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Three Money Challenges Worth Trying

Summary:

  • The one penny challenge starts off with saving just one penny each day
  • The 52-week challenge can lead you saving almost £1,400
  • The Monday to Sunday challenge could help you save just over £100 each month

The internet is full of ‘challenges’ which are often not worth doing. For every well-intentioned task such as the ice-bucket challenge, there seem to be five stupid – and dangerous – tide pod challenges.

You’ll probably find a similar ratio when investigating money challenges. Some are just unrealistic or require too much time – but there are several good ones out there. Here are three of our favourites:

The 1p challenge

This is a challenge which lasts for a year. On the first day, you save away one penny, the next day, you increase this to two pence. Following this pattern, on the final day of the challenge, you put £3.65 into your pot. By the end of the year, you should have saved close to £668.

In just over four months, you’ll hopefully have about £100.

This challenge is a good one because it stresses just how saving away small amounts – here and there – can pay off in the long run. Although, if there is a downside, taking your bag of pennies to the bank may not make you the most popular person in the world.

The 52-week challenge

This follows a similar pattern to the 1p challenge but can be more difficult. Do it right, and by the end you’ll have saved almost £1,400. Within three months, you should have put about £100 away.

The challenge involves putting away a pound in the first week. By week two, you put £2 in your savings. On the third week, this number increases to £3. You continue this pattern until week 52, where you – as you probably might have guessed – add £52 to your savings.

This is one of those challenges which starts off simple but can get quite tricky towards the end. Cashing out early though – if it gets too tough – can still reap some good rewards.

The Monday to Sunday challenge

Although the 52-week challenge can be good, it’s a bit unrealistic asking you to save £52 in one week. If you can do it – great. If not, you could try something a touch more achievable, such as the Monday to Sunday challenge.

This idea works by saving £1 on Monday, £2 on Tuesday, and – continuing this pattern – saving £7 on Sunday. By the end of the week, you should have £28 saved up. Then, you should repeat the process. Once the month ends, you’ll hopefully have banked just over £100.

By the end of the year, you should have saved around £1,300.

Saving money can be tedious – but it’s worth it

Let’s face it, saving money isn’t the most exciting task in the world. However, if you manage to conserve the pounds (or the pennies) you can see some big rewards. With the UK economy looking like it may enter a recession, there isn’t a better time to try saving money.

If you think you may need a hand to get a better grip on your finances though, have you considered resolving your debts through a consolidation loan? It could free up hundreds every month to make saving money that little bit easier.

To find out if you qualify, click the button below: