January is the perfect time to get into better spending habits and take up a money saving challenge, which can make life easier as unexpected payments or bills occur throughout the year.
We’ve compiled a list of money saving ideas to help you get started.
365 day money saving challenge
This is a great challenge to help you save a little money every single day! Choose from saving 1p or £1 every day and watch your money grow.
Follow the steps below to build on your investment:
Day 1 – save 1p
Day 2 -save 2p
Day 3 – save 3p
This easy money saving challenge increases the amount throughout the year and can help you save a total of £667.95.
Spare change challenge
If you find it difficult to budget each month, this challenge is a great way to ease you into saving. At the end of each week collect any spare change you can find and store it in a money box – don’t touch the savings inside until the end of the year and you’ll find a nice surprise ahead of January 2022.
No spend challenge
If saving isn’t your thing, try to limit what you spend your money on. Look at all your monthly outgoings and check what’s a necessity and what’s a luxury. Bills and food are essentials, but takeaways and new clothes could provide the perfect opportunities to stop spending and save instead. You can try this for a week, a month or even a year and find new creative ways to have fun and save money!
Take a look at our latest blog on how to stop spending money to support you.
26 week challenge – best for weekly pay cheques
It can be really difficult to know how to save money if you get paid every other week. Here’s a simple challenge to help you get on top of your weekly savings:
Week 2 = Save £3
(That’s £1 for week one and £2 for week two!)
Week 4 = Save £7
(So £3 for week three and £4 for week four!)
If you follow this challenge, you can save a total of £1,378 in a year.
This is a tough challenge to help you stop spending and save a significant amount, which is key for those big life time saving goals including weddings or house deposits.
Week 1 = Save £5
Week 2 = Save £10
Week 3 = Save £15
Increase your saving amount by £5 each week and you could save a whopping £7,000 in one year.
Saving for something special
This money saving challenge is perfect if you’re trying to save for something special like a holiday, a car or even Christmas.
The £1,500 challenge increases the amount you save during the week and then resets at the start of the next.
Choose your budget for every day and start saving:
Day 1 – £1
Day 2 – £2
Day 3 – £3
Continue until Sunday and then start the next week from the beginning.
For tips and advice on how to take control of your saving, budgeting and spending visit our blog.