Tag Archives: money mastery

Want a really easy way to save at least £1,000 this year? The 52 week challenge

I’m taking the 52-Week Money Challenge, which gets a lot of interest online at this time of year.

This can be one of your New Year’s Resolutions!

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It’s very straightforward. You simply start by saving £5 in the first seven days in January (so, five days to go!) and you build up the savings by saving a larger or smaller amounts each seven days over the 52 weeks.  You can start with £52 the first week and then work down to £1 by December, when the festive season means money is a lot tighter.  I find the summer and autumn are best to do the bigger saving amounts.  The most you would have to put away in any week is £40, everything is less than that.

The variety in the saving pattern means that you can build up in a way that suits you!

To make it something everyone can take part in, why not make it a joint family goal.  Would be great to get comments on the tips for saving the amounts each week

… I’ve opened a ‘jam jar’ account with my local church Money Club…for my shoes and handbag fund … ssh, don’t tell hubby!

Here’s one way to do this weekly saving that makes it all a bit easier:

 

Week Number Dates         Weekly Amount Monthly Amount Saved So Far
1 1-7 Jan £5
2 8-14 Jan £4
3 15 – 21 Jan £3
4 22 – 28 Jan £2 £14
5 29Jan -4Feb £1 £15
6 5 – 11 Feb £10
7 12 – 18 Feb £9
8 19 – 25 Feb £8 £28
9 26Feb-4Mar £7 £49
10 5 – 11 Mar £6
11 12 – 18 Mar £20
12 19 – 25 Mar £19 £52
13 26Mar-1Apr £18 £112
14 2 – 8 Apr £17
15 9 – 15 Apr £16
16 16 – 22 Apr £15 £66
17 23 – 29 Apr £14 £174
18 30Apr-6May £13
19 7 – 13 May £12
20 14-20May £11 £50
21 21 – 27 May £30
22 28May-3Jun £29 £269
23 4 – 10 Jun £27
24 11 – 17 Jun £28 £114
25 18 – 24 Jun £26
26 25Jun – 1Jul £25 £375
27 2 – 8 Jul £24
28 9 – 15 Jul £23 £98
29 16 – 22 Jul £22
30 23 – 29 Jul £21
31 30Jul- 5Aug £35 £500
32 6 – 12 Aug £25 £103
33 13 – 19 Aug £25
34 20 – 26 Aug £25
35 27Aug-2Sep £25 £600
36 3 – 9 Sep £25 £100
37 10 – 16 Sep £25
38 17 – 23 Sep £25
39 24 – 30 Sep £25 £700
40 1 – 7 Oct £25 £100
41 8 – 14 Oct £40
42 15 – 21 Oct £39
43 22 – 28 Oct £38
44 29Oct-4Nov £37 £154 £879
45 5 – 11 Nov £36
46 12 – 18 Nov £35
47 19 – 25 Nov £20
48 26Nov-2Dec £10 £101 £980
49 3 – 9 Dec £10
50 10 – 16 Dec £5
51 17 – 23 Dec £5
52 24 – 31 Dec £5 £25 £1,005!

If you get your money once a month, the monthly saving target is also given to make it easier for you to keep a check on how you are progressing!

TOTAL: however frequently you save, it’s over £1,000 – simples!!

Try it out and let us know how you get on! Join me and let’s see how much we can all save in 2014…

Onwards and Upwards!

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5 reasons why you don’t raise the alarm

You’ve seen him or her.  You know them well.  That colleague or friend from work or church or your local neighbourhood.  They live from hand to mouth, bills up to the gills and yet always goes out every weekend or spends on expensive clothes, bags or electronic gadgets, getting deeper and deeper into debt.

You know it won’t last, they know it won’t last, you really care for them as your friend or relative, so why don’t you say anything to them about their spending habits? They seem to be crying out for someone to help, so why not you?

Research from Georgetown University noted there are five reasons that can  stop people speaking up or acting on their concerns:

1. You don’t notice that something is wrong: Every one has 20-20 vision in hindsight.  Often we get angry or bemused when we hear about apparently obvious self-destructive financial behaviour. During the years before the recession, many people “normalised” the view that spending on credit without thinking about repayments or the future was the usual thing to do.  If everyone is doing it and this information conflicts with our preferred version of reality,  we often tell ourselves that there is a  reasonable explanation for this financial spending, and that everything is fine. Or, we adjust our version of reality.

2. ‘It’s not my problem…’ – The bystander effect: The research found that the more people there are that see something wrong, the less likely it is that someone will say something. This sounds a bit back to front, but the argument is that there is a lower feeling of responsibility if many people can se what is going on, and can make you feel uncertainty about taking action.

3. The person reacts badly/ doesn’t like to hear unpleasant messages

Maybe your friend has a hot temper, or is quite insecure or you have heard  stories when other people have tried to speak with him/ her – your friend just shoots the messenger.

4. You think nothing will happen if you raise concerns

As a result you may think that even if you are able to successfully tell your friend how concerned you are, little will be done about it.

5. You think the result will be more negative than positive 

Or worse, you may be less inclined to talk through your concerns if  they also have quite high status in your group of friends.  They may have the power to retaliate and turn others against your.

You have to believe that your action can really improve and help the situation of your friend, make a reasonable assessment of what is the core problem.

A good colleague is prepared to call your friend to account, help them see how their behaviour is damaging their present, and their future. and support them to work to a more healthy relationship with their money.

More about this and the cycle of the New Year Resolutions next time.

Until then…

Have a lovely New Year and let us know what issues you would like us to cover in 2014!

Onwards and Upwards!