ALTHOUGH 2024 is well and truly underway many of us are still feeling the squeeze following the Christmas period.
Rising energy prices and increased food bills have lead to a tricky start to the year for many.
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And, the end is still not in sight as the cost of living crisis rages on.
But, with new beginnings at the forefront of our minds, why not take up some new money saving habits to prepare for a rainy day further down the line?
Manchester Evening News shared an incredible 12 month challenge that can save £780 – and you only need £10.
Budgets begin with this amount and gradually increase each month.
For example, you’ll save £10 in the first month -starting in January – £20 in the second month and £30 in the third month and so on.
If you stick to the challenge. The total amount saved could be £780 by the start of 2025.
Here’s a breakdown of the saving challenge:
- January – £10
- February – £20
- March – £30
- April – £40
- May – £50
- June – £60
- July – £70
- August – £80
- September – £90
- October – £100
- November – £110
- December – £120
- Total: £780
Other challenges include the 1p savings challenge, the 52-week challenge and the 26-week challenge
Anyone can take part in the 1p savings challenge and the idea is pretty straightforward.
You start by saving 1p, then increase the amount you save by 1p each day.
So as day one is 1p, day two means you stash away 2p, and the next day it’s 3p and so on.
By day number 365, you’d be adding just £3.65 to the account.
If you started on January 1, 2024, and kept it up, you’ll have saved a grand total of £671.61 by December 31, 2024.
Don’t worry if you didn’t start right at the beginning – just add up the total number of each day missed and start from there.
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.
The amounts start small, but towards the end of the year, you might find the weekly savings target grows too big.
For example, 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.
So before you start, consider whether it could be too much of a stretch at an already expensive time of year.
If you can stick to it though, the payoff is huge as you’ll pocket a whopping £1,378.
You could always flip it and start with the biggest amount (£202 a week) and then get smaller – it might be worth making a chart so you can keep on top of figures.
This adaption of the 52-week challenge is ideal for people who get paid fortnightly.
As you can see, the savings outcome at the end is the same but how it works is a little more complicated.
The idea is that you start on week two and save £3 (so that’s the £1 from week one, and the £2 from week two), and then in week four, you’ll save £7 (week three and four).
This may make it harder to follow, but it can help spread out your savings.
