5 Savings Challenges to Kickstart Your Savings Journey

Hope Harvey

Savings Challenges are made for those who either hate saving and cannot figure out where all their money is going or those who cannot get enough of stashing their cash and want to see that total go up and up. No matter which boat you’re in, we’ve put together 5 Savings Challenges to kickstart your savings this new financial year:

1 - 52 Week Challenge

Start by labelling 52 envelopes with numbers 1-52, then pick one envelope per week and whichever number it is, you have to put that amount of cash inside. This will total £1,378 by the end of the year! You can do this with a partner and take turns each week or both contribute the weekly amount to double your total.

2 - Spare Change

If you use cash, then this is going to be a really easy one for you. You choose the category, either all of your spare change or £5 notes and every time you get that change back, you have to put it away. Using a digital coin bank is great for this if you want to know how much you’re saving, or a breakable one will work if you want to be surprised. If you’re against cash, then using a round-up feature on your banking app or apps such as Plum and Chip (use code: CHIP-GRC460 for a free £10) is the digital version of this challenge!

3 - The Fast Food Challenge

This is a challenge that I created when I had no money, but could not resist a Five Guys here or a Wagamama’s there. Every time you order food, go out to eat or buy something at Tesco instead of cooking, you have to put the amount that food costs you into your savings. Effectively, that food is now costing you double the amount - do you still want it? Or was your mum right and you really do have food at home!

4 - No Spend Days

For this challenge, you can either pick the same day every week or aim for say, 6 no spend days in a month. On these days, you cannot spend anything (duh!) so make sure you pick your days wisely. Keep track of how you do and how much you are potentially saving each month - it can be surprising the difference this makes. Sometimes having this restriction can make you think about purchases a little more mindfully before impulse spending.

5 - Date Night

For the couples out there, this one's for you. Decide between the two of you different budgets you can spend for each date night (£0, £20, £50, £100), write these down (you’ll need a few of each), fold them up and put them in a jar. Then, for each date night, take it in turns to pick an amount out of the jar and you have to find something to do for that budget. This challenge can make you do more fun and inventive activities that you wouldn’t usually consider and again, it’s great for when you’re trying to save.

BONUS - Pennies To Pounds Monthly Savings Challenge

You read right, we have our own monthly savings challenge! We believe that everyone should be able to regardless of their income so we have constructed a savings challenge to allow everyone to do just that. With beginner, intermediate and advanced levels, you're able to choose what level is comfortable for your financial situation. The aim is to put away money each day to help you to build up the habit of saving. Why not join this challenge with a friend? Make this challenge fun and have someone who can keep you accountable!

Have a goal you're looking to save for? These savings challenges can be great options to help you to reach them!

Here are some savings accounts that you can open up and keep your savings in.

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