Soaring energy bills and rising food prices made life difficult for many in 2022 as Britons struggled to make ends meet during the cost of living crisis. However, the new year is the perfect time to start a new savings habit to put some extra cash away for increasing bills, emergencies or even the odd treat. There are several money saving challenges doing the rounds on social media giving people plenty of choice in terms of which one is better for them, depending on how much they have left over after paying for essentials.
1p savings challenge – Savings by end of 2023: £667.95
This is often seen as one of the easiest savings plans and encourages people to increase savings by just 1p per day. Start by setting aside 1p on January 1, 2p on January 2, continuing through the year until £3.65 on December 31, adding up to a total of £667.95 for the full year.
The Reverse 1p Savings Challenge – Saving by end of £667.95
This challenge works exactly the same way as the 1p Savings Challenge, except you start by paying £3.65 on January 1 decreasing to 1p on December 31. People will end up with the same amount of savings but may find it easier to save more now than later on in the year.
Monday to Friday savings challenge: £780
Start by saving £1 on Monday increasing by £1 a day until Friday – so £2 on Tuesday, £3 on Wednesday, £4 on Thursday and £5 on Friday, resetting to £1 every Monday.
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52-week savings challenge: £1,378
This saving challenge is for people who are feeling a bit more flush. Savers will need to increase the amount saved by £1 each week, so people will need to save £1 the first week in January all the way through to the last week in December when people need to save £52.
Reverse 52-week savings challenge: £1,378
This money-saving challenge works the same as the one above but in reverse. People will need to put £52 away in the first week of January, £51 next week and just £1 in the last week of December.
365-day savings challenge: £1,456
People following this challenge put money away seven days a week starting with £1 and increasing to £7 on Sunday. At the end of every week, savers will have £28 and at the end of 52 weeks, they will have £1,456.
£5 savings challenge: £6,980
This is for people who want to save a larger amount and works by increasing the amount people save by £5 a week. The first week of January, people will need to save £5, £10 the second week and so on until the end of the year when they have nearly £7,000.
Grocery stretch challenge: Up to £700 a year
Under this challenge, every week, the saver goes shopping one day later than the week before in a bid to make the same shopping last for seven days in week one, eight days in week two and so on. This challenge is the equivalent of missing a weekly shop every seven weeks, so anyone who normally spends £100 a week could save around £700 over the year.
30 days no spend challenge: Up to £1,000 a month
Although it’s hard to say how much this challenge will save, it will encourage people to focus on what they are spending (by not spending it) and where they can make savings. There are lots of charts people can download to help them along the way.
Monday to Friday no spend challenge: Around £100 a week
How much someone saves by adopting this challenge depends on how much they would otherwise spend but choosing no spend days during the week can make a big difference.