10 Money Saving Challenges
Are you looking to save money, budget better and get on top of your finances? Well these money saving challenges might just help you achieve your money goals! Whether you would prefer to save £100’s a month or just a few pennies a day. Here is a list of some of the best money saving challenges to help you achieve your savings goal this year…
1. The “No Spend” Challenge
With the “no spend” challenge you’re only allowed to pay for things that are absolute necessities (bills, food, etc). You are challenged to stay away from buying anything that you don’t NEED (takeaways, clothes, days out, etc.). This challenge also presents the opportunity to extend your appreciation for the simple (and cheap) things in life like spending time with your family, cooking meals, and enjoying ‘you’ time! You can choose to take up this challenge for a week or month, the more hardcore can attempt it for a year!
2. The Spare Change Challenge
This one is simple, collect any spare change you have in money box and watch it pile up! You can’t touch your money box until the end of the year (or in the case of an emergency). And if you don’t find that quite challenging enough, up it a level and put all your £1 coins into the jar instead every night.
3. Automate Your Savings
This challenge is great for those of you that can often forget about your savings or need to see your savings as part of your monthly routine. Open a new savings account – you can do this at your own bank or with a application like Cleo. Now set up an automatic transfer to this savings account once a month. Make the amount something that you can comfortably save without worrying about your living expenses.
Cleo helps you to manage your finances by sending you updates on your earnings/spending through Facebook messenger! You’ll also get your spending broken down with cool graphs and charts – it’s like having a personal accountant!
4. The 365 Day Money Challenge
With this challenge, you save a small amount of money every day. Start off with 1p the first day, 2p on day 2 (on the last day you you be saving £3.65. If you keep this challenge up, you would save £667.95 by the end of the year.
5. The 52 Week Saving Challenge
Probably one of the most popular money saving challenge is the 52-week saving challenge. For this challenge, you save an increasing amount each week. The amount corresponds with the week, so you save £1 in week 1, £2 in the week 2, £3 in week 3, and so on. On the 52nd week of the year, you save £52. If you stick to it you will have saved £1,378 by the end of the year. You could use this amount to save towards something like a holiday or (even more sensible) an emergency fund.
6. The Reverse 52 Week Saving Challenge
While the 52-week saving challenge is popular not everyone loves the idea of it. It’s been pointed out how the challenge involves saving around £200 during December (a tough time of year for your finances). The reverse 52-week Saving Challenge involves saving a decreasing amount each week. You start by saving £52 in week 1, then £51 the second week… eventually ending in a £1 saving on the 52nd week of the year. Saving the bigger amount at the start of the year could be easier to do since it won’t be during the holidays and you’re more likely to have the new year new me motivation!
7. Save Every Time you Post on Facebook
Are you addicted to Facebook? Well now you can start saving money every time you post on Facebook. This is a new feature of the Oval Money app, which helps you track your money. It allows you to set automatic savings triggers to move money into a savings account every time you post on Facebook. Oval says that they’re planning similar moves with other social media networks in the not too distant future.
8. Skimming to Savings
Skimming money from your current account in to your savings account is a great way to build up savings. I use my Monzo account to skim money into my savings. Every week, I look at what I can afford to save based on my spending habits and transfer a small (affordable) amount of money from my current account into my Monzo savings pot. Monzo currently have a 1.14% instant access savings ISA too, to help you earn interest on your savings!
9. The 1% at a Time Savings Challenge
Emma Drew claims that this simple trick helped her to become debt free and save money much more easily. The trick is to divide your goal by 100 and tackle it 1% at a time. For instance, if you wanted to save £500, divide it by 100. Then you just need to save £5 one hundred times. Once you’ve worked out what your 1% at a time amount is, you can start looking at ways to save 1% at a time, or earn an extra 1% at a time.
10. The “Less Things” Challenge
This one isn’t necessarily a “savings” challenge, but it could help you simplify your life and potentially earn some money in the process. The idea with this challenge is to get rid of any unused items around the house and to de-clutter every wardrobe, shelf, cupboard and garage space. You can choose what you want to do with your items whether you want to donate, recycle or sell. But selling one item every day/week could majorly boost your finances.
Are you ready to increase your savings? I’d love to hear about the savings progress you make following these money saving challenges. Please do let me know how you get on in the comments section below.