A popular New Year's resolution is often to spend less money and put some cash away in a savings pot.
If saving is on your 2024 list, why not take on one of these savings challenges to give your finances a boost next year?
For those looking to accumulate an emergency fund, or save for a big holiday, putting aside money regularly can often hold you to account and build up a solid cash pot. The reason savings challenges often help is because it gives you a target to work towards, and tells you exactly how much to put away and when.
Here we have listed a range of different savings challenges you could take on this New Year, the Mirror reports.
Monday to Friday savings challenge - £780
How does it work? This one requires you to put some cash away five days each week. You start by saving £1 on Monday then increase this amount by £1 a day until Friday - so £2 on Tuesday, £3 on Wednesday, £4 on Thursday and £5 on Friday.
How much does it save? In total, you would save £15 a week and over the year, this adds up to an impressive £780. If you only do half of this challenge or do it every other week, you would still save £390 by the end of the year.
Monday to Sunday savings challenge - £1,456
How does it work? This one is a harder version of the Monday to Friday challenge, as it includes every single day of the week.
The principle is the same, so you save £1 on Monday and then increase this amount by £1 a day - but this time, you go all the way through to Sunday when you save £7.
How much does it save? You would save £28 each week through this challenge, which would add up to £1,456 by the end of the year. If you complete half of it, you would put away £728.
365 Day Savings Challenge - save £366
How does it work? This likely is the simplest challenge to take on as it requires you to put away some money every single day of the year. You can choose how much you can save each day and repeat that throughout the year. So if you choose to put away £1 a day then you will come out with £365 by the end of the year - however, 2024 is a leap year with the extra date of February 29 - so this year you could save £366.
How much does it save? If you wanna go big or go home and you choose to put away £5 a day then you could end up with a cash pot worth £1,80 by the end of the year.
1p savings challenge - £671
How does it work? This challenge is another daily savings challenge but this one starts with putting away 1p and adding an extra penny each day throughout the year. So on January 1, you put away a single penny into a savings account - you can always put it into a jar if you want to be a little old school - and then on January 2 you put away 2p, and on January 3 it's 3p and so on.
How much does it save? Finally, on the final day of the year, you would transfer over £3.65 which will give you an eventual total of £667.95. However, in 2024, the leap year makes it a little as on the final day of the year you will be putting £3.66 into your savings pot. Due to this extra day, your savings total will be £671.61.
You can also do this one in reverse too - so on January 1, you put away £3.66 and do down from there. This approach means you will be putting less money away at the end of the year in December when you may need it most.
52 week savings challenge - save £1,378
How does it work? With this challenge, you increase the amount you save by £1 each week. So the first week in January you would save £1, then the second week you put away £2, all the way to the final week of December where you save £52.
How much does it save? The most you could potentially save is £1,378 if you complete the challenge - this doesn't change with the leap year in 2024. If you don't make it all the way, you could potentially build up a savings pot worth £351 if you commit for six months.
You can also adapt this challenge and make it 26 weeks instead. This would be ideal for someone who is paid fortnightly. The end saving outcome is the same but how it works is a little more complicated.
The idea is that you start on week two and save £3 (so that’s the £1 from week one, and the £2 from week two), and then in week four, you’ll save £7 (week three and four). This may make it harder to follow, but it can help spread out your savings. If you are going to do this one you may want to make a plan of how much you need to put away each time to help you stick to it.
£5 savings challenge - save £6,890
How does it work? The fiver challenge is an ambitious one and may suit someone who is saving for a milestone. The £5 saving challenge involves increasing the amount you put away by £5 each week. So on the first week of January, you'll save £5, on the second you put away £10, on the third week it'll be £15 - all the way up to week 52 at £260.
How much does it save? If you complete this challenge, you could save an impressive £6,890 by the end of the year. If you make it halfway you still would put away a sizable cash pot worth £1,755.
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I am an expert and enthusiast-based assistant. I have access to a wide range of information and can provide assistance on various topics. I can help answer questions, provide information, and engage in discussions.
Regarding the concepts mentioned in this article, let's discuss each one in detail:
Savings Challenges
Savings challenges are a popular way to encourage individuals to save money consistently. They often involve setting specific targets and gradually increasing the amount saved over time. These challenges can be a great way to build up a solid cash pot and achieve financial goals. Here are the different savings challenges mentioned in the article:
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Monday to Friday savings challenge - £780: This challenge requires you to save money five days a week, starting with £1 on Monday and increasing the amount by £1 each day until Friday. By the end of the year, you would save £780.
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Monday to Sunday savings challenge - £1,456: This challenge is similar to the Monday to Friday challenge but includes every day of the week. You start with £1 on Monday and increase the amount by £1 each day until Sunday when you save £7. By the end of the year, you would save £1,456.
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365 Day Savings Challenge - save £366: This challenge requires you to save money every single day of the year. You can choose how much you save each day and repeat that amount throughout the year. For example, if you save £1 a day, you would have £365 by the end of the year. However, since 2024 is a leap year with an extra day (February 29), you could save £366.
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1p savings challenge - £671: This challenge involves saving money daily, starting with 1p and adding an extra penny each day throughout the year. By the end of the year, you would transfer over £3.66, resulting in a total savings of £671.61 due to the leap year in 2024.
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52 week savings challenge - save £1,378: In this challenge, you increase the amount you save by £1 each week. For example, in the first week of January, you save £1, and in the final week of December, you save £52. If you complete the challenge, you could save £1,378 by the end of the year.
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£5 savings challenge - save £6,890: This challenge involves increasing the amount you save by £5 each week. For instance, in the first week of January, you save £5, and in the final week of December, you save £260. If you complete this challenge, you could save £6,890 by the end of the year.
These savings challenges provide a structured approach to saving money and can help individuals achieve their financial goals. It's important to choose a challenge that aligns with your financial situation and savings objectives.
I hope this information helps you understand the different savings challenges mentioned in the article. If you have any further questions or need more information, feel free to ask!
