These Easy Money Saving Challenges Could Save You Over £1000 In A Year

From the 365 challenge, to the 1p challenge, you could save up to £1,456 in a year...

If one of your New Year’s resolutions includes saving some extra dollar, you’ve come to the right place.

There are some handy money saving challenges doing the rounds on the internet right now. So whether you’re saving towards a particular goal – wedding bells, anyone? – or just want a little bit of extra cash in your bank account, these might just be the gifts that keep on giving.

The 365 Challenge

Want to save a handsome £1,500 by the end of 2018? ‘Course you do.

The 365 money saving challenge, by Apartment Therapy, is pretty simple; if you increase the amount you add to your savings jar by £1 a day, for a whole week, then repeat, you’ll be well on your way.

Let us break it down for you: start by putting away £1 every Sunday, followed by £2 on Monday, £3 on Wednesday and so on. You’ll peak at £7 on a Saturday, before starting again at £1 on Sunday.

It adds up to a saving of £28 per week, which will save £1,456 by the end of the year.

This might sound a little daunting, but when you consider that the largest daily amount (£7) is the cost of a large lunch or a few trips to Starbucks, it could be doable.

Sunday – £1

Monday – £2

Tuesday – £3

Wednesday – £4

Thursday – £5

Friday – £6

Saturday – £7

The 1p Challenge

If your budget won’t allow for the 365 challenge or the much-hyped 52 week challenge, you could still save a pretty hefty £650 a year just using your pennies. Yes, really.

The 1p saving challenge is simple; start on the 1st January by putting away 1p, then increase the amount you add to your savings by just 1p a day.

1st January – 1p

2nd January – 2p

3rd January – 3p

Etc.

The most you’ll ever have to put away in one day is £3.65 on the 31st December. But it all adds up, saving £667.95 over the year.

Winning.