It’s January again.. has it been a year already since I failed at last years resolutions?! I’m now one of those people who treat every Monday as January 1st. Why wait an entire year to make important changes or improve your life? So with it being January, everyone is talking about resolutions, goals and big changes, and I’m sure you will have a few of your own goals in mind too. Personally, I wanted to start a proper savings fund. I do squirrel money away here and there which I will discuss in a moment. But something that has caught my eye lately is Money Saving Challenges
Money Saving Challenges are a fun way to save money each day/week/month, without too much pressure on your funds.
My Current Saving Habits
Currently, I have a 5p, 2p and 1p jar, all spare change I find goes into this big jar. I will raid my purse, my fiancé’s wallet, couches, even pennies I find on the street! It’s small growth but it all adds up, in around a year I have saved around £30 in 5p, 2p and 1p’s!
I also save £2 coins. Every £2 coin that passes through my palm gets placed into my money box and I just simply let it grow! You’d be surprised how quickly it mounts up, in around 6 months I’ve managed to save over £60!
Last of all is my £50 note. I’ve held onto this for almost a year. It’s a little security blanket for me and I keep it tucked away safely and forget that I have it. I also like to think that it’s a little bit magic, and by respecting and caring for my money, more will gravitate towards me!
12 Money Saving Challenges
So by the end of December 2017, I had almost £200 saved away here and there, but no real savings fund that I was regularly paying into.
Since starting a couple of these savings challenges, at only 12 days into the year I have already accumulated £146.14!
If like me, you aren’t too good at saving and have no real routine, here are 12 ideas to save money in 2018.
1. 52 Week Money Saving Challenges
I really like this one! Each week you save £1, so week 1 you save £1, week 2 put away another £2, week 3 another £3 and so forth. Although like myself it may get a bit difficult for some further on in the year, so alternatively you can start the 52 Week Money Saving Challenge backwards which is what I have done.
2. Spare Change Money Saving Challenges
As the title suggests.. just save your spare change! Get yourself a nice looking money box/jar or whatever your preference, and every day when you arrive home, get emptying those pockets! All those 10p and 20ps are just weighing down your purses and wallets anyway!
3. 1p Per Day Money Saving Challenges
This is another challenge that I really like. Once again its easy on your bank balance and adds up to a good amount. This is very similar to the 52 Week Challenge, but instead of £1 its 1p, and instead of saving every week, you will be saving every day. Day 1 save 1p, Day 2 save 2p and so on. Once again, if you think you’d feel the strain later on in the year, you can reverse this challenge and save £3.65 on Day 1, £3.64 on Day 2 etc.
4. Round-Up Money Saving Challenges
I like the idea of the Round-Up challenge, I’m just a little too forgetful to remember to do this for every purchase. Basically, for every purchase you make, you will round the total up to the nearest pound and save it. For example, if you buy your lunch and it comes to £3.50, you would round up to £4, so that would be 50p to pop in your savings. This is a good way to save and can all quickly add up, I just personally think it would be difficult to remember to do this for every purchase.
5. Modified 52 Week Money Saving Challenges
This is no different to the 52 Week Challenge, except you decide when you save which amount. Each week you cross off one of the amounts you can afford from £1-£52. Week 1 may be a good week so you could cross off £40, but week 2 could be a budget week so you could cross off £3. I think this is a great way to do the 52 Week Saving Challenge and may integrate this idea with any difficult weeks during my Reverse 52 Week Challenge.
6. Weekly Money Saving Challenges
The Weekly Challenge is pretty customisable. Each week you save away a set amount of your choosing.
- Saving £3 per week for a year will give you £156
- £5 a week for a year = £260
- £10 = £520
- £20 = £1040
7. 52 Week Money Saving Challenge Reversed
As mentioned further up, this is the 52 Week Challenge starting from saving £52 on week 1. This way is good for anyone who thinks they may struggle with funds near the end of the year and wants to get all the big saving over and done with. This is the way I have done the 52 Week Challenge, and so far from this challenge, I have saved £103 in 2 weeks.
8. Save By Number Money Saving Challenge
This is another fun way to save. This is a daily saving routine and you simply pay for what number day of the week it is!
- Monday – £1
- Tuesday – £2
- Wednesday – £3
- Thursday – £4
- Friday – £5
- Saturday – £6
- Sunday – £7
- And repeat!
Doing this for a year would save you a massive £1,456! Feel free to half or even double the amounts to suit your own needs.
9. £2 Coin Jar Money Saving Challenge
This is something that I’ve personally done for a while now after hearing about it some time ago. Every £2 coin I receive I put into my money box and let the coins build up. It’s a nice way of building up a little pocket money without feeling the strain on your wallet. As I mentioned earlier, I’ve managed to save around £60 in just 6 months from doing this.
10. 1p Per Day Money Saving Challenge Reversed
This is simply the 1p Challenge I mentioned earlier but starting from saving £3.65 on day 1. Some people may prefer to do it this way due to low finances just after Christmas. This is the way I have chosen to do the 1p challenge, and so far I have saved £43.14!
11. No Spend Money Saving Challenges
Exactly as it says, the challenge here is to spend no money! For some, this may be how they spend most of their time, for others they may already know they need to calm down with their spending habits. Even still, here are a few ideas for those looking for free activities to kill their spare time.
12. Expense Tracker
Finally, we have the good old traditional way of recording your expenses. This can be done daily with a notebook or you can get some great apps on the App Store and Google Play Store which show you exactly where your money’s going.
It really is surprising to see how much you’ve spent on the cinema/eating out/shopping etc throughout the month. This has helped me in the past to make budgets for food, bills, entertainment and so on, which has made me able to manage my finances much more wisely.
So there we have it, 12 ways you can take back control of your finances this year! I really hope this post is helpful to you. I’d LOVE to hear your feedback and connect with you on social media! Thank you for reading!