By following the daily savings challenge you could save £1,450+ by the end of the year. We look at how it works and give you some extra tips as well.
How it works
The daily saving challenge is a simple saving strategy. You start off each week anew and never save more than £7 at once.
So, every week on a Sunday you put away £1, you then put away £2 on Monday, £3 on Tuesday and so on. By Saturday you'll be putting away £7 - before starting again at £1 on Sunday. This means saving £28 a week in total.
If you manage to stick to this for all 52 weeks of the year, you’ll have saved almost £1,500 at the end of the year. £1,456 to be precise!
This saving strategy could be seen as a little more manageable than the popular incremental 52-week saving challenge, where you're having to save over £50 a week by the end of the year!
1. Change it up
Instead of matching the amount you save to the days number, choose an extra amount you’re comfortable with each week and add it on. This could be extra change from the shopping or rounding down your current account balance to the nearest £10. If you do this all year, you'll likely get to over £1500 by the year's end.
2. Watch it grow
If you use cash, you could put the money in a jar so you can see it grow. This will encourage you to keep going and it's a bit easier with these smaller amounts. You’ll have to be really disciplined and not break into it though.
3. Automate it
If you won’t have the cash to hand, then do it with online banking. Set up a separate account or virtual “pot” and move money into it each week. If you think you’ll forget, set up weekly reminders.
4. Make your own rules up
If doing this daily seems like too much bother, you could do it each week or month instead. These ideas only work well if they fit with you and your lifestyle.
5. See if your card has any features available
If you have a Monzo account, they can automate the 52 weekly challenge for you. Or automatically put your extra pennies in savings. You’ll need to connect your Monzo card to an app called If This Then That. You’ll be given the opportunity to check the terms and conditions before committing.
6. Go smaller
If you don’t think you’ll be to afford the deposits, scale it down. Save every day, but start Sunday with 50p instead. Save £1 on Monday, £1.50 on Tuesday and so on. It doesn’t sound like much but if you do this every day for the whole year you’ll have £728 saved.
7. Make it a family affair
Get the family involved if it helps. You could all contribute to the challenge, then use the saved amount at the end of the year to spend at Christmas.
Get an ideas on how to make saving more fun.
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