365-Day Money Saving Challenge
365-Day Money Saving Challenge
How to save £ 1,500 in 12 months with minimal investment? The beginning of the calendar year is a good time to start a new habit. With a simple daily savings challenge, you can increase your savings by £ 1,500 in just 12 months.
Just Save a Penny a Day!
To participate in the 365-day penny challenge, you will not need to reduce a large number of daily expenses but follow the simple step-by-step routine.
According to Nationwide, the average Briton spends about 727 pounds on food and gifts for Christmas. Therefore, it is not surprising that in January he or she may have fucking financial difficulties.
The 365-day money saving challenge can easily solve this problem. This is a painless savings plan ‒ participants save a penny every day or a few pennies.
The idea is that you save 1 pound every Sunday, then 2 pounds on Monday, 3 on Wednesday, and so on. On Saturday, you save 7 pounds and then you repeat the process again at the beginning of a new round from Sunday. Sounds easy?
Save these amounts every day for 12 months:
Sunday ‒ £1
Monday ‒ £2
Tuesday ‒ £3
Wednesday ‒ £4
Thursday ‒ £5
Friday ‒ £6
Saturday ‒ £7
Just one week ‒ £28
One year ‒ £1456
The largest deferred daily amount is only £7. Well, this sum is mainly spent on 2 fucking cups of coffee or beer per day. So, this 365 day penny challenge should not be too bad for your shitty budget.
If you are not comfortable saving large amounts at the end of the week, as you can spend more on weekends than on weekdays ‒ just swap it around.
You will save £ 28 per week by making these little savings daily. And oh, somehow, by the end of the year, your piggy bank will amount to 1456 £. Seems like a fine thing.
Little Savings Mean a Lot
It’s easy to save money in cash, but in this case, it is more tempting to take something from the savings when you need banknotes. Savings can also be stored by transferring to a savings fund protected by the Financial Services Compensation System (FSCS). This will increase the amount by receiving interest. The top-end account on the market with easy access and no minimum charge is Marcus by Goldman Sachs. It pays interest in the amount of 1.35%.
Or you can earn even a little more if you go to an account with a large minimum deposit. The best account options can be found here. Our 365-day money saving challenge is more realistic than its alternative counterparts. For example, the 52-Week Challenge.
Participants save £1 in the first week, £2 ‒ in the second, £3 ‒ in the third and so on until the end of the year. At first, it looks easier, but then you have to save the largest amounts for Christmas. So the large sum of £202 will have to be saved in the last four weeks of the year. Well, add the cost of gifts and Christmas celebrations. We know, this is not suitable for everyone, since the holiday season is fucking expensive.
Other Options for Saving Money
We offer some easy ways of saving money if our 365-day penny challenge is not enough for practicing your new habits.
1. Cut your costs. View the transaction history and set your budget, taking into account the main monthly expenses.
2. Find the best bank for your accounts. Do the research and find out if there are better offers for new customers on your current accounts.
3. Pay off debts. The interest on your debts is always higher than your savings, so first you should pay off all kinds of debts.
4. Smart apps. There are a lot of applications to help you to properly budget and save.
5. Make a list of products before going to the store. You know, this thing is very disciplining.