So you want to start saving money, but don’t quite know how?
Taking on a savings challenge can be a creative, and fun, way to start building up your savings pot.
Invite your friends to join in the challenge, even setting small prizes for whoever sticks it out the longest!
Here are our six favourite saving challenges.
1. The Lockdown Challenge
Many people are finding that they’ve got a bit more cash lying around during lockdown. Perhaps you’re no longer having to pay for hefty commuting fees? Or maybe you’re not spending money on new outfits for the weekend?
Think about using the money you would have spent on going out, and add it straight into a savings account. When lockdown is over, and normal life resumes, you’ll have a nice sum of money to spend on having fun again.
On Twitter, we saw a slightly different approach to the lockdown challenge, which saw one Emma user add £1 into their account every day of lockdown. (Now totaling a whopping £123)
2. The 52 Week Challenge
The idea behind this fun money saving challenge is that each week you set aside an incremental amount of money. In the first week, you’ll set aside £1, the second week £2, the third week £3. By the end of the 52-week challenge, you’ll have set aside a lovely £1,378.
Many people start this challenge in the first week of January, but you don’t have to. Simply keep track of which week you’re on by jotting it down on your phone. Or, look at last week’s bank statement and increase last week’s savings amount by £1.
3. The 365 Day Challenge
Transferring a small amount of money to your savings each day can be an effective way to start building wealth. Saving in this way also means you won’t have to dramatically alter your daily lifestyle/ spending habits.
With the 365 day challenge, set up a daily standing order so your bank automatically transfers money into a separate savings account. If you decide to save £1 a day, that’s £365 a year you could save without really noticing it. Choose to do £2 a day, that’s £730 you could be saving each year!
4. The No-Spend Challenge
The no-spend challenge can be great when you’re looking to save an amount of money in a short space of time. Set a start date, and decide to only spend money on things that are absolutely necessary. For example, bills, groceries, transport.
See how long you can continue in this way, moving over any extra money you have as you go. Ask your friends to join in with the challenge, and hold each other accountable for any unnecessary spending that may occur.
5. The Three-Month Holiday Challenge
In the run-up to any holiday, it can be a good idea to start thinking about how much spending money you’ll need. With the three-month holiday challenge you’ll be more prepared than ever.
Over the next 12 weeks, add £84 into a separate savings account and by the end of the challenge, you’ll have saved £1,000!
6. The Banned List Challenge
Got a habit that you’d like to kick? Perhaps you’re trying to stop smoking, or want to visit KFC a little less? Try this challenge, which sees you adding £5 into a savings account every time you spend money on something from your banned list.
After a while, you’ll either have a nice sum in your savings account… or you’ll be so fed up with having to pay out that you’ll stop with the bad habit. Win-win!
But where should I put my savings?
If you’ve decided to try one of these money challenges, you may be wondering where’s best to put the extra money you’ve saved?
Look around for a high-interest savings account, that’ll offer you the biggest reward on any money you save. Take into consideration the different requirements of each account. For example, some may need you to add a set amount of money into the account each month. Also, consider if you want to be able to access this money at a moment’s notice. Don’t get caught out by any withdrawal fees.
If fun money saving challenges aren’t your thing, read about 10 other easy ways you can save money.