A new year, a new you. If you are looking for a way to save over £1000 a year without it being a struggle than you have landed on the best money challenge for you. Save money for the next 52 weeks to help toward building an emergency fund and help towards starting your investing journey.
What is the 52-week savings challenge?
This challenge is to dedicate yourself to saving a certain amount of money on a weekly basis to reach the target of £1378 by the end of 52 weeks. Week 1 you save £1 and by week 52 you will save £52.
How does the 52-week saving challenge work?
It is the process of saving money according to the week. For the first week of the year, you save £1 and the week after you save £2 which will mean you have £3 saved and the process continues. To be honest, you can start at any time during the year, you just need to include your dates and you are good to go.
Where to put the money?
As technology advances, there are many ways to save and manage your money. The traditional approach will be to work with cash (money box) or have a savings account with your high street bank. Alternatively, there are new app-based banking that focuses on helping you save money. With some offering up to 5% interest rates.
Alternative saving accounts
Chip – Automated savings app
Chip – it is a savings app that connects to your bank account. it uses an algorithm to calculate how much you can save with it affecting your regular outgoings. You can get up to 5% interest rate via referrals. Refer a friend to join using your code and you receive a 1% increase in interest rates and the maximum referrals you can do are 5. The only negative with this account is that it is not FSCS protected.
Plum – Automated savings app
Plum – Another app-based savings account, very similar to the chip account model. It calculates your spending and automatically saves for you. It does not provide any interest but they offer you a chance to invest your money at your own risk.
Print your FREE 52-week savings challenge PDF chart
This FREE PDF can be downloaded and printed. My advice will be to tick each week you achieve and do not feel restricted to stick to the saving amount list. If you can save an extra £5 a week, do so and continue along the journey.
I love checklists so being able to tick something to show that I have achieved it adds to the thrill of saving.
Other ways to save additional money
Make extra money on the side to help towards your saving goals
Statistics show that a majority of people do not have £100 in savings. In order to avoid being one of these people, check out a list on how to make extra money from home or in your spare time.
I hope you find this useful, feel free to share how you plan to save money. Once again Click Here to download your free 52-week savings challenge template.
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