Four ways to help you pull together a lump sum of savings in 2025
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TAKING on a savings challenge can be a clever way to pull together a cash lump sum in 2025. And the New Year is the perfect time to start. Here are some ideas to put into action now . . . NO-SPEND DAY: Pick at least one day a week when you are not allowed to spend any money other than on essentials such as bills.
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Items you don’t need, such as a takeway coffee, new shoes or dinner out, are banned under the challenge. You could make a note of any spending you resisted on those days and pop it into your savings account. The idea is to help you understand how impulse spending can fritter away your hard-earned cash.
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ROUND UP SPENDING: Each time you spend, you can use stand-alone apps or features on your bank account to round up the cash and put aside the extra into a savings account. For example, if you spend £6.25, the transaction is rounded up to £7 with 75p put into your savings.
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Banks including NatWest and Chase offer this option or you can get a specialist savings app such as Plum to link to your current account. ONE-PENCE CHALLENGE: On day one of this, save 1p, then 2p on day two, and so on building up to day 365, on which you would put away £3.65. Over the course of the year, this adds up to a total of £667.95.
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Monzo has a digital version of the challenge, which you can join until January 31. You can withdraw your savings or pause or stop your challenge at any time. 100 ENVELOPES: Try labelling 100 envelopes one to 100, shuffle and then put in a box. Each day, pick one out and put away in pounds the number on the front.
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