Try our 2020 fiver saving challenge to put away £6,890 by the end of the year

A man spending money
Make 2020 the year you sort out your finances (Picture: Ella Byworth)

As the New Year hits, plenty of us will have a general New Year’s resolution of saving more money.

We all want to spend more wisely and feel more secure in our financial situation, but it can be tough to put away money without a specific goal in mind.

To give our noble dreams of being excellent budgeters direction, we’ve created a year-long savings challenge that tells you exactly how much to move to your savings account each week.

The idea behind it is that you won’t have to think about how to save and you won’t be able to dither so much about what to put away that you end up doing nothing at all (yes, we fall into that pattern too).

It’s a simple concept: Each week you put some money into your dedicated savings account. The amount you put in increases by a fiver each week, so while you won’t feel like you’re putting loads of money away at first, by the end of the year you’ll have £6,890 stashed.

the metro.co.uk 2020 savings challenge
In week one you move £5 to your savings, then each week increase the amount you’re saving by a fiver (Picture: Metro.co.uk)

You start with week one, moving £5 to your savings. In week two, you move over £10. In week three, £15. You get the picture.

By the final week of the year you’ll need to move your largest payment over of £260.

If you stay strong and don’t touch that money all through the year, you’ll have £6,890 as you head into 2021.

Oh, and the good news is that the saving schedule is based on weeks, not specific days, so you can start whenever you feel like it.

You can also reverse the order of the amounts if you feel super motivated now but know you’ll be skint in December, so you start with your biggest move of £260 and end with a £5 saving in the final week.

Just choose a day each week you’ll move the money over. Sunday’s a good one to look through your accounts, check on your spending, and move over that week’s amount.

Ready to give it a go? We’ll be trying it, starting this weekend.

Have you found a way to save money that works brilliantly? Get in touch to share it by emailing 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.

MORE: How I Save: The 30-year-old web developer earning £40,000 a year with £10,000 saved

MORE: How to make New Year’s resolutions you’ll actually keep

MORE: How giving up alcohol and doing Dry January could save you enough money for a holiday



source https://metro.co.uk/2020/01/02/try-2020-fiver-saving-challenge-put-away-6890-end-year-11991344/
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