Kotak Assured Savings Plan
A plan that offer guaranteed returns and financial protection for your family.
Kotak Guaranteed Savings Plan
A plan that offers long term savings and insurance in one premium.
Kotak Health Shield
Insurance against medical expenses related to heart, brain, liver and Cancer.
We are already halfway through the year, and going by the stats collected by the University of Scranton, most people have already forgotten about their New Year resolution. Every year on January 1st, social media tends to get flooded with announcements for the upcoming year. The most popular ones are, becoming a better person, travelling more and learning something new. But does resolving require a specific date?
Not really. Especially when it comes to taking up something that can change your future for the better, one such challenge that has been doing the rounds on the internet is the 52-week money challenge.
It started on social media in 2013 through a Facebook group called ‘Kassondra’s 52-week money challenge. Finance aficionado Kassondra Perry-Moreland initiated the idea. The challenge instantly went viral and became a massive hit.
Kassondra’s group became a real-time hub for over 1,000 people worldwide as they began sharing pictures of their piggy banks and savings account balances. The response was genuinely phenomenal, and the idea was so simple.
If we’ve piqued your interest, here’s how it works:
In India, you start with a daily saving scheme of just 10 rupees in the first week, 20 rupees in the second week, 30 rupees in the third week and so on. So as you save in increments of 10 rupees per week, by the end of 52 weeks, you will have a whopping 13,640 rupees!
What’s more, there are no fixed rules here. So, you can either save more money in the next two weeks or deposit the savings if you want. By the end, you can even plan to buy something expensive.
Simple and fun, this is one of the best daily saving schemes you would come across. But, if you are wondering whether this challenge poses any potential upside or downside, here’s what you should know:
It teaches the habit of saving. This challenge poses a brilliant proposition for anyone who needs to save cash to pay off a debt, get a much-needed break from work, pursue education, or save enough for a rainy day.
It may not be accessible when you contemplate saving a significant amount every month to reach your financial goals. But after you’ve doled out all the monthly expenses and still saved up a small amount, it convinces you to save more.
Many people begin a new financial struggle at the beginning of each year. Usually, this is connected to their optimism at the start of a new year and their resolutions. A financial challenge, however, can be started at any time.
Therefore, the ideal moment to begin a new endeavor is anytime you are prepared.
A fantastic time to start is at the start of a new week or month. A new week or month gives you the impression that you are starting over psychologically.
However, you must be prepared to dedicate yourself to the procedure. In such a case, find a friend who can motivate you to work hard toward your financial objectives and can push you to move forward for your 52-week money challenge.
It is difficult to fight the urge to raid your savings every time. After all, we’re only human. Another flip side is putting away money towards the end of the week. After that, the last few weeks get trickier, wherein the amount increases. Besides, it might also be disappointing to see your money sitting in a jar and not earning any interest.
It’s all about acting strategically when it comes to daily saving schemes. Your budget is just a strategy you write down to tell your money what to do without giving it too much thought.
Your savings strategies will be actionable if you incorporate them into your monthly budget rather than winging them. Make a line item for this challenge and categorize it by how you get paid.
Spending less on items you don’t use or need will leave you with extra money that you can use to increase your savings. Streamline your needs and wants, and create a plan that works effectively and in your favour.
Starting to save money is easy with the 52-week money challenge. You have the chance to develop sound financial habits, strengthen your money thinking, and lay the groundwork for achieving your financial objectives as rapidly as possible.
Your bank account balance will increase over time and with dedication, and you’ll experience financial peace of mind.
Invest in savings plan today and improve all your tomorrows!
Ref. No. KLI/22-23/E-BB/999
Ref. No. KLI/22-23/E-BB/490
