Have you seen the 52- week money challenge online? If yes, I think you should consider doing it because it's quite an easy way to put some sense into your finances without dealing with accounting jargons-it's a great way to start a good money habit too. I'm doing it myself this year.
Photo Credit: thecollegeinvestor.com
However, I've observed that the 52-week money challenge, despite how great it is, has its own weaknesses too (but what the heck! I'm still doing it):
1. It requires close and careful monitoring, and it is impossible to not miss a week.
2. It will be hard to catch up, financially, if you miss a few weeks.
3. Depending on your chosen amount and when you reach the BER months, this could mean cutting at least a good P10,000 up to P30,000.00 from your salary. What if you only earn P10,000.00 or P15,000.00 a month or what if you have dependents? How can you accomplish this weekly challenge without the struggle?
4. When you reach the BER months, the challenge can cripple your bank account because of how much you need to put into it collectively.
As a Freelancer, I could understand why most people who are like me will find the 52-week money challenge a little hard to do. Because this life can have very lean months, not to mention we don't get the usual benefits like regular employees do such as transportation, food, mobile phone, and Internet allowance and insurance, therefore we have to pull the money needed for these from our very own pockets. We may command a higher rate than employees, but our overhead is bigger than them, not to mention we also have miscellaneous expenses just like everyone else on a weekly basis! More than this weekly challenge, I think these are the main reasons why Freelancers find it so hard to save money in general!
With that, I propose the 12-month Money Challenge for Freelancers, a very easy to follow, more doable money challenge for my fellow freelancers. It doesn't demand too much of your time, brain space, and most especially, money. Click READ MORE!
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A PIECE OF (MY) LIFE
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