Simple money saving challenge can help you save over £1,400

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While living costs remain high, putting money aside can be a challenge in itself. However, there are a few small and simple ways people can build up a savings pot without too much pressure, and one way can amass more than £1,400 in 365 days.

Lucinda O’Brien, savings expert at, commented: “During January, it felt like you couldn’t turn on the television or radio without hearing about another amazing offer for a summer holiday. And, as much as we would all love to be packing our bags, the reality isn’t so sunny.

“We are navigating a cost of living crisis, so paying household bills and the weekly food shop is the priority because budgets are being squeezed more than ever before. In our 2022 savings report, we found one in 10 people didn’t have any savings at all and 31 percent saved less than £100 a month.”

However, Ms O’Brien continued: “By thinking about the possibility of a holiday next year, it could open up some saving opportunities. Starting a savings pot is always much easier when you have a goal in mind, and a holiday in 2024 could be a good way to get started.”

The 365-day challenge – £1,456

The 365-day challenge involves saving a different amount every day and increasing it throughout the week.

Ms O’Brien said: “For example, on Monday you save £1, Tuesday £2 and then keep rising until you reach Sunday and save £7. This means you are saving £28 every week for a whole year, which is a big commitment but offers a lovely reward that you could put towards a holiday when you finish in February 2024.”

After one year of the 365-day challenge, people can amass £1,456.

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The little and often challenge – £730

Instead of putting additional pressure on already stretched finances by increasing the amount saved every day, people could also try setting up a regular standing order to a savings account.

Ms O’Brien said: “Try saving £2 every day and you’ll start to see your savings pot grow.”

After one year of the £2 little and often challenge, people can amass £730.

The £1,000 challenge

For those aiming for a certain amount of money to build a firm foundation for an emergency fund or put towards a holiday – £1,000 could be a sensible goal. To do this, people would need to put aside just £2.74 a day.

Ms O’Brien added: “If you think you can manage that with your budget, set up a daily standing order to your savings account and by February next year you’ll have £1,000.”

The switching challenge – £400

For those struggling to put money into savings, people could also take some time to look at their bills each month to see if they could make a saving elsewhere.

A quick and easy win is to check out the bank switching deals. TSB’s Spend and Save current account is currently offering a bonus of up to £200 for anyone that switches, as is Santander.

Alternatively, Ms O’Brien said: “You can contact your existing providers to see whether there is a way to reduce your bill. Broadband providers may be able to change your plan to reduce the monthly cost.

“Set yourself a target of saving at least £20 from your bills and then each month transfer the extra £20 into a savings account.”

The monthly savings challenge – £390

For those who are paid monthly, a savings challenge that aligns with their payslip could also work well.

Ms O’Brien said: “Try saving £5 in February and then increase by £5 every month as you go through the year as soon as you receive your monthly pay. This means in March you’ll save £10, in April you’ll save £15 and so on.”

By taking on this savings challenge starting with £5, people could amass up to £390 by next February.

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