The easy savings challenge that could help you stash £1,500 in 2022 – how to get started
FOR those thinking about what New Year’s resolutions to make for 2022, saving a bit of cash might be near the top of your list.
We explain how to put away as much as £1,500 in 12 months with the very simple 365 day money-saving challenge.
Putting aside cash could be a good idea to help you pay your way through 2022 as the cost of living crisis continues.
Soaring inflation is already costing families an extra £1,800 a year, and experts are predicting the crunch will carry on into next year too.
But thankfully, there’s a simple trick that could make it much easier to achieve your saving goals.
Website Apartment Therapy has inked out a plan that will see you put aside small sums of money each day.
The idea is that you should put aside £1 on Sunday, £2 on Monday, £3 on Tuesday and so on, all the way up to saving £7 on Saturday (the largest daily amount of the week).
This should give you a weekly total of £28 saving - adding up to £1,456 over the cost of the year.
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For many families that's enough to cover the cost of Christmas, next year's summer holiday, or to simply chip away at rising energy bills.
You can always mix up which days you want to save the most or least amount of money.
Some savers find it motivating to put money into a jar so they can see their money grow - but do bear in mind that you won’t get this back if it’s lost or stolen.
Alternatively, you can pop the cash into a savings account, which could mean your savings could go even further.
This savings plan could be a little more achievable than other popular alternatives, such as the 52 Week Challenge.
The 52 Week Challenge works by getting participants to put aside £1 for the first week, £2 for the second, £3 for the third and so forth, until the end of the year.
It may seem easier at first, but it means you'll have to put away the largest sums around Christmas with a whopping £202 in total required in the final four weeks of the year.
This could be too much of a stretch for many people around an already expensive time of year.
The 365 day challenge
HERE's how to walk away with almost £1,500 at the end of this year.
Save the following amounts each day:
- Sunday - £1
- Monday - £2
- Tuesday - £3
- Wednesday - £4
- Thursday - £5
- Friday - £6
- Saturday - £7
- Weekly total - £28
- Yearly total - £1,456
But if both plans are too hard to stick to, you could always try the penny challenge.
Start off by putting in 1p on the first day and increasing it by another penny every day. So day one will see you put in 1p, day two will be 2p, day three 3p and so on.
When you reach 100 days, keep doing the same but you’ll need to switch to a £1 coin. So day 100 will see you save £1, day 102 will be £1.01 and so on.
This will help you save £668 by this time next year.
Martin Lewis' MoneySavingExpert has revealed how starting the 1p challenge could save you £670.
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