Good to know
Stick to a budget and achieve your saving goals faster with these money challenges
Saving money for a holiday or new car is not an easy task, but we’ve got some great ways to help you achieve these life goals. Whether you want to save money over a specific period of time – from one month to a year – here’s all the motivation you need.
MAGIC MONEY EACH MONTH
If the weekly challenge sounds daunting, then try saving on a monthly basis. This challenge is simple, as all you need to do is save £5 in the first month and then increase the amount by £5 each month. So, in April you would save £5, then in May save £10, until you reach the twelfth month and save £60. This helps to build a regular savings habit, and you’ll be rewarded with £390 by the end of the challenge.
CREATE A WEEKEND SAVINGS POT
This challenge is perfect for anyone who needs to reduce their spending. First, you’ll need to work out how much you spend during a typical weekend. So, if you normally spend £100, test yourself and try to have at least one no-spend weekend each month. By being frugal, you’ll end up with a savings pot of £1,200.
✱ Lucinda O’Brien is a savings expert at money.co.uk
TRY THE £500 CHALLENGE
For short-term goals, you might want to build your savings pot faster. The £500 challenge ticks this box but it does require some determination. The challenge
