Have you heard of the 1p saving challenge? Or other money saving challenges? Do you want to move more cash into your savings account in the New Year? Is next year the year where you want to build up your savings pot and start saving towards something specific? It could be money for a house deposit or towards a new car. Maybe it’s for a holiday or simply to feel better working on your financial wellbeing? Whatever the reason you want to save some money, there are different ways, different challenges in order to achieve your goals. Let’s have a look at the 1p saving challenge and some other New Year money saving challenge ideas!
1p Saving Challenge
You may have heard about people taking on the 1p saving challenge but you’re not quite sure what it is. Basically, whatever day of the year it is, you save that amount of pennies. It starts fairly easy at the beginning of the year, with 1p on January 1st, 2p on January 2nd and so on. This is quite good as January is often viewed as the ‘long’ month, with people waiting for that first pay day of the New Year. By the end of the first month you’ll have save 496 pennies. Or £4.96. So January gives us just under a fiver.
How much can you save during the year with the 1p saving challenge though? The answer is over £650! You can save £667.95 with the 1p saving challenge. Even more in a leap year, which would save you over £670! How does that sound?
52 Week Money Saving Challenge
Another idea is the 52 week money saving challenge! This is where you put £1 into your savings account in the first week, then £2 in the second and so on. In December it can get quite tricky as you end up putting around £50 into your savings every week. But the amount you can save is huge! It’s twice as much as the 1p saving challenge. The 52 week money saving challenge can help you save £1378 over the course of the year. That’s an incredible amount of money and you might not even notice the money dropping out of your account each week. In the first few months of the year, at least!
Divide By The Weeks Or Months
Maybe you have a specific amount that you want to set aside with a money saving challenge? You might know that you need to save a set amount for your new car or towards a holiday the following year. If tat is the case, take the figure you want to save, and divide it by 12. This will give you the amount you need to save each month. Dividing the target goal by 52 will give you smaller weekly chunks to set aside every seven days. If you need £800 for something, that would be £66.67 a month, or £15.38 a week. This is a great money saving challenge and can help you hit those financial goals.
Save For Christmas
There are many things we don’t know will happen each year, that is perhaps the excitement of life. One thing that we do know will come around every year though, is Christmas. The festive season often brings with it some financial pressure, as well as Christmas carols and twinkling lights. Take a look at how much you spent last Christmas and save up for it throughout the year.
If you spent £500 on Christmas last year, divide it by 48 to give you weekly payments. I say 48 because then you’ve got it saved in your account by the time December comes. That would be £10.42 a week. Set up automatic payments from your current account to your savings account and you don’t even have to think about it then. It’s much easier saving throughout the year than rushing around worrying about where the money will come around when we get to mid November.
There are lots of money saving challenge ideas alongside the ones we’ve listed here. Whatever your targets and money goals are there is a challenge for you. It could be the 1p saving challenge or something different, but they will always help you reach your financial goals. Wishing you all the best for the New Year and I hope you hit your targets.
