As the bright lights of the festive season dim and many of us are looking ahead to what 2024 has in store.
Yes, it’s that time of year again when we all make promises to become better versions of ourselves with our new year resolutions.
Once again, saving money is set to be a top priority for people across the UK. In fact, according to YouGov research, 49% of Brits that plan to make a resolution have pledged to squirrel away a little extra in 2024.
While it may seem cliché to set a resolution, the new year is a good time to kick start new habits – especially when it comes to spending and saving.
Here we share five savings challenges that could help you make positive changes throughout the year – with one starting from just 1p.
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1. The 1p challenge
If you need proof that little changes can add up throughout the year, look no further than the 1p challenge.
The idea is simple. You save 1p on the first day of the year and add a penny to the amount each day. So on January 1st you’d save 1p, 2p on January 2nd, 3p on January 3rd… you get the idea. The most you’ll need to put away is £3.65 on the last day of the year.
Starting with small amounts is an easy way to start building your saving habit. Although, it’s important to keep in mind that it can be tricky to save in December with other expenses.
However, if you manage to stick to this daily challenge you’ll end the year with £665.95 in savings!
2. The 52 week challenge
If you don’t fancy the thought of daily savings challenges, the 52 week challenge might be good for you.
Like the 1p challenge you’ll increase how much you save but will do it on a weekly basis rather than daily.
In this challenge, you’ll save £1 for whatever week of the year that we’re on. So for example, this week you’ll save £1 but on week 52 of the year you’ll save £52.
You may need to consider other budget requirements before signing up to this challenge as you’ll need to save more – particularly towards the end. However, if you think you’ll be able to manage, this could be a way of saving up to £1,378.
3. The 12 month challenge
If you like to budget on a month to month basis rather than daily or weekly, we still have a challenge for you.
The 12 month challenge is a way to put a little away much like our previous challenges but monthly.
You’ll start by saving £10 in January and adding £10 to your savings each of the following months. So for example:
January: £10
February: £20
March: £30
April: £40
And so on…
By December you’ll put away £120, bringing the total savings for the year to £780.
4. The round-up challenge
If you don’t feel like committing to a fixed challenge, why not consider rounding up this year?
The round-up challenge is a simple way to save without even noticing it. This challenge works by saving the change from any purchases you make. So for example, say you spend £1.50 on something, the 50p goes into savings.
In fact, to make this even easier some banks have a round-up function that allows you to save your change – check your app if you’re interested.
While this won’t give you a set amount of savings at the end of the year, it can be an easy way to put money aside without a huge amount of effort.
5. The no spend challenge
OK, so this one isn’t a challenge like the others but stick with us…
Instead of putting away a fixed amount or saving your change, this challenge will see you pledge not to spend on anything that isn’t essential for a period of time.
That means no takeaways, no fancy coffees, no unnecessary spending whatsoever.
You could start small by pledging not to spend one or two days a month and slowly increase it to however often you feel you could handle.
Not only is this challenge a great way to save, it can help you take a step back to track and review your spending habits.
Of course, while spending challenges can be a good way to save a little extra cash they can’t resolve bigger financial concerns. If you’re worried about being able to cover the cost of your essentials or repaying what you owe, it’s important to seek professional support.
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