Saving Challenges for 2017

2017 Saving Challenges

I don’t know about any of you, but I am really bad at saving. Like really bad. So this year I decided I would try to complete a saving challenge to try and inspire me to save a bit more. After a lot of research into different saving challenges, I decided it would be a great idea to share some of the best challenges with you all, incase any of you are looking to save more as well!

52 Week Challenge

I remember seeing this challenge last year but for some reason I decided not to take part. So this year I thought I would give it a go! Basically, the idea is that each week you set aside a set amount of money relating to week. £1 on week one, right though to £52 on week fifty-two. Now I’ve decided to do a slight variation on this challenge. Instead of starting at £1 and working my way through to £52, I’m going to set aside an amount each week depending on how my finances are that week. After all, I’m sure I’m not the only person who doesn’t have a lot of money left over come the end of the year. I’ve wrote out a list of each amounts, and when I set aside each amount I’ll scratch it off.

Another variation you can do is to alter it depending on how often you are paid. I get paid weekly which is why I’m doing the weekly challenge, but if you get bi-weekly or monthly, you can set aside money according to that and just set aside more money.

If you stick with this challenge, you will have saved £1378 at the end of the year, which is pretty amazing!

£5 Challenge

This is another challenge I’m going to try to give a go this year! Basically, every time you get a £5 note, you put it into a money bank instead of spending it. Now the reason I’m doing this alongside the 52 week challenge, is because I tend to use my card the majority of the time, so I’m not going to save an awful lot this way.

You can also put a variation on this by changing the amount you have to set aside. For example, my Dad always saves his £2 coins. If you can afford it, you could maybe set aside £10 notes. It’s totally up to you and what you feel will work best for you.

The 365 Day Challenge

This is very similar to the first challenge, but instead of setting aside money each week, you set money aside each day. Another difference is you are setting aside pennies instead of pounds. You start at 1p on day one, and work your way to £3.65 on the last day of the year. You don’t save as much during this challenge: only £667.95 compared to the £1378 during the 52 week challenge, so it’s a great challenge for teenagers or anybody who doesn’t have as much of an income.

Spending Ban Challenge

Basically the idea of this challenge is to only spend money on the necessities. So other than bills, transport and food (and that doesn’t include fancy dinners and takeaways) you don’t spend money on things. I’m not going to lie, I’ve tried this before and personally it’s not one for me, but if you really need to save money and you have the will power then I say go for it, because you’ll save a lot, especially if you carry it out for a long time!

Spare Change Challenge

This ones pretty simple. At the end of each day, chuck all of you loose change into a tin. For me, I chuck anything less that 50p into my money tin, and if I’m feeling extra good, I chuck all of my change in, pound coins and all. You can do this for a year to see how much you’ll save, or you can count up and get you money changed every time you fill a tin.

Quick note: If you are saving pound coins, then please remember that the current pound coin is being replaced in March and come October 15th, will no longer be legal tender, so make sure to get them changed before then!

Are you taking part in any saving challenges this year?

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  • Sian…

    Is it a dad thing to collect £2 coins? My dad does too! I save all small change too and always move money at the end of the month from my bank account to my savings account!

    Sian x
    http://theenglisheverygirl.blogspot.co.uk/

    • Haa I think it might be! Yes I always move money to my savings account as well. Unfortunately it’s a bit too easy for me to take it back out again…
      x Lauren

  • Love the different options of this post. Really giving myself a nudge!:) I like my savings account where I transfer money to monthly.
    xx finja | http://www.effcaa.com

    • Thanks Finja 🙂 I’m glad people are finding it useful!
      x Lauren

  • Charlotte

    Setting aside the money is a great idea but I think I could only do it with 20ps or pennies haha!
    Charlotte / Charlotte’s Picks

    • Every little bit helps! Even if you only set aside 20ps and pennies it will add up!
      x Lauren

  • Lucy

    This is great!! We save £1 and £2 coins for our little guy and all other change in a big bottle, since September when we started he has about £80 just in £1 and £2 coins as like you we use our cards most the time lol. Although will have to get a tin opener on his money tin to pay them into the bank lol! xxxxx

    lucylovesbeautyxo.com

    • Aww that’s good! Using cards makes it so much harder to save change ha, I haven’t had any money to set aside yet in 2017!
      x Lauren

  • Debra-Bow

    Aw I love this post and promoting saving!! I’m personally doing the five pound note challenge, good luck with anything you do! xxx

    • Thanks Debra 🙂 And good luck with the challenge, hopefully we’ll both be rich by the end of the year ha!
      x Lauren

