With the start of the New Year comes sudden motivation to save a load of money and sort out our budgets.
Just like losing weight, we all know that the concept of having more money is down to a simple rule: save more, spend less.
But we’re lazy and easily bored, so it’s helpful to gamify things.
That’s why we like saving challenges, that have clear rules and guidelines to encourage us to stay engaged in the game of putting away money.
Earlier this week we gave you the fiver saving challenge, that lets you put away £6,890 a year by increasing the amount of money you save by £5 each week.
That results in a final month of putting away hundreds of pounds, which isn’t possible for everyone.
So if you like the idea of that, but need a challenge that’s a little easier to maintain, we’d recommend this week-by-week trick.
Created by Apartment Therapy, the idea behind this challenge is super simple.
Each day you move some money into your savings account, so it’s in more manageable, smaller chunks rather than intimidating lump payments.
But each day the amount increases, before resetting at the end of the week.
To break it down: On Monday you save £1, on Tuesday you save £2, on Wednesday £3, on Thursday £4, on Friday £5, on Saturday £6, and on Sunday £7. Then the following Monday you go back to saving £1, then £2, and so on.
This means that each week you save £28 (you can always just set up a direct debit for £28 a week if you can’t be bothered doing a daily money move), adding up to a total of £1,456 by the end of the year – without ever having to save more than £7 in one day.
Having such small chunks of money to save each day makes this challenge feel far more doable than others on the internet, but still delivers a great pot at the end of the year.
Do it in cash if you’re the type to always have coins handy, or use a banking app to keep track.
The enjoy the smug feeling of knowing you’re saving more than a thousand pounds without really noticing your money going to a different account. Fun, right?
If you want more tips and tricks on saving money, as well as chat about cash and alerts on deals and discounts, join Money Pot, our new Facebook group.
MORE: How giving up alcohol and doing Dry January could save you enough money for a holiday
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source https://metro.co.uk/2020/01/04/try-week-week-challenge-save-1456-end-year-12001403/
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