Need to supercharge your savings?
Filling your savings account doesn’t have to be for something to buy, you can also fill your emergency fund, or reach a certain savings goal. Whatever it is you want to save for, a money saving challenge can help get you there!
Sometimes the sheer act of doing a challenge is fun, to prove to yourself that you CAN do these things and by doing a money saving challenge, you can also identify what is truly a need, and what is just a want that you could do without.
The 1p challenge
Possibly the most popular way to boost your piggy bank! Start by saving just 1p on the first day of the challenge, then add a penny to the amount you save each day.
Day one = 1p
Day two = 2p
Day three = 3p
All the way up to day 365 (one year) = £3.65
With savings starting so low, you’ll find it easier earlier in the challenge. Be aware though, it will get much tougher near the end. If you see it through, you’ll have saved a nice little nest egg worth £670!
The ‘no-spend’ challenge
The no-spend challenge is one of the most trending ways to get your finances in order.
The aim of the game is to set yourself a period of time in which you intentionally chose not to spend any unnecessary money. Most people opt for no-spend week or month-long challenges.
During the challenge, you’re only allowed to spend money on bills and necessities and must say goodbye to all non-essentials.
Aim for a complete ban on takeaway food, alcohol, nights out and shopping for anything other than essential items, and you’re certain to supercharge your savings.
Sell stuff you don’t need
Let’s be honest, we all have cupboards and drawers full of items we no longer even look at, so why not find your inner ‘Del Boy’ and market them for sale?
There are several online outlets you can register with, such as eBay, Facebook Marketplace, and Gumtree to name a few.
Or alternatively, get the whole family involved and register for a local car boot sale. They can be a great way to get rid of lots of your old stuff quickly, earn some extra money, and even have a fun day out.
Set yourself a goal. There’s money to be made from just about everything!
Break bad habits and save £££
Whatever habit you’re trying to break, it’s always helpful to have some form consequence, and by setting up a swear or habit jar, you can increase your savings in the process.
Of course, you must hold yourself accountable, and that can be tricky, so it’s best to get friends, family, and co-workers involved to help if you need it!
Preparation is key for this challenge. You’ll need make sure you always have enough coins available to be able to pop into the jar when needed.
About Firth Finance
For over 50 years our team has worked throughout Belfast and Northern Ireland to offer our competitive doorstep loans. Today, we are the financial provider of choice for our many happy customers.