52 Weeks saving money challenge in India with your children

I believe saving money is great.

Earning is better.When you do both, its best.

Saving and earning are two sides of your coin.If one or the other is missing in your personal finance plan, it’s not good.Following your gut feeling should not be your only plan for financial freedom.

3 Things I like about saving money with children:

They learn the value of money.It’s not easy to earn.

It’s fun when the family participates.It helps build up excitement.

Its easier to be frugal when no one cribs.

How to do the challenge?

Save 10 rupees the first week.

20 rupees 2nd week

30 rupees 3rd week

Increase the amount by 10 every week

At the end of 52 weeks, you have  13640 rupees!

This 52-week challenge started in 2013 through a Facebook group called “Kassondra’s 52-Week Money Challenge”. It was created by personal finance enthusiast Kassondra Perry-Moreland.

The 52 weeks helps make saving a habit for people who don’t like saving.It’s also good for budget planning.

If I don’t have that much amount to save every week ?

Since the greatest amount you have to keep aside is 520 rupees , I am sure you will do it.

But if you feel its difficult, just break it up by 7 days If you save roughly 75 rupees per day the last week then you are good to go!This might not look like a lot, but over time you can increase the amount and see your nest egg grow.

Money management is not taught in any school or college.Most of the world’s problem is because of too many expenses and too little money.

Want to buy something expensive?

Calculate how much you have to save.How much time you have.Start a Recurrent Deposit in the bank.Don’t want the hassle of going to the bank?Use a piggy bank.

52 Week money saving challenge is more fun when you do it as a family

Want to do the challenge?Click to download the 52-week money saving challenge checklist (no opt in required).

What will you buy after saving money for 52 weeks?Will you reinvest or go on a shopping spree?

Whatever you do,its going to be very useful.I have also shared other methods of saving money,the way we do it as a family.You can save this image on your pinterest board.Tick off each item as it happens.

10 Simple Money Saving Tips from a Middle Class Doctor mommy in India

1)Savings account with three to six months emergency fund
2)Insurance with death benefits only is a must .The other kind has higher premium.
3)Health insurance
3)PPF
4)NPS both tier 1 and 2
5)Fixed deposit
6)Mutual fund one or two at most.If you are already NPS tier 2
7)Sukanya Samriddhi
8)No personal debts .Pay them off quickly
9)No credit card debts
10)Extra source of earnings.

Let me know in the comments below.

 

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