Three Money Saving Challenges You Should Try

The internet is full of ‘challenges’ – some are worth doing but the majority aren’t. For every good-intentioned ‘ice bucket challenge’, there seems to exist about five dares which are either stupid or potentially dangerous. For example, the online craze which involved eating tide pods.

Eating laundry detergent is obviously bad for your health and we would heartily not recommend it (No, we never thought we’d have to write that either) but there are some good challenges related to money.

To save you some browsing time – and hopefully some cash – we’ve included three of our favourites below.

The 1 penny challenge

We’ll all agree that saving money can be difficult. However, it might just be possible for you to put away one penny. The one penny challenge takes place over a year and starts with you saving a penny on the first day, two on the second, and three on the third. This continues until you reach day 365 and put £3.65 into your pot. By this stage, you should have accumulated more than £660.

Unlike many money challenges out there, this is possible for those on very tight budgets. The only downside is that you may eventually have to take a bag full of pennies to the bank.

The Monday to Sunday challenge

This challenge is more difficult than the one above but still attainable if you’re looking to save small amounts each week. On Monday, you put £1 away. Tuesday, this figure increases to £2. Following the pattern, this continues until Sunday where you save £7.

The next week, you start from the beginning with £1.

By the end of the week, you should have saved £28 – by the end of the year, that’s over £1,300.

The 52-week challenge

The 52-week challenge starts similar to the one above. The only difference is the amount you save doesn’t reset every week. Therefore, by the end of week 52, you’ll need to put £52 into your savings.

For many, this might be unattainable. However, the whole point of a challenge is to do something difficult. Regardless, if you manage to do this, and continue going as far as you can, you should see significant increases in your savings.

Saving money can be boring – but the rewards are great

Saving money isn’t exactly the most thrilling task in the world. However, if you manage to save a few pounds (or pennies) away each day, the rewards can be great.

If saving anything is unrealistic though, you should determine if an IVA – or another debt solution – could help you regain control of your finances.

To find out if you could benefit from this, complete the application form below: