SAVING up for big purchases, or even Christmas each year, can be easier said than done.
However, there are some which not only break it down into manageable chunks, but also make it more fun too.
A savings book can see you put aside £2,000 at your own paceCredit: TikTok/@lifealongsidelauren
One woman shared how she swears by doing a which sees her end up with a whopping £2,000 by the end.
The money could pay for a lavish holiday, festive presents or a good chunk towards your home.
And the best part is you can go at your own pace and take it as slowly or as quickly as you want.
On the @.all.things.awesome account, they shared how they use a savings book which has 50 pages, with 100 pockets in total.
Whenever you can afford to spare a £20, you add one to one of the pouches, and in total, you’ll end up with £2,000.
They added you could also do the challenge with £5 notes, which would result in £500, or £10 notes, which would total £1,000.
The challenge can be completed on your schedule, and just depends on as “often as you can afford to put in”.
Many people were impressed with the savings hack, and rushed to the comments to share.
One said: “Wow this is good one.”
Another added: “That’s such a good idea.”
You have to add £20 to each of the 100 pockets, to be left with £2,000Credit: TikTok/@lifealongsidelauren
It’s not the only savings challenge people swear by.
We previously shared how one woman said she is doing the , and it leaves you with £5,050 in just 100 days.
After writing the numbers on the envelopes, she then shuffles them so she doesn’t know what order they will come up in.
She then explained that as you pull out an envelope, you have to put in the cash that it says on the front.
This means that you could get as low as £1, but this goes all the way up to £100.
The envelopes challenge could see you put aside £5,050Credit: tiktok/@sundaze.savings
All you need to do is label each envelope with one to 100, and then over time, add the corresponding cashCredit: tiktok/@sundaze.savings
If your budget is tight this year, the could be the perfect way to ease yourself into saving without feeling the pinch.
You start by saving just a single penny on day one, and then you simply increase the amount you save by another penny every single day.
This means on day one you save 1p, on day two you put aside 2p, and by day three you are stashing away 3p.
The amounts remain small for most of the year, and even on the final day of the challenge, you will only have to add £3.65 to your pot.
If you stick to this every single day of a year, you will have an enormous £667.95 sitting in your account by the end.
The best part is that you can begin this challenge at any time, so do not panic if you missed the start of January.
You simply need to add up the total amount you would have saved on the days you missed to catch up and then carry on from there.
Money saving challenges
Here’s some of our favourite money saving challenges.
- Weather saving challenge – Save the amount equal to whatever the highest temperature was that week. £1 = 1C.
- – save 1p a day for everyday of the year, but it increase the amount by 1p each day. So day one you save 1p, 2p on day two and 3p on day three. When you reach 100 days you start adding a £1 coin each day too, while this increases to a £2 coin each day plus pennies at 200 days, and £3 each day on top of pennies at day 300.
- 20p a day challenge – Start by putting 20p in savings, then increase the amount by 20p every day. For example, the first week will look like this: 20p, 40p, 60p, 80p, £1, £1.20, £1.40.
- £5 a week challenge – Like the 20p challenge, put aside £5 a week and increase it by a fiver each week. Eg £5, £10, £15, £20
- – Every time you buy something, round up the purchase to the nearest £1 and put the difference in a savings account. Eg. You pay £2.60, so you put 40p in savings. You can use an app such as Monzo or Starling to do this.
- – Here you have a bingo card with different numbers on it and you tick them off when you’ve put that amount in your savings account. It can be ad hoc but you have to tick them all off by the end of the month.
- Monday to Sunday challenge – With this challenge, you simply save £1 on Monday, £2 on Tuesday and so on until the weekend where you don’t save on Saturday or Sunday.
- – Every Sunday you put aside £1, followed by £2 on Monday, £3 on Wednesday and so on. On Saturday you’ll put away £7, and then the process repeats and you’ll put aside £1 on Sunday as the new week begins
Eze Chidiebere Paul
I'm dedicated to creating high-quality content that informs, inspires, and delights. If you have any questions or suggestions, don't hesitate to get in touch. Happy reading!
