Savings Challenge, Tick a Week
Do you want to save more in 2019?
Join Tick-a-Week - Savings Challenge, end the year with a savings of at least one month's income!
If you think one month's income is a lot and difficult to save, Trust me it is not...
It is ONLY 8.33% of your annual income...
Most financial books and Gurus talk about saving 10%, even the richest man in Babylon saved 10% of his income...
You have to remember that as expats we are here in UAE to save more than what is possible in our home countries...
If you were in another country, you may have to pay more than this as taxes!
Saving one month's income should be the least we can do in 2019. For those who are doing better than one-month savings...
Well done, keep going... Try pushing it to 2 months or even 3 or more...
New Year's New Beginning
New Year’s is around the corner, and with it come new opportunities to start afresh and change our lives for the better.
Let 2019 not be like all previous years, when we resolved to achieve a goal and fell short of it.
The secret of achievement lies in staying motivated by tracking and ticking the progress...
Tick a Week Habit Loop
Charles Duhigg in his book Power of Habit talks about the Habit loop - Cue, Routine and Reward as the key to forming a habit.
Learning from this book we can stay motivated and develop the savings habit by creating our own habit loop of cue, routine and reward.
I have created a simple tick a week Habit Loop, It consists of 3 main aspects;
The Cue
I have created an email reminder system to send you a weekly reminder every Sunday, starting from 31st December 2018 to keep aside 25% of your monthly savings target.
Click here to receive weekly reminders, tips, tools and motivation.
This email is a cue or a trigger for you to take appropriate action towards your savings goal.
The Routine
Open an Esaver account in any bank you have your current/savings account.
Transfer 25% of the savings target of the month into this account or in National Bonds as soon as you receive the reminder email.
For Eg - If your monthly income is AED 25,000 then your savings target for the month would be 8.33% of 25,000 = AED 2082.50
25% of your monthly target is your weekly target - 25%*AED 2082.50 = AED 520.625
Every week you will save AED 520.625 for 52 weeks, which will amount to AED 27,072.50. I know it is more than one month's income, just a small cushion to provide for certain weeks you may not be able to save.
The Reward
Register here to download the Tick a Week Excel Tracker
Once you have transferred the money to your e-saver/savings account or bought National Bonds, tick your progress against for the week.
Share it on our facebook page and on Twitter with #TickaWeek & #SaveMorein2019
Do this for a few weeks, you will get into the Savings Habit, and it will be no longer difficult to save anymore...
Slowly but steadily you will see your account balance increasing...
By the end of week 52, you are very likely to have at least one month's income as savings.
I remember the Mario Game, where collecting the coins and getting an extra life was more fun than saving the princes at the end of the game.
In this challenge both tracking and ticking the small success every week and getting to do something worthwhile with the money saved at the end of the year are highly rewarding experiences.
Click the icons on the left to share this challenge with your friends, family and colleagues, motivate them to join this challenge and save money.
Create a group to motivate each other to help you achieve your savings goal.
You can also join the FaceBook group I have created to
- Share your reason(s) and for saving at least one-month income
- Share your progress
- Motivate each others in the group to achieve your savings goal
Don't wait - Join the Challenge by clicking the image below.
