4 Savings Challenges You Can Do To Save Without Noticing It

Savings are something we all want to have, but some struggle to keep. In some recent studies it was found that just over half of 22-29 year old’s have no savings at all. This figure has grown by over 10% in the last decade alone. But it’s not that surprising.

The cost of living has gone up considerably from rent and bills to travel and eating. But the amount wages have gone up by doesn’t even come close. For me, savings are a huge part of my life and have helped me with various goals in the past from buying my first flat to buying a new car. And now for me, they’re more important than ever as we’re saving to do stuff to our first home when we buy it.

On the blog, we’ve spoken about how to plan your money and what savings accounts to use. But what about how to actually get the savings in the first place. Here are 4 of my favourite savings challenges to help you put away money without really noticing.

The 1p Challenge

This is perhaps my favourite challenge and one I did in 2018. The premise of the saving is on day 1 you say 1p, on day 2 it’s 2p, right the way up to £3.65 on the final day. By doing this you end up saving £667.95 over a year. In 2018 I did this and it helped pay for my Christmas presents come December. This was a huge help for me as it meant I wasn’t skint over Christmas.

I didn’t always stick to it day-on-day and what I’d do whenever I had change, or the old tenner hanging around I’d put it in and mark off the number of days it corresponded with. It did mean sometimes I’d have gaps but it was pretty easy to fill up.  You can print a basic tracker off here if you’re looking to do it with cash.

If you’d rather do it digitally my favourite bank account Monzo supports this. You just need to download an IFTTT app and connect them together. Then the money will just come out of your account without you noticing.

With selling the flat and my move I forgot to start this in 2019, but as soon as 1st January hits in I am going to be doing this for 2020. It means next Christmas is sorted.

52-week pound challenge

If you want to be a bit more aggressive with your savings than the pound challenge can help you save £1378 in a year. It works in a similar concept but works at £1 in week 1, £2 in week 2, right up to £52 in week 52.

To do this you may need to plan in advance as week’s 1-15 or so might be pretty easy.  But when it comes to £30+ a week you need to save you may need to plan. But this is such a great amount of money to be able to save.

365-day challenge

If you don’t like the idea of your savings having to grow week on week and be very high by week 9+ you can do the 365-day challenge. It works on a similar premise but you save £1 each Monday, £2 on a Tuesday up to £7 on a Sunday. This brings the weekly total to £28, so you could just make that a standing order once a week.

It means you’re saving more from the offer, but it doesn’t ever change so you get used to the money coming out. With this one, you actually save a bit more than the 52-week pound challenge. In one year you’ll save £1456 which is a great amount and perfect for Christmas or your Summer Holiday.

I think once we’re settled in our house and I’m in a bit more of a money routine I am going to set this up. I don’t think I’ll notice £28 each week. Especially if it comes from blog money and not my wages. And it’s a nice bonus at the end of the year.

Spare change jar

If you’re just not ready to make the commitment of regular savings then the spare change jar could be for you. I don’t know about you but I don’t use physical cash all that much. But when I have it I just waste anything I have left.

The premise of this challenge is anytime you come home with spare change whether it’s pennies, pounds, or notes. You add it to a spare change jar and keep this saved up for a certain amount of time before you can crack in. Saving everything for a year is always a good way to keep the amount solid, but it can fit in with what you have planned. Perhaps you’re going away in 9 months and this can add to your spending money.

Whatever challenge you may decide to do if you’re going to use physical cash choose your jar/ money box carefully. For me, it works better to not be able to see my money inside so I’m not tempted to use it. But for others seeing how much your money is building is an incentive to carry on. So think about whether you’re someone whose easily tempted or may fall off the bandwagon before choosing your savings pot.

Have you ever done a savings challenge before?

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