Top 5 money saving challenges
3 minute read
Let's get started
If you’re in need of an active way to start saving for your future, take a look at our money saving challenges. There are so many different ways to reach our savings goals, but sometimes we need a little bit of a challenge.
Keep it realistic
The premise of a money challenge, naturally, depends on the challenge. Choose one that fits your goals. There's no point in choosing one where you save weekly if you’re struggling to make it to the end of the month. Keep it simple and achievable.
Stay afloat with an emergency saving fund
It’s recommended you have at least 3 month’s worth of living expenses in an emergency fund, ideally up to 6 months’. See our article on emergency savings for more detail.
Some challenges to try
The best thing about this is that you don’t need to wait until New Year for your new money resolutions. Choose one today and let’s get saving.
1p Savings Challenge
This is an easy one to get started with and by the end of the year you could save over £650.
Save 1p on day one, 2p on day two, 3p on day three... You get the jist.
52 week challenge
Another super simple challenge that follows the same principal as the 1p challenge. Just start off by putting away £1 in the first week of the challenge, and then gradually increase your savings by a pound a week. By the end of the year, you’ve got an extra £1,378 in your savings pot.
£5 Money Savings Challenge
This one is not for the faint of heart. Instead of saving £1 a week, you’re saving in multiples of fives. So you save £5 in week one, £10 in week two, £15 in week three and so on. Now this challenge could be difficult, especially towards the end, but you could end up saving £7,000 in a year.
At the most basic level, a no-spend challenge is where you go for a set amount of time and don’t spend any extra money. That's anything over and above the essentials such as mortgage or rent, utilities and food bills.
Think of it as fasting, only you're giving up spending instead of chocolate.
It can be done for as long or short a period of time. Start out with one week, and build from there.
This is about keeping on top of regular payments and direct debits. Take the time to review what you're paying for out every month and question whether you need or use it.
Cancel as many things as possible and put the money into your savings account.
Tools to help you reach your savings goals
App available to customers aged 11+ with a compatible iOS and Android device and a UK or international mobile number in specific countries. You must be aged 16+ to view Spending. Only available for Personal and Premier accounts. Spending tracker available through the app. Eligible instant access savings account required for Savings Goal tool.