The 52 Weeks Savings Challenge - HBD Style
With the new year just around the corner, everyone rushes to get things ready to kickstart their year, personally, physically or financially.
Whichever goals you aim for, it's always difficult to keep consistency so any support and tools are welcome, right?
When it comes to financial goals, many articles come around this time with ways to help you save money so you can either have some in case of emergency or just simply for that dream trip.
One of the ways that I always came across was the so-called "52 weeks savings challenge".
Not sure who came up with it in the first place but the idea was simple: you should deposit an increasing amount of money into your savings each week for one year (52 weeks).
For example, if you want to start with $1: you’ll save $1 the first week, $2 the second week, $3 the third week, and so on until you put away $52 in week 52.
If you stick to this challenge throughout the entire year, you’ll save a total of $1,378!
That's not a bad amount for just a dollar!
A few benefits of using this method:
You can start with a small, manageable amount
Helps you identify your spending habits as you find ways to save each week
You can start anytime
Serves as a stepping stone toward achieving larger financial goals
Provides a systematic and fun way to save money
So I decided to adapt this on Hive, specifically $HBD, which everyone wants to pocket in, especially with the monthly 20% interest if you add it to Savings!
And, of course, on Hive you have the advantage of earning by blogging, threading and all that jazz!
Edit: Big shout out to @gadrian for correcting my maths regarding the HBD interest because I suck lol Thank you, Adrian! I also created two sheets, one simple if you want to adapt to other tokens or even FIAT and another with the HBD interest.
Here's the link for the spreadsheet:
https://docs.google.com/spreadsheets/d/1iu24U2mwa1KAJC_LS0u8vHs-v7bxMhRmWdardZoffOs/edit?usp=sharing
You just need to change the initial amount at the top and it will automagically show the amounts you need to save in a specific week plus the 20% interest compound.
Another example: 1HBD can be difficult to earn for the early bees, so let's see what you could get with just half HBD:
From a Hive perspective, this can be used as a way to push you more into blogging and threading each week as the amount you want to save increases!
Sure, you can buy some $HIVE and turn it into $HBD and you will probably have to so you can reach the amount for that specific week. Or even sell some of your 2nd layer tokens!
But it wouldn't be as fun as blogging/threading away and earning other tokens in the process :)
So...are you ready for 2024?
See you next time!
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OMG, I'm loving this. Wow. I think I should give it a try too. Although I do push in money to my wallet when I can but this right here is pretty much challenging.
Thank you! The tool was created thinking in FIAT and also a good way to save money from that wallet too! the more pockets with savings the better :)
Exactly. This is good I must admit haha
This is fracking awesome sauce 👌
I will definitely try this with @hive-112281- Building BBH account.
With this account, I could, but I have committed HBD monthly to INLEO premium and paying for my Hive-engine witness node.
But I will try my best.
Bradley
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Thank you! You can always try to push both accounts so there's more HBD in your pocket but baby steps of course! That's why I gave the example with just 1 HBD or even half HBD. Keep creating as always and more moneys will come soon :)
When you told me about this the other day, I was blown away. I've heard of things like this in the past, but to bring it here with HBD, especially for active members of the chain....Mind blown.
I'm going to get into this and put it into #myhivegoals for 2024! We'll see how it goes. That being said, I have no idea if your math is right but WIN no matter what lolol
Yeah maths might be refined soon in the spreadsheet as I read the comments so will try to adapt to a more accurate amount at the end of the year with the interest!
I will go for the challenge as well and see how much will really earn..though I already have some in the savings that might change it a bit but oh well lol
This is awesome! Learned this method of saving (daily) via the Saturday Savers Club with their 365 Penny A Day Challenge which is a nice way to develop our saving habit :)
Thanks to Jon for pushing and getting this out and for sharing the G-Docs which we can easily edit according to the amount we want to start with.
I read about that club sometime ago and I'm glad that there are other people supporting each other in sake of savings! Hive already helped so many people already so it's a no-brainer to invest/save in this blockchain :)
Yeah. These communities and initiatives are helping and encouraging us to save and grow our stacks :)
This is a great idea! Thanks for sharing. Will give it a try. And with my HP as well. Let's see how it goes. 😅
The idea can be adapted to other tokens, even HP! Everything counts for the sake of our account growth :) Best of luck!
Wow, that's a really great idea! Even if you can't afford to do it "in sequence," there's always the option of just doing "52 checkboxes" as you go along!
=^..^=
There are many other ways to use the challenge..Already saw an inverted version where you start with $52 on the first week and go down a dollar each week until $1 at the last week of the year! I also saw like a "bingo" version where you pick one of the "checkboxes" for each week to what you can afford on that week! It's a very fun way to save I think :)
In whatever one wants to do consistency is the key to achieve. No matter how little.
Merry Christmas.
Amen to that!
Merry Christmas :)
1$ x Week number = Savings
This can be a good idea for the HBD savings and also for the real life savings. Though real life savings need to be higher and lumpsum as it comes. But I guess growing with crypto requires such simplicity. I'd be using this approach with holding crypto before selling them next year. Well written :)
Thank you!
I will try to do this both HBD and real life savings! The more pocket savings the better lol
Season's Greetings! 🎄
It's a great idea that we use on the Saturday Savers Club on the @eddie-earner account. You're completely right - goals plus structure plus supportive group wins every time. We're waiting for the final results (this year hasn't ended yet, one more Saturday to go 😍) but so far, 60% of savers registered on the Savers Chart have reached one or more of their savings goals.
The 2024 Saturdays Savers Club Launch will be on Sunday 31 December 2024.
We meet every weekend to check savings progress.
Everyone welcome 😍.
That is so cool! I read about the club but never got into it.
I'm happy that there are people supporting each other in savings especially when this blockchain has already saved many lives in a way as well!
So many things going on on this blockchain that I keep losing track lol I'll try to keep closer look to the club for the next year :)
The Club is very low key - just turn up and comment on the weekly post 😍.
We try and keep it as inclusive and welcoming as possible, you can visit any time and have a look round, no pressure, I know how it is with everything that's going on on Hive.
Would it be okay to include a link to this post in one of the Saturday Savers Club posts? Great to encourage support for saving!
Yes, of course! And thank you for sharing!
Though I'll be updating the spreadsheet within to give more accurate numbers as my math sucks lol but the basic part without the 20% APR works fine 🤣
😍
I like the idea of saving HBD throughout 2024, at least partially.
Regarding the APR, it's true it's paid every 30 days, but you add HBD every week, and the APR applies to a different amount every week. A better way to calculate it would be weekly, after every deposit, in my opinion. Unfortunately, it would come lower than your amount, but 20% is 20%, for whatever time it will still be available.
For example, after week 1, the formula would be:
20 * 1$ / 52 / 100 = apr1After week 2:
20 * 2$ / 52 / 100 = apr2and so on.
Every 4 weeks or so you add the sums or the previous 4 aprs, after the interest would be paid.
I hope it makes sense.
Was trying to be more practical and thinking the monthly claiming but yeah that makes sense..maybe if I add week by week it will give a more accurate amount at the end of the year..will try to change and see how it goes..maths are not my forte but helped me push my brain for a bit doing the sheet lol
Thanks for the feedback :)
You're welcome.
I made a copy and updated it and will probably use it too. Here's the spreadsheet if you want to check out what I changed (mainly the APR calculations and the totals, added the interest every 4 weeks):
https://docs.google.com/spreadsheets/d/1kusptEP_7cUGO7uI5vka1JaT2nTUB5ebX-zBDm75W2U/edit?usp=sharing
Oh that's awesome! Thank you for taking the time to do it!
I do prefer to have more realistic numbers lol
I might change it to like separate sheets, one with and without the APR so people can play with it and adapt to other tokens or even FIAT
!PIZZA
This is great, @elianaicgomes! Thanks for the spreadsheet template too. I should save some but now I am using HBD for CTPX and my INLEO Premium Subscriptions too. Gott earn more. #savings #hbd #leofinance
Guess you have a challenge to follow for the next year to maintain the subscriptions plus some in the savings ;)
Glad I could help somehow!
Yes, I sure do, Eliana!
You do help all the time. Giving me something to push for.
Have a great day😆
I so much love this idea of savings. I am just getting to know about The 52 Week Money Challenge. I came into your post through @jongolson's thread 😁
This is great to adopt for the new year 👍
Merry Christmas to you 🎄🎅🥘🍲🎂🍗
Blessings upon you and family 🙏🏻
Thanks so much for sharing this awesome post.
I will like to share this on X. Thanks.
Yeah Jon pushed me to write this post sooner than I was going to lol but I'm glad that you liked it :)
Share away! And Thank you ❤️
Happy Holidays for you and your family!
He did well by making you do so, lol.
Thanks again.
Happy New Year Eve ❤️
Yay! 🤗
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This is indeed awesome as it would encourage a Savings culture among people, Thanks for this brilliant 💡 idea
$1 a week, that would be easier for me. What I have done since 2023 started is to save 36$ every payday to buy $HIVE and part of that goes to $HBD. At first, I made a conservative target of 100 HBD for this year, but I accomplished 4x of that. I will try 1,500 $HBD for 2024.
!BBH
!PIZZA
That is awesome!
Best of luck for the next year :)
!PIZZA
Thank you! I wish the same for you. A blessed 2023!
!PIZZA
Looks like you are 365 days late for saying "blessed 2023"! 🤨
Maybe you would say it's better late than never! 🤣😂
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Great idea for HBD accumulation, @elianaicgomes - I especially like the idea of being able to pick and choose which of the weekly 1-52 HBD amounts you will pay in any week as it adds an extra layer of "gamification" as you try to wriggle through the year!
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I thought I already replied to you but I guess it didn't go through lol
Yeah it can be fun and gamified as a bingo! Pick a week with the amount you can manage at that time and carry on, as long as you complete all the 52 weeks!
then you can scream BINGO ahahah
All the best for the new year Hurley-Sensei :)
!PIZZA
Lovely idea Elena.
I think this is a great starting point for most investors wanting to get ahaead in 2024.
The journey towards financial independednce starts with the first steps.
This is brilliant ! I think I'm going to try the reverse version, on the logic that it's easier to plan for closer times, but by the end of the year, anything could have happened to the price of HIVE, my own ability to invest fiat into Hive, and the general economy. Plus, front-loading the savings creates more earnings in interest.
I'm aiming to start at 26 HBD a week, reducing by 0.5 HBD each week, but this will all be additional investment separate to any author rewards and HBD interest.
Are we doing separate posts to report our HBD status, or should I just include it in my #saturdaysavers weekly update ? Also, is there a tag we should all use ?
Thank you!
And that's also a good way to do the challenge!
Maybe I'll add the reverse version of the template on the spreadsheet!
You can do your weekly update as normal if you like, this is just an idea to help on the savings.
Some are using the #myhivegoals tag if you want to add :)
Best of luck for the new year!
A great idea, one that I have been doing with the Saturday Savers club for a couple of years and will be doing again in 2024!
Heck yeah! Keep it up!
Best of luck for the New Year :)
!PIZZA
Thank you and you too Eliana!
Let's smash those goals!
Very interesting, thanks very much!