What is this 52-week savings challenge and what Does it entails. | Kenya Business Discussion Forum
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What is this 52-week savings challenge and what Does it entails.

Discussion in 'General Discussion' started by josphat, Mar 18, 2017.

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  1. josphat

    josphat Founder Member Staff Member

    So this is a 52-week savings challenge because there are 52 weeks in a year.

    The first week started yesterday: Sunday, 1st January 2017, while the last week (52nd week) will end on 31st December, 2017. This year’s challenge is different, because we are saving a bit more than last year, and we are saving in reverse (meaning that we are starting with high amounts which decrease by 75 bob each week.)

    Each week we will deposit a specified amount, based on the amount for that week on the savings chart attached to this post or in the group files. For example, in week one which started yesterday (1st January and 8th January), we will save Sh3900. Next week, which is week 2, we will save Sh3, 825, and the week after that, which is week 3, we will save Sh3, 750 and so on until the last week of the year. Please note that the amount reduces by Sh75 each week, until the last week of the year, week 52, when we will deposit Sh75 to get a total of Sh103, 350. Do not let the figure on the savings chart restrict you; if you want you can save much more than what is on the chart.

    To start saving, open a savings account with a bank (different from your salary/current account) and deposit your savings there. You can also join a money market fund, which is my preferred option (read about it in the group files). You can also save in a Sacco savings account or on Mshwari lock account, or KCB Mpesa account or Equitel (they have target savings accounts).

    You can choose to save daily, weekly or monthly, the choice is yours.

    For those who are using the savings chart, here are the weekly savings amounts for January for your information:

    Week 1 (1st to 8th Jan) deposit Sh3, 900 or more
    Week 2 (9th to 15th Jan) deposit Sh3, 825 or more
    Week 3 (16th to 22nd Jan) deposit Sh3, 750 or more
    Week 4 (23rd to 29th Jan) deposit Sh3, 675 or more
    Week 5 (29th to 4th February) deposit Sh 3, 600 or more
    Total savings for January 2017: Sh18, 750 or more

    Daily savers: Sh300 or more per day Total savings for January: Sh9, 300 or more. Total savings in December 2017: Sh109, 500 or more.

    Weekly savers option B: Sh2, 100 or more per week. Total savings for January: Sh8, 400. Total savings in December 2017: Sh109, 200 or more.

    Monthly savers: Sh9, 000 or more per month. Total savings in December 2017: Sh108, 000 or more.

    Another option is to calculate 10% to 30% of your monthly income and deposit it into your savings account every month. This will work for those who feel the amounts listed above are either too much or too little for their pockets.

    To keep track and for a constant reminder, please download and print the savings chart in the group files and hang it somewhere you can see it every day, like on your mirror or fridge, and cross it off every time you put some money into your savings account.
    How to save: There are many places to put your savings. You can open a savings account at a bank, an Mshwari lock account or opt to save in a money market fund (my preferred option). Read about money market funds in the group files.

    A savings account doesn't have an ATM/debit card and has restricted withdrawals. Read about money market funds in the group files. Also get some more tips to help you in this journey in the group files and in the posts on the timeline. Particularly look for files called:
    1. How to start saving for new members
    2. All about money market funds
    3. Savings chart version 2017

    Get the group files here https://www.facebook.com/groups/1005544939505755/files/

    ***
    Checklist
    1. I have printed out this savings chart and hanged it where I can see it every single day.
    2. I have opened a specific savings account for this project.
    3. I have identified an accountability partner to check in with every week.
    4. I commit to depositing the required amount every week without fail.
    5. I commit not to withdraw any part of this cash until after I have completed the challenge.

    If you need any support as far as your finances are concerned, let me know by sending me an inbox or email me supersaverskenya@gmail.com. I am a personal finance coach who helps people who struggle to save money. I also help people who are struggling to live within their means and people whose salary ends within the first week after payday. I help people who are struggling to live within budget by doing budget analysis and customised budgets to fit your needs and to help you reach your financial goals. I help people who are drowning in debt/loans and people who are struggling with impulse buying to break free. I can also help you define your financial goals and work towards achieving them.
    *************************************************************************************
    About the group

    The 52-week Savings Challenge is a community of people who want to cultivate a culture of saving, investing and creating, growing and maintaining wealth.

    Here, you will share and get helpful ideas, discuss challenges and solutions and generally help yourself and other members reach their financial goals.

    Please note that this is not a marketplace, so no advertising allowed. If you are selling something, sell it in places like Soko Kuu, Kilimani Mums Marketplace, etc.

    No motivational quotes. No scams. No get-rich-quick scams. No pyramid schemes. Also, avoid posting irrelevant stuff.

    Avoid flooding posts with "F" or "following" comments. You can use the "turn on notifications" button/arrow on the top right of a post to "follow" it.

    Keep posts informative, helpful and supportive. Here we discuss everything in the open, so no referring people to find you in the inbox. If you have something to share, do it and explain whatever it is in the open. In the same vein, share all the relevant information without keeping people waiting.

    No attention-seeking.

    No insults and no trolling. Respect other people's opinions. And remember to always do your due diligence if you choose to form groups with or buy things from other members, make sure that everything is formal and has a legal backing and preferably done in the open. Remember I cannot vouch for the thousands of members in here, so be alive to the fact that there might be con men lurking within us waiting to catch some prey.

    Welcome all, let's do this!

    Happy saving!

    The file is attached here
     

    Attached Files:

    Shilah Tusiime likes this.
  2. Shilah Tusiime

    Shilah Tusiime Gold Member

    Ok, I was also a newbee on this!
     
  3. Fridah

    Fridah Gold Member

    Nimeshindwa na hii kitu kabisa! Anytime nafika 5k natoa nakula yote :(:(!!!
     
    Shilah Tusiime likes this.
  4. Shilah Tusiime

    Shilah Tusiime Gold Member

    Try not keeping the money in the house or within reach.
     
  5. Neddy

    Neddy Founder Member

    A wonderful group indeed. I think its the best on facebook on matters business. Thanks to Felista Wangari.
     
  6. Purity

    Purity Gold Member

    [QUOTE="Fridah, post: 467,
    Save kwa Mshwari
     

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