Let’s face it – saving can be tough.
Today I want to introduce several savings challenges to help you on your path to building your personal wealth. I will be covering four challenges with varying difficulty (of course you will need to take into account your total monthly income – but as long as you’re saving more and spending less – we can call that a success). The challenges will increase in difficulty – the easiest will provide the least savings and the hardest will provide the most savings on completion. I would suggest that you make the transfers for these challenges automated through direct debit (unless you’re one of the few with insane self-control).
I will start with an easy one “The Rounder”.
In this challenge whatever you spend – you will round up to the nearest pound. The difference will then be transferred into a separate savings account.
It’s as simple as that.
So simple in fact – most banking apps now offer this feature as part of their service. You will usually find the feature in your account settings under a scheme such as “Save the Change” (Halifax Banking) or “Coin Jar” (Monzo Bank).
For this challenge I cannot provide you with a total savings amount as it depends the number of transactions – but as you can imagine:
Frugal = You’ll be lucky to buy a filter coffee.
Regular Spender = More than the frugal individual – but don’t quit your day job.
The Quarter Pounder
Now let’s up the ante.
“The Quarter Pounder” challenge will require you to save a pound a day for 365 days.
Here’s the catch, every “Quarter” (3 months), you have top up your savings with an extra £33.75 – on the last day of the month (including the one pound on that day – so £34.75).
Example: 1+1+1+1… 34.75+1+1
If you can hack this challenge you’ll end up with:
Monthly Savings: £31 (based on a standard 31 day month)
Annual Savings: £500 (£501 in a leap year)
You could buy 185 Maccies Quarter Pounders with that kind of money -please don’t…
The Weekly Warrior
Now lets get serious.
With “The Weekly Warrior” your challenge will operate on a weekly cycle (as the name suggests).
Starting with one pound on the Monday and adding a pound everyday until the Sunday (where you will save seven pounds).
Example: 1+2+3+4+5+6+7 = £28 (weekly savings)
Stick to this challenge (automate it so you don’t have a choice) and you will have the following:
Monthly Savings: £112 (dependent on the month)
Annual Savings: £1456
This challenge is not for the faint-hearted.
“The Accumulator” can save you some serious cash (I am currently doing this challenge).
Everyday you will save the value equivalent to the date. Starting on the 1st equalling £1.00 until the end of the month 30th where you will save £30.00.
This challenge operates on a monthly cycle.
Manage this and you will have the following:
Monthly Savings: £496 (based on 31 days)
Annual Savings: £5738 (this will be £5767 in a leap year)
Savings Challenge 2020
Go out there and make 2020 your year! The challenges have been set – let us know which one you are going to take!