Many of us use the New Year to make resolutions. To set goals and implement change. Have you considered using arrival of a new calendar year to save some money? There are a number of different money saving ideas that you can use to boost your bank balance and put some cash aside. Let’s have a look at some of the best New Year money saving challenges.
Money Saving In 2024
With utility bills being sky high, the cost of food rising and everyday spending taking cash out of our accounts, it is important to try and save money where we can. You might be looking to put some cash aside to pay bills, but you might have other ideas for a pot of money that you save. This could be a family holiday, a new kitchen or a key life event such as a wedding or house purchase.
Depending on the amount that you are looking to spend, different New Year money saving challenges might be more appropriate than others. Remember, 2024 is a leap year so you get an extra day to save some cash!
New Year Money Saving Challenges
1p Challenge
You have probably heard about the 1p Challenge. I’ve written about it on this site before. In its simplest terms, you put away 1p on January 1st, 2p on January 2nd, 3p on January 3rd, and so on.
Once you put all the savings together, you’ll have saved £667.95. With 2024 being a leap year, you’ll get an extra £3.66 on your total which brings you up to £671.61.
£1 A Day
The £1 a day challenge is pretty simple. You save £1 each and every day of the year. In 2024 you will set aside £366.
Of course, if you are wanting to save more, you could save £2 a day which would give you £732 over the year. Maybe £5 a day is manageable for you which would give you a total of £1830. What will you do with that cash?
£28 A Week
Another idea is to save £28 a week. That amount seems quite a bit when you look at it as a lump sum.
However, the idea is to put aside £1 on Monday, £2 on Tuesday, all the way through to £7 on Sunday. Then you start again on Monday with £1. This will save you almost £1500!
£10 Times The Month
Could you put £10 away in January? Then add another £10 and save £20 in February? Do this throughout the year, adding an extra £10 to the total every month and you’ll have £780 in your money pot.
Set Your Own Target
Maybe you just have some personal money goals you wish to hit. Why not set targets for your own New Year money saving challenges? As already mentioned, lump sums can seem unattainable, but when you break them down, suddenly they are much more manageable chunks.
You could split it into weekly amounts by dividing the total by 52, or monthly amount by splitting it by 12. Dividing by 365 will give you daily totals too.
So £2500 over the year would be £208.33 a month, £48.08 a week or £6.83 a day in 2024.
It’s easy to do the maths so you can easily figure out your own money saving chunks.
Final Thoughts
Be sure to open a high interest savings account for your New Year money saving challenges. That way you’ll get a little bit of interest on top of whatever you save. If you might need to get your hands on the cash in an emergency, consider an easy access account.
New Year money saving challenges can be fantastic for your finances. You’ll be surprised at just how much you can set aside when you put your mind to it. You’ll be thrilled come the end of the year when you have the cash in an account. Whatever reason you are saving, little and often is the way. You’ve got this!