  • I usually put some change in a jar and count it every now and again. It’s surprising how much it builds up and you don’t really notice it’s missing

    The spending ban challenge would be like impossible, you’ve got to treat yourself now and again

    • Yes you really don’t notice it missing! The spending ban challenge is only supposed to be a short term thing. Like if I have a holiday coming up I might do a spending ban for the month leading up to it. It’s crazy how much you can save in a short amount of time!
      x Lauren

  • I really loved reading this, found it super interesting. I get paid weekly and I tend to try and save £100 a week as I am saving up to hopefully buy a house. My job allows me to do this but I think saving in anyway possible is amazing 😀 xx

    Rach | http://doublejointedgirlandherdog.blogspot.co.uk/

    • Oh that’s amazing Rachel! I used to try and save around £50 a week but now I have a car to pay for it’s just not possible unfortunately.
      x Lauren

      • Thanks 🙂 I know how expensive cars are as I have one myself but saving in anyway is a bonus 🙂 x

  • Nadia

    Love these challenges and will definitely try one or two and see how it goes 🙂 I’ve always been pretty good with money. I’m not a massive spender but it’s always nice to put in a bit of extra effort to save up for important stuff, like travel 🙂
    p.s. Have just realized you were from N. Ireland. Will follow you on socials to connect & support you, girl. My hubby is from Northern Ireland and we love going back a lot!! <3
    xox Nadia
    http://www.mielandmint.com

    • I’m the opposite, I’ve always been terrible with money! But I am good if I know I have a trip away coming up!
      Oh that’s so cool! NI is such a tiny but gorgeous country <3 And thankyou, I've followed you back on everything 🙂
      x Lauren

  • Alys George

    These are absolutely brilliant! They make me want to give them ago! I think food is the worst for me, buying it when I don’t really need to.

    Alys
    http://www.alysgeorge.co.uk

    • It’s the worst for me as well Alys! I must have spent nearly £50 on food in work alone last week. Thanks for reading
      x Lauren

  • The challenges seem pretty cool, they are so simple as well!!!
    I tend to save £20 notes, the thought of breaking a whole £20 is to much! I have ssaved over £800 doing it!!! Great post xox

    • Yes they really are which is why I love them! Oh that’s great Emma, saving £20 notes is a great way to save!
      x Lauren

  • Ooh these sound great! Really wanna do the £5 challenge – Think you’ve got me inspired!

    eleanor
    elleanorwears.com

    • Good luck if you decide to do it Eleanor! Thanks for reading 🙂
      x Lauren

  • Kirsty

    I already do the spare change one. Whenever I get a lot of change in my purse and it’s weighing me down I empty my change in a jar in my room. It’s amazing how much money you can mount up just by change lol x

    http://www.astoldbykirsty.blogspot.co.uk

    • It really is Kirsty! I always add up all my change just before going on a holiday and I always get a nice bit of extra spending money
      x Lauren

  • ADoseOfChatter

    Such a fab idea! I read about the £5 note challenge so I’m going to start saving my new notes 👌🏼 I also have a big money box just for copper coins cause they drive me crazy!!! But I want to save for a trip to Thailand next winter so this will be a fab way to start!

    Lots of love

    Izzy | http://www.ADoseOfChatter.com

    • Oh Thailand will be amazing! It’s always great when you have a reason to save. Hopefully we both save plenty from the £5 challenge!
      x Lauren

  • If I did the £5 I´d save so much money as my grandma gives me exactly that amount each Friday, haha. The 52 week challenge also sounds really interesting! I´m currently doing a variation on a spending ban & so far it´s been going really good! Now I´m not even that interested in browsing the drugstores.
    xx Lisa | Following Lisa

    • Oh thats great Lisa! Spending bans don’t tend to work too well for me, but I can normally pull them off for a few weeks or so. Thanks for reading
      x Lauren

  • Brilliant idea!! Definitely going to try some of these out! (Not sure yet which one)! I also didn’t realise about the £1 coins? X

    Victoria | VictoriaaHelenn

    • Good luck with whichever you decide to do 🙂 Yes a lot of people haven’t realise, but it’s so important that people know because you don’t want to lose out on your money
      x Lauren

  • I suck at saving up! Think I need to give one of these a try! eeeek!
    Fab post lovely as always 🙂 xxx
    http://www.rachelxblog.com

  • Wow, I’m not sure I’d make it through the whole 52 week challenge just because I doubt I’ll be able to save £52 in one week at the end (that’s way more than my weekly budget haha) but it’d certainly be fab to have £1378 at the end of the year!! Thank you for sharing, there’s some great ideas here!

    Abbey
    😇 http://www.abbeylouisarose.co.uk