This 52-week money challenge can change your life!
This activity will help you to build positive financial habits.
If you are a market participant, it must be common to hear/you must have commonly heard about stocks hitting 52-week high or 52-week low. But then, why are these levels important?
The 52-week high or low provides a level of resistance or support for a given stock. Alternatively, if a stock breaches its 52-week high and continues upward, this could indicate to investors that there must be some factors that have generated enough momentum to carry the price above its previous 52-week range. On the other hand, the same rationale can be applied when a stock dips below its 52-week low. However, we are not going to stretch further into the 52-week high or low concept. Instead, in this article, we are going to talk about an interesting 52-week money challenge!
The first thing that may come to your mind is, ‘What is a 52-week money challenge?’ If you're aware of this challenge, then it can definitely change your life!
The 52-week money challenge involves saving Rs 1,000 during the first week and subsequently, increasing the amount of money you say by Rs 1,000 each week thereafter. For example, you’d save Rs 1,000 in the first week, in the second week Rs 2,000, in the third week Rs 3,000, and so forth. It’s a simple yet powerful money-saving strategy that will leave you richer by nearly Rs 14 lakh in the end.
So, here’s a roadmap detailing how your savings rate and account balance would grow throughout the 52-week challenge:
|
Week
|
Amount to add
|
Total account balance
|
|
1
|
1,000
|
1,000
|
|
2
|
2,000
|
3,000
|
|
3
|
3,000
|
6,000
|
|
4
|
4,000
|
10,000
|
|
5
|
5,000
|
15,000
|
|
6
|
6,000
|
21,000
|
|
7
|
7,000
|
28,000
|
|
8
|
8,000
|
36,000
|
|
9
|
9,000
|
45,000
|
|
10
|
10,000
|
55,000
|
|
11
|
11,000
|
66,000
|
|
12
|
12,000
|
78,000
|
|
13
|
13,000
|
91,000
|
|
14
|
14,000
|
1,05,000
|
|
15
|
15,000
|
1,20,000
|
|
16
|
16,000
|
1,36,000
|
|
17
|
17,000
|
1,53,000
|
|
18
|
18,000
|
1,71,000
|
|
19
|
19,000
|
1,90,000
|
|
20
|
20,000
|
2,10,000
|
|
21
|
21,000
|
2,31,000
|
|
22
|
22,000
|
2,53,000
|
|
23
|
23,000
|
2,76,000
|
|
24
|
24,000
|
3,00,000
|
|
25
|
25,000
|
3,25,000
|
|
26
|
26,000
|
3,51,000
|
|
27
|
27,000
|
3,78,000
|
|
28
|
28,000
|
4,06,000
|
|
29
|
29,000
|
4,35,000
|
|
30
|
30,000
|
4,65,000
|
|
31
|
31,000
|
4,96,000
|
|
32
|
32,000
|
5,28,000
|
|
33
|
33,000
|
5,61,000
|
|
34
|
34,000
|
5,95,000
|
|
35
|
35,000
|
6,30,000
|
|
36
|
36,000
|
6,66,000
|
|
37
|
37,000
|
7,03,000
|
|
38
|
38,000
|
7,41,000
|
|
39
|
39,000
|
7,80,000
|
|
40
|
40,000
|
8,20,000
|
|
41
|
41,000
|
8,61,000
|
|
42
|
42,000
|
9,03,000
|
|
43
|
43,000
|
9,46,000
|
|
44
|
44,000
|
9,90,000
|
|
45
|
45,000
|
10,35,000
|
|
46
|
46,000
|
10,81,000
|
|
47
|
47,000
|
11,28,000
|
|
48
|
48,000
|
11,76,000
|
|
49
|
49,000
|
12,25,000
|
|
50
|
50,000
|
12,75,000
|
|
51
|
51,000
|
13,26,000
|
|
52
|
52,000
|
13,78,000
|
The 52-week money challenge is so simple that you can even explain it to a 10-year kid in a blink of an eye. We have taken the above example with Rs 1,000 as starting point, one may adjust it according to their preference i.e. even with Rs 100 or Rs 500.
This activity will help you to build positive financial habits. The money you save each week can go help you in ticking off your wish list such as a family holiday, child education, luxurious car, etc.