Saving money is high on the list of new year resolutions for many of us, especially after the expense of the festive period and as we look towards what the new year will bring.
It can be easier than you think if you put your mind to a money saving challenge and it’s not too late to start.
1p Saving Challenge. This is a fabulously simple way to save hundreds of pounds in a space of a year. Created by parenting website PlayPennies, your savings add up throughout the year, without feeling like you’re doing much at all. It works like this… On the first day of the challenge you put in one penny. On the second day, you put in 2p. On the third, 3p. Each day you increase the amount you put in by 1p, so that by the final day of the year you have to put in £3.65. Giving up £3.65 doesn’t feel like much at all, but by that point you will have saved £667.95. Why not give it a try?
The 52 Week Money Saving Challenge. If you feel like you can take on more of a challenge, why not deposit more into your savings account each day and watch those funds build up! It has the same concept as the 1p Saving Challenge – during the first week of the challenge you save £1, the second week, £2, the third week £3 and so on until the 52nd week of the year where you save £52. By the end of the challenge, you will have saved a total of £1,378.
The Reverse 52 Week Money Saving Challenge. This is exactly the same as above but reversed so you are putting less in your savings account by the time you reach the expensive festive season!
Monthly Savings Challenge. If you get paid monthly, why not deposit an amount into your bank to suit you and try and increase that amount monthly? Remember to pay your savings in at the start of the month so you don’t have to think about it again!
No Spend Weekends. Plan a couple of ‘no spend’ weekends every month where you aim to spend as less as possible. You could plan low cost days out by checking out free local attractions or spend a day tackling the housework, watching films and having a night in?