The 52 Weeks Saving Challenge that actually Works in Kenya
By Evans | Jul 01, 2024
As an adult, you have a lot of bills to pay; rent, electricity, water, shopping, and clothing. Double that if you are married. Triple that if you already have kids.
Meeting our day-to-day bills can be tricky, and we are often left with an empty pocket, making saving extremely difficult. You might even remain with something to save but without discipline, you end up spending unnecessarily.
How do you balance all these and still have enough money to save? Try the Koilege 52-week saving challenge.
What is 52 Weeks Money Saving Challenge?
52 Weeks money saving challenge is a disciplined approach of saving money every week of the year. The basic concept involves saving an increasing amount of money each week, starting with a small amount and gradually increasing it.
Before you begin the challenge, you must set the base amount to start depending on the amount you want to save. For example, you can start with either Ksh 25, Ksh 50, or Ksh 100. Once you have identified the base, you must save that amount and then each subsequent week.
For Example
If you begin with Ksh 50 then;
Week 1: Save Ksh 50,
Week 2: Save Ksh 100,
Week 3: Save Ksh 150 and so forth.
By week 52 you would have saved Ksh 68,900
Some variations of the challenge include reversing the order (saving Ksh 2,600 in the first week, 2,550 in the second week, etc.), or even choosing a random amount to save each week as long as the total saved equals Ksh 68,900 by the end of the year.
Why 52 Weeks Savings challenge Works
Saving less than Ksh 1000 every week at the beginning of the challenge is likely to be less painful compared to saving Ksh 100,000 for emergency all at once. The smaller increase in the amount you save is manageable, and tend to encourage you to find ways to cut savings or find a side hustle to boost your income. You will also have time to plan several months when the objective will be to save Ksh 2000 and above and eventually Ksh 2,600 in one week.
Where to Save your Money
Choosing the right place to save your funds is critical for the success of the challenge. You should maximize every shilling by saving the funds in an account that would earn interest. You can save the amount in a money market fund, mobile wallets such as Mshwari, or in a Sacco. I suggest that you save on a fixed account that you cannot widhraw till the end of the challenge. One such account is the Koilege Savings account. With this account, you will be able to accumulate your savings and grow your wealth whilst earning interest of upto 12% per Anum.
Stay Motivated by Joining Koilege 52-Weeks Saving Challenge
When starting, the 52 weeks money saving challenge seems easy. However, it becomes tricky as weeks go by because you will need to save more. Join Koilege Sacco 52 weeks savings challenge and meet a community of Vibrant savers. When you register and Join Koilege, you can start building your emergency fund by saving whatever amount every week throughout the year.
As a member of Koilege Sacco, you will join our active and vibrant WhatsApp community where members are encouraged to persistently participate in the 52 weeks savings challenge. Last year alone, our active community had less than 100 members but mobilized over 3 million in form of Savings.
Even if you are not able to raise the required funds every week, you are encouraged to try and save whatever amount you can each week. The goal is to save consistently without giving up. For more motivation, you can interact with members in our WhatsApp groups by sharing your saving goals. Koilege Sacco is made of members from different walks of life. Joining our members only whatsapp group grants you the opportunity to learn from the best in different fields and engage in different investing activities.
Once the 52-week period is over, celebrate! Evaluate how you fared throughout the year then start saving again. Let it be a springboard for attaining other financial goals such as saving for retirement, college fund or to build that home.
