This 52-week money challenge can change your life!

Karan Dsij
/ Categories: Trending, Knowledge, General
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.

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1 comments on article "This 52-week money challenge can change your life!"

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Mohammad Ali shaik

Please suggest me to get good stocks

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