How much have you got in the bank right now? Could you do with some extra cash? I think everyone is in the same position, especially with the ever increasing cost of living. What could you do with a chunk of additional money each year? Put it towards Christmas. Enjoy a weekend away. Help pay next years bills? Take on the one pound challenge and you could find yourself having a few hundred pounds waiting for you this time next year.
What Is The One Pound Challenge?
The one pound challenge is fairly simple. You’ve probably heard about it previously or figured it out by the name. Every day, you save one pound. You pop it away, in a jar, or an envelope, or your bank account. Then you do the same thing tomorrow. Then the day after that. Every day of the year you save one pound. You might not even miss it. It’s maybe the cost of two takeaway coffees each week. However, it will so much more good than caffeine in the long run.
Where Should You Save Your Money?
Different people will want to save in different ways. Maybe a piggy bank works for you as it’s in the house. Perhaps an old jam jar that you can pop on a label saying one pound challenge. Those smarties tubes you get at Christmas time are great, however they are actually better for saving £2 coins as they fit perfectly. Of course, you can simply open a savings account linked to your current account and save into that. Some banks let you set up different pots of money within your account and label them different names. Monzo are great for this, so that could be a good option too.
Go Automatic
When you commit to a challenge like this, many people don’t fancy it because of the time involved. Some of us will want to physically place a pound coin in a piggy bank each day to make sure we have done it. However others are different and by going automatic, you can set up the transfer from one bank account to another just once, and it will automatically do it every day for you. This is a great way to save for the one pound challenge without even thinking about it. Ideal for the hustle and bustle of life!
Family Finances Can Be Hard To Navigate
How Much Could You Make?
With 365 days in the year, you can make £365 with the one pound challenge. Of course, that smarties tube might make you want to save £2 a day into, which would give you £730 over the course of the year! Maybe the one pound challenge is too much for you and you’d be more comfortable with 50p a day. That would give you over £180 over the twelve months. 10 pence a day would give you over £36. Set your own target and the one pound challenge method can help you reach your goals.
Make Your Money Make Money
Whatever you can afford to save, you can make your money make even more money by saving into a bank account with decent interest. Whilst there isn’t a lot of interest kicking around at the moment, you might as well grab what you can. An extra 1% is better than 0%!
Cancel Direct Debits You’ve Forgotten About
Saving with the one pound challenge is a great way to save for a rainy day or as a way to treat yourself. With the cost of living increasing, it could help you pay the energy bills in a years time, or allow you to pay for your car insurance in one go meaning you get a better price. Save money with the one pound challenge and you can save money, make money and help strengthen your financial situation.
