Savings challenges are a great way to help you reach your financial goals.
This could be anything from putting money away for a rainy day to building up a house deposit or even saving for a holiday.
Whether you’re completely new to saving or looking for fun ways to boost your finances, the following savings challenges could help to save over £600 in a year.
1p daily savings challenge – save almost £670 a year
The 1p daily penny savings challenge could help you save just under £670 a year. Starting with 1p on day one, adding 2p on day two, and then 3p on day three until day 365 where £3.65 is added.
Within a year you’ll have built up £667.95, excluding any savings account interest.
£1 weekly savings challenge – save almost £1,400 a year
You could save almost £1,400 in a year using the weekly £1 savings challenge.
The challenge starts with you saving £1 in the first week, £2 in the second, £3 in the third and so on until you get to the final week when you add £52 to your savings.
By the end of the year, you’ll have pocketed £1,378, not including any interest paid on your savings.
£5 weekly savings challenge – save £7,000 a year
This challenge works similarly to the weekly £1 savings challenge but uses multiples of 5 instead.
So, in the first week, you start by saving £5, then £10 second and £15 in the third. In week 52 you’ll add £260 to your savings pot.
The £5 weekly savings challenge is ambitious but could help you save £7,000 in just 52 weeks (excluding interest) if you’re able to commit!
Tips to help you save money
The following tips can help you keep you stick to your savings goals:
- Get started: You can start your savings journey at any time of the year. Once you have your goal and savings strategy in mind, try to get started as soon as you can.
- Be consistent: The key to saving money is consistency. It often helps to start with a smaller, more manageable goal or challenge to help create a good savings habit first. Once you’re in the habit of saving, you can adjust the amount you put away and increase your savings pot over time.
- Get the best savings rate: Shopping around for savings accounts that pay higher rates of interest can help your money work harder and boost your overall savings. Always read the terms and conditions of the account before applying to ensure that you can access your savings when you need to.