Do you find budgeting boring? Is counting the pennies a chore? We all know we should be saving for a rainy day but it’s not always that easy – why not ease yourself into money management by trying on of these top money saving challenges!
Top Money Saving Challenges
The 52-Week Savings Challenge
Pretty much what it says on the tin (and in fact, a lot of people do this challenge with a big money tin) – This challenge helps you to save money over the course of a year. The best part is you start off small so it’s easy to get into, so the first week you save £1 and then each week you increase the saving by an additional £1 until you are eventually putting away £52 on the last week of the year. If you manage to put in money for each week you’ll end up with £1,378.
Money Monday Saving Challenges
Lottie over at @Lottiebudgets on insta has a whole host of fun savings challenges and trackers in her Money Monday series, you can read more about them here and get hold of some free printables and Insta story templates too!
This is a great one for people who might be trying to cut back on takeaways – this challenge involves you saving £20 every Friday by the end of a year you’ll have £1,040 saved up. £20 a week isn’t too difficult to shave off of most peoples budgets especially if takeaways or a nice bottle of wine have become a bit more of a regular occurrence lately.
No Spend Savings Challenge
A no-spend savings challenge is where you don’t spend any money outside of certain budgeted categories for a specified period of time. This can be anything from a day, a month or even a year! It’s a great way to cut back on spending in categories like entertainment, food, or clothes.
Have a read of our post all about how to get on top of your finances with a No-spend challenge, we’ve even got a free printable to help you track how you do!
Monday – Sunday Challenge
With this challenge you save £1 on Monday, £2 on Tuesday and continue until you reach £7 on Sunday. Rinse and repeat weekly for a year and you’ll end up with £1,456 saved.
The 50p/£2 coin/£5 Challenge
This is another fun one to do with a money-saving tin and just involves you choosing a coin or note to save for the year, each time you get one of them you put it in the tin.
Spare Change Challenges
The 1p Savings Challenge
This challenge is the same premise as the 52-week Savings Challenge except it uses 1p instead of £1 and you do it every day for one whole year. Each day you increase the amount by 1p more than yesterday and by the end of the year you will have £667.95 saved.
Loose Change Challenge
Whenever you break a note you save the change. This is easiest to do as soon as you get home from being out, make a habit of emptying your purse/wallet/pocket daily so you aren’t tempted to spend it.
Best apps/account for rounding up spare change
Want to fully automate your money saving challenges? These apps and accounts can help!
MoneyBox – MoneyBox is an investment app rather than a current account and gives you access to LISA, Stocks & Shares ISA and 45-day and 95-day notice accounts
Starling – Starling is a challenger bank that will allow you to round up your change after a transaction to the nearest pound and it will then put that change into a savings pot for you.
Chip – Chip is a robo savings app that will connect to your bank and look at what purchases you have made over the past few days, it’ll then compare that against your regular spending and let you if there is some spare money that you can afford to put into a savings account.