 2023, it is week 1: you save one lei. Next week 2 lei, the next week 3 lei, and in the 52nd week you have 52 lei,” he said.
- How you do it: Whether you transfer them automatically, or whether you put a money order in a payroll or checking account to be transferred to a savings account is up to you.
According to him, you can also start in reverse, from 52 to 1. After completing the 52-week challenge, the nominal amount raised is 1,378 lei.
It can start today. It doesn’t matter if it’s from January 1.
From the same interview: Rick and Morty: Lies stack up like bank debt, better not to get into shit / What a money management coach says
Adrian Căruceru says that the fact that we have a very clear time horizon can motivate us because the time horizon is important for investments and savings.
“We save not for the sake of saving, but to get somewhere. If I want to make it to the end of 52 weeks of the 52-week challenge with this behavior, then I have no choice but to try,” he added.
Source: Hot News RO
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