Six savings challenges to start NOW with just 1p – and you could save £5,050 by next Christmas
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GETTING on top of your money and beginning a new savings habit is always a popular New Year’s resolution. But for many of us, it is difficult to know where to start. A savings challenge can help you get into the routine of putting money aside each week or month.
![[You could save up to £5,050 with one of these challenges]](https://www.thesun.co.uk/wp-content/uploads/2023/10/2018-uk-five-pound-ten-853415896.jpg?strip=all&w=960)
The idea is to make saving money manageable. Greg Davies, a behavioural finance expert, said challenges are a great way to make saving less daunting. He said: “Turning savings into a game taps into our natural desire for achievement, making it easier to stay committed and motivated over time.”.
There are many savings trends you could take part in that could leave you with hundreds if not thousands of pounds by next year. Plus there are many options for each budget, so do not worry if you can only put away pennies every time. Different schemes will work for different savers depending on their income and what they are saving for.
Here we explain how six popular savings challenges work and how you can get involved. In this challenge, you are not allowed to spend money on non-essential items on certain days of the week. This means that all luxury purchases such as coffee, makeup or alcohol are banned.
The idea is to learn where you waste money and how you can cut down on your spending in these areas in the future. Put any money you do not spend into a savings account, which you can use for a holiday or rainy day fund. To get started, make a list of which weekdays will be a no-spend day.
