How I Messed Up My #52WeekChallenge In 2018

Unless you just started reading this blog today, you know that 2018 is our fourth year on the #52WeekChallenge. The first year was very low-key. I basically uploaded the introduction post and did a few Twitter updates without thinking much of it, only for it to explode in December, when some people reported their results and others vowed to join us. The next year (2017), M-Shwari came on board as a sponsor for the first time – they are still a sponsor this year and this time with mega prizes. That was an exciting experience and throughout the year, the community was alive with monthly updates.

Come 2018, I resolved that we were going low-key, first to reflect on the lessons so far, and see what we can do to further develop the #52WeekChallenge and get as many people as possible saving. So while I did try to do a few updates, the level of accountability was not as high as 2017, and that was my first mistake – fewer of us did the Challenge, though those who did really grew their savings.

My second mistake was in my own personal saving journey. Having successfully done the KES 50 and KES 100 Challenge in 2016 and 2017 respectively, I wanted to go big, and save for something I had been procrastinating about for a couple of years: my Master’s program at the University of Cape Town. To even make a significant dent on my first semester’s fees and upkeep expenses meant that I had to really up my game, and do the KES 500 challenge! I took a deep breath and jumped right in. As I write this post, I am in Cape Town, for the first session of the program. I did it! Putting this goal on my #52WeekChallenge did something great for me. I was able to save up for something I otherwise would not have focused on saving for. In the past, I would save a bit then get distracted and invest it, and this is partly why I have waited 13 years post-undergrad to do my graduate program.

How was this a mistake?

When I was doing my annual expense review, I noticed one thing: My eating out expenses had shot through the roof in 2018. I had spent 50% more eating out in 2018 than in 2017, and this explained a lot (I am also at my heaviest weight-wise). The reason this happened was I was so focused on the big goal that could only be met with big money, that I stopped watching the small amounts – the pennies/shillings and cents.

The money is not the only thing that was bad about this, but also the fact that less than 5 of the occasions I ate out were truly memorable. Most of the time, I would randomly buy food or order in, and I did it so much that I got to the point of where eating restaurant food was just ordinary – I tend to eat from the same restaurants. There was no significant difference or satisfaction. Had I saved the extra expenditure, I probably would have been able to go on another holiday – for me, holidays are high on the satisfaction rating because my regular life is pretty stressful.

So how am I doing it differently in 2019?

I have split my #52WeekChallenge into two:

1. The big goal which is to save for the rest of my tuition and some extra amount towards a long-term investment I would really like to make – I want to buy some land and plant trees.  It is impossible to save for these two goals from my salary, so I have goals to get  50% of my salary every month in extra income. It is an ambitious goal, but 2019 is THAT YEAR!
2. The “small goal”, is to save KES 100,000 from my consumption budget. This means I do not dip from Goal 1’s savings to meet any deficits I might create by things like eating out. It also means challenging myself daily to watch where the shillings are going.

Finally, this year I am keeping you all accountable, as a way to staying accountable to myself!