Who wouldn’t want t finish 2019 Kshs. 137,800 richer?
If you’re not familiar with the 52 week challenge, here’s how it works: you start by saving just 100 bob the first week of the challenge. Simply deposit it in your account without a second thought. The next week, put away 200 bob, and the next, 300 bob… you get the idea.
By the end of the challenge, you are saving more than 5,000 shillings a week, bringing your total amount saved to just under Kshs. 140,000 by the end of the year. Not too shabby, right?
Forward or Reverse?
You have the option of doing the challenge either forward (starting with 100 bob on week on and increasing it weekly) or reverse (starting with 5,200 and decreasing it weekly). Both approaches have their pros and cons and it’s up to you to figure out which works best for you.
For those who are not used to saving, the forward approach may be better, while the seasoned savers that are interested in getting maximum interest on their savings may prefer the reverse method.
Forward Approach Table (Below)
Reverse Approach Table (Below)
We are currently in week 12, which means that had you started at the very beginning you should have Kshs. 7,800 in savings if you adopted the forward approach or Kshs. 55,800 in savings for the reverse approach.
And remember, with Century you earn 9% interest on any savings above Kshs. 10,000. For the forward approach, by the end of the year you will have earned Kshs. 4,957 in interest or Kshs. 9,418 for the reverse approach.
How are you performing?
Are you managing to keep pace? As the weeks go by, the challenge gets gradually more demanding. And if the 52-Week Money Challenge has taught us anything, it’s that every little bit matters. Even if you are struggling, the good news is that getting started is half the battle. Once you gain momentum and stick to the savings plan you are surely on the path to financial success.
Here are some tips that can help you get through those challenging weeks:
• To make it more interesting, try out the challenge with your friends or family. The more the merrier, they will not only keep you accountable but also act as a support group when you want to give up or go astray.
• Keep your eye on the prize: Downloading the chart and ticking the weeks as they go by is a great way of visualizing your progress – not to mention that there is something oddly satisfying about marking a goal as complete.
Haven’t started? It’s not too late.
Just because you are late to the party doesn’t mean you can join in on the fun. You can start the challenge even today (there’s no penalty) and still enjoy our 9% interest rate on savings from Kshs. 10,000. To get started, dial *871# to create your account.
You can start saving by depositing money into your account using our Paybill 888600, with your registered number being the phone number.
Here are some of the most FAQs:
•How can I open an account with you? To pen an account with Century either by USSD or by visiting any of our banking halls.
•What happens if I fall behind? You can save at your own pace. You will NOT be penalized for failing to keep up with the weekly schedule.
•Should I need to withdraw my money, will I be penalized? You can withdraw your savings at your convenience WITHOUT any penalty. Withdrawals are made easy using our *871# USSD or Hela247 app with which you can transfer directly to your Mpesa.
•Do I earn interest as I save? YES! Your savings will attract an interest rate of 9% starting from Kshs. 10,000.
•How can I view my progress? You can view your progress (account balance) using the Hela247 app or *871# USSD.
•Can I save more than the 100 bob weekly increments? YES! If you can, it’s a great way to earn even more interest on your savings and grow it.
Also as you continue to save, the weekly deposits contribute towards increasing your loan limit for mobile loans.
The goal of the challenge is to help you develop a savings culture as you also earn from your savings. Even if the challenge is not for you, we have several other savings products that can accommodate your needs.
It’s Not How You Save – It’s That You Save.
In the end, whether you’re building your first-ever emergency fund or saving for a down payment on a car, it doesn’t really matter whether you use the 52-Week Money Challenge, some variant of it, or a completely different tactic to save more money in 2019. The important thing is that you start a routine of socking away some money for your own future, and that you stick to it.
For more information, you can reach us on 0756 305132 / 0722 168721 or visit us at any of our banking halls.