Written by Amy Beecham
Saving money isn’t easy, but gamifying it with a fun savings challenge could help. Here are six to try for yourself in 2023.
Hands up if your new year’s resolution is to save more money? As the cost of living crisis rages on (with little to no governmental support), it’s no wonder we’re all looking for ways to ease the financial burden on our households any way that we can.
Last year, research by Yorkshire Building Society revealed that almost a fifth (19%) of UK adults have less than £100 in savings. And while there isn’t always a clear way to cut back when our budgets are already stretched, it seems plenty of us are looking for money savings challenges to take part in ahead of the new year.
According to Pinterest, who identified the trend, people are trying to make a tough topic feel rewarding by turning to accessible and entertaining ways to kickstart their savings. Searches for the likes of “budget challenge” have increased by over 135%, aided by growing popularity of FinTok, as we find ourselves looking to alternative sources for guidance.
If that sounds like you, we’ve rounded up six of our favourite budgeting challenges that you might want to try in 2023.
No-spend challenge
It’s a classic for a reason. Perfect for a month like January, when more of us are staying in following the excesses of December, a no-spend challenge is a great way to scale back. Unsurprisingly, it involves committing to spending money on nothing but essentials, such as food, housing expenses, bills and transport.
Simply set yourself an amount of time to abide by (it could be a week; it could be longer) and see just how many everyday expenses you buy through convenience and what you truly