Eight money-saving challenges
Money-saving challenges are a creative way to reach your savings goals. Saving little and often develops good habits so you can afford a deposit on a car or a holiday.
Even if you don't finish the challenge, you've still saved some money and that's worth celebrating.
Here's a selection of our favourite challenges - take a look and see which one's for you!
The 52 week saving challenge
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The 52 week
saving challenge
This one has a simple premise:
- Week 1 = Save £1
- Week 2 = Save £2
- Week 3 = Save £3
- Week 52 = Save £52
Keep going through the rest of the year adding £1 to your saving amount, until you get to:
Total saved:
£1,378
Reverse 52 week saving challenge
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Reverse 52
week saving challenge
Reversing the 52-week challenge is just as effective.
For this one, you'll start with the largest saving:
- Week 1 = Save £52
- Week 2 = Save £51
- Week 3 = Save £50
- Week 52 = Save £1
Each week reduce the amount by £1 'till:
Total saved:
£1,378
The 26-week saving challenge
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The 26-week
saving challenge
If you get paid every other week,
this is the savings challenge for you. It's simple:
- Week 2 = Save £3
- Week 4 = Save £7
- Week 52 = Save £103
(That's £1 for week one and £2 for week two!)
(So £3 for week three and £4 for week four!)
And so on until you reach payment number 26:
Total saved:
£1,378
The £5 savings challenge
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The £5
saving challenge
This tougher challenge is aimed at those who need something to help stop them spending:
- Week 1 = Save £5
- Week 2 = Save £10
- Week 3 = Save £15
Keep mulitplying £5 by the week of the year until youre at:
Week 52 = Save £260
Total saved:
£7,000
The monthly saving challenge
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The monthly
saving challenge
Vary your savings each month by £25:
- January = Save £25
- February = Save £50
- June & July = Save £150 each
- August = Save £125
- September = Save £100
Increasing by £25 each month until you reach:
Then start to decrease by £25 each month:
Total saved:
£1,050
The £1/365-day saving challenge
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The £1/365-day
saving challenge
This is the most straight forward of the challenges:
Just save £1 a day!
Total saved:
£365
The 1p/365-day saving challenge
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The 1p/365-day
saving challenge
This challenge encourages saving a little bit of money every day!
- Day 1 = Save 1p
- Day 2 = Save 2p
- Day 3 = Save 3p
- Day 365 = Save £3.65
Continue this increase throughout the year, ending with:
Total saved:
£667.95
The £1,500 a year saving challenge
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£1,500 a
year saving challenge
This challenge increases the amount you save throughout the week, and then resets for the next week. For example if you started on a...
- Monday = Save £1
- Tuesday = Save £2
- Wednesday = Save £3
Follow this up to Sunday, and then start over, saving £1 the following Monday
Total saved:
£1,456
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