How to save money: 5 saving challenges to try in 2023
If your New Year’s resolution is to save more money – we’ve got you covered.
Saving money isn’t easy – especially as the cost of living crisis rages on – but cutting back on our spending can be made fun through setting yourself challenges
When you get paid and you transfer money straight into your savings pot, it feels so good, right? But give it until the end of the month when things are tight, it’s so easy to just dip into our savings to cover the costs before payday – those regrets.
If your New Year’s resolution is to save more money, we’ve found the 5 challenges that may actually see you reach your financial goals in 2023.
NO SPEND CHALLENGE
Easier said than done, right? The no-spend challenge will really make you realise how bad your spending habits are. It’s all about changing your lifestyle by cutting back on your non-essential spending like meals out, clothes and cheeky cravings.
It’s like fasting, but with your spending habits. It’s down to you how long/short you want to do it for whether it be for a month or start off with a week every month. It can be tough to go cold turkey, so maybe start spending with a no spend at the weekend and then increase – we can guarantee you’ll see a massive in the number of pounds you’ll save.
THE REVERSE 1P CHALLENGE
If you’re someone who always gets caught short around the festive season (don’t we all) this is the perfect challenge for you. The reverse 1p challenge gets easier as you go. You’ll save the most money on day one – put aside £3.65. Then reduce your daily savings by 1p each day after that. By the end of the challenge, you’ll have saved £667.95.
ROUND-UP SAVING CHALLENGE
If you find it so hard not to spend, why not save every time you make a purchase? Sounds confusing… but anytime you make a purchase, round up the cost to the nearest pound and pocket the change.
Whether you do it yourself by keeping a tally (there are plenty of online banks and apps that do the work for you HLN’s fave is Monzo), or if you’re paying cash make sure you pop your change into a jar, and you’ll quickly see the savings rack up without even noticing.
26-WEEK BI-WEEKLY SAVINGS PLAN
If you’ve always struggled to save and given up after a few months, then try this challenge that encourages you to save money every other week. So put aside £4 in the first week then continue to add £4 every two weeks. Sticking to it for the whole year, you could save up to £1,404 and still treat yourself to your non-essential spending.
30-DAY SAVING CHALLENGE
Whether you’re saving for a holiday deposit or want to update your home, get a quick intense burst of saving with a 30-day challenge. If you put aside £20 a day you could get £600. Or, even if you decide to swap your work lunch you buy every day by making food to bring in from home, put that tenner into savings and you could save £300.