We all know the feeling when there’s too much month left at the end of your money. So that January payday, like all paydays, can’t come soon enough.
But we could all probably be a bit more sensible with our monthly paychecks. We could try the weekly fiver savings challenge, which might be for the more disciplined among us.
For the fluctuating saver, there’s the bingo trick, where you tick off random amounts in the year to save up £1,378.
They all sound good but a weekly challenge might not be everyone’s cup of tea.
Why not opt for a monthly approach that could help you save hundreds by the end of the year?
Journalist Emma Gill, from Manchester, has come up with a way of putting away £10 in January and then increasing it by another ten each month so by the end you’ve saved £780.
The idea is you start at £10 (ideally in January) then the following month you put in £20, and then £30, and so on.
Obviously, the longer you go on the more you’ll need to save, and by December the amount will go up to £120.
But it’s a one-off payment, just once a month – so perhaps if you do it as soon as you get paid, you’re left with the rest of your paycheck to play with… by which we mean to spend on rent.
Writing on a Manchester Facebook page, Emma wrote: ‘So I’ve seen lots of ideas for saving money but none of them will really work for me – I never have change in my purse to do the penny challenge for example.
‘That’s why I’m giving this a go. Every payday – or at the end of a month – you put in one of these amounts and then cross it off the list. By the end of the year it’s a whopping £780!
‘It won’t be easy – especially when it comes to the £120 month – but it’s worth a go. I reckon I’ll start with the £10 in January.’
Emma also had a makeshift piggy bank where she attached a note with all the figures scribbled on.
Each month, you just tick off the amount you’ve put in. Obviously, being the cashless millennials we are, we might prefer to just move it over into a savings account instead.
And if saving £120 in December sounds like too much then you could always save it backwards, starting with the biggest amound and putting away just £10 during the festive period.
That way you get to spend the rest on gifts for your loved ones and many many treats for yourself.
Or, in spirit of the bingo challenge, tick off a random amount each month to save the £780.
Good luck.
If you have a way of savings that works for you, email us to let us know more at metrolifestyleteam@metro.co.uk.
If you want more tips and tricks on saving money, as well as chat about cash and alarms on deals and discounts, join Money Pot, our new Facebook group.
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source https://metro.co.uk/2020/01/15/if-you-do-this-savings-trick-every-payday-you-could-have-780-saved-by-the-end-of-the-year-12059935/
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