You properly might have heard of 52 weeks saving challenge but have no idea how it works. Well if you have never heard of it, this is a savings program that lets an individual or a group of people save money over a period of 52 weeks. This is equivalent to one year period of saving. Now I will show you how you can have savings of over Ksh. 71,000 within a period of one year by saving Sh. 50 from the first week.
It is simply referred to as a challenge since one must be disciplined enough for this savings challenge to work. The saving challenge can either be done by an individual or a group of people.
How it works
The 52 weeks saving plan works on a principle of self-sacrifice. You agree to start saving a little amount from the first week and your saving amount rises every week by an additional amount you contributed from the first week. Say for example you agree to start with Ks. 50 for the first week, the second week you will save Ksh. 100 while the third week you will save Ksh. 150. This amount will continuously grow by simply adding Ksh. 50 to what you saved the previous week. If you are doing it as a group you all agree to give out equal contribution every week for a period of 52 weeks.
The beauty of the program is, it is not a must you start saving from January to December. Your saving cycle can start at any month of the year as long as you save for a period of one year. If you began your saving challenge in April, then your saving period will end at the same time of the month the following year.
For you to be better committed towards this type of savings plan it is better you do it as a group of between two to 5 people. This will greatly help in your commitment and accountability. You also need to have a properly managed savings account where your money will be safe.