Author: Brean Horne

3 Simple Ways To Save Over £600 In 2023

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: 

  1. 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.  
  1. 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. 
  1. 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.  

4 Ways To Save Money On Food Shopping in 2023

With food prices at an all-time high, finding ways to save money at the supermarket is becoming evermore important. 

Whether you hit the supermarkets in person or do your food shopping online, there are simple tricks that can help you save money on your grocery bill. 

Here are my top four tried and tested tactics to cut the cost of your food shop.

1. Plan your meals in advance

Creating a meal plan is a simple way to help you save money on food shopping.

Meal plans give you a clear idea of the items you need to buy and help you find budget-friendly options to cut the cost of your shop.

Planning your meals also helps ensure that you use all of the food you buy and avoid food waste, which can be costly.

The average UK household loses hundreds of pounds a year due to food waste alone.

So, although throwing away the odd bit of forgotten food might not seem like a lot, it adds up over time!

2. Always make a shopping list

Be prepared with a list before shopping for food. Whether it’s a full shop or you just need to pick up a few items, having a list could help you save money. 

It only takes a few moments and you can jot down the items you need in your notes app or on a piece of paper. 

Taking the time to make a shopping list gives you a clear idea of what you need to buy. It also helps you to stick to your budget. 

Having a food shopping list lowers the chances of you making impulse purchases which may lead to overspending. 

3. Use supermarket loyalty schemes to your advantage

Using supermarket loyalty schemes can help you cut the cost of your food shopping. 

Most supermarket loyalty schemes work by allowing shoppers to earn points each time they spend money in-store, online and at participating retailers. 

Once you’ve racked up enough points, you can use them to get money off of your food shopping. 

Some retailers also offer members-only discounts on products, for example, Clubcard Prices at Tesco.

While some offer you tailored discounts on items that you’re likely to buy, based on your shopping habits, for example, Nectar Prices at Sainsbury’s. 

It’s always worth signing up for multiple schemes at different supermarkets to earn rewards and maximise your food shopping savings. 

Although supermarket loyalty schemes offer a great way to save money at the checkout, remember to only buy items that you need. 

4. Avoid shopping while hungry

Studies show that you’re more likely to make impulse purchases when you shop on an empty stomach. 

This may lead to you picking up more items than you need and cause you to overspend.

Where possible, try to have a meal or snack before going into a supermarket or doing an online supermarket shop.

This will help you stick to your shopping list and make the best food choices to suit your budget. 

 

How to save £1,400 in a year

I came across a simple savings challenge which could help you save almost £1,400 in 52 weeks.

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 pot.

By the end of the year you’ll have saved £1,378!

You can start this challenge at any point during the year, so don’t be put off if you don’t get going in January.

This savings challenge timetable can help you plan out how much you need to put away each week.

I’ll definitely be putting this challenge to the test this year.

Leave a comment below if you decide to take part and let me know how you get on.

Happy saving!