52 Week saving challenge is intended to instill discipline among Kenyans in regard to saving habits. Having known how difficult it is to save, it’s important strictly adhere to the challenge in order to progress in life.
You can challenge yourself based on the amount of money you make per month. In this article, we shall calculate the amount of money to save every week in order to achieve a target of Ksh1 million, Ksh500,000, Ksh300,000, Ksh 200,000, Ksh100,000 and Ksh50,000
- How much money to save every week to reach a target of Ksh1 million for 52 weeks?
If you wish to save Ksh 1 million per year, you have to save Ksh 19,231 every week for 52 weeks. Meaning that in a month, you’ll be saving at least Ksh 80,000.
Your monthly income should be more than Ksh 200,000 if you wish to achieve this target. With Ksh200,000 every month, you’ll pay tax of Ksh 45,000, NHIF and NSSF of Ksh2,000. You’ll also remove Ksh 30,000 from the net income for miscellaneous expenses.
Saving this amount is not easy especially if your spending habits aren’t good.
- How much money to save every week to reach a target of Ksh500,000 for 52 weeks?
For those intending to save Ksh 500,000 for 52 weeks, you’ll have to save Ksh 9,616 every week. For a month, the amount to save averages Ksh40,000.
Only those earning above Ksh 80,000 can manage to save this amount of money. When you earn Ksh 100,000 monthly, you’ll incur expenses of about Ksh 30,000. Assuming that tax takes Ksh 25,000, you’ll remain with Ksh75,000. Realistically, you can’t save Ksh40,000 when paying tax. For salaried, Ksh 120,000 and above is the most ideal amount to earn per month if you wish to meet this target of Ksh500,000 per year savings challenge.
- How much money to save every week to reach a target of Ksh 300,000 for 52 weeks?
To save Ksh 300,000 for 52 weeks, you have to save Ksh 5,770 per month to meet this target. This translates to savings of Ksh 25,000 per month.
To save this amount, your monthly net income must be above Ksh50,000.
- How much money to save every week to reach a target of Ksh 200,000 for 52 weeks?
To save Ksh 200,000 per year, you’ll have to save at least Ksh 3,847 per week. In a month, the amount to save is Ksh 17,000 and above.
A net income of Ksh 40,000 and above is ideal. If you are living in Nairobi, expenses will be more, which means that saving Ksh17,000 per month must result from an income of Ksh60,000 and above.
- How much money to save every week to reach a target of Ksh 100,000 for 52 weeks?
To save Ksh 100,000 per year, you have to save Ksh 1924 per week. In a month, your savings should be above Ksh 8,000. This amount is manageable especially for people earning above Ksh 30,000 per month.
- How much money to save every week to reach a target of Ksh 50,000 for 52 weeks?
To save Ksh 50,000 per year, the target amount for one week is Ksh 962.In a month, you’ll have to save at least Ksh 5,000. Monthly income of more than Ksh 30,000 is required.
- Best way to save this amount
It’s good to save in schemes where the money will multiply. Mshwari, Fixed Deposit account or Money Market will be the most ideal segments to save with. I save with CIC Money Market and it’s a wonderful scheme.
Your money will be earning interest every single month.