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!
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?*POST MAY CONTAIN AFFILIATE LINKS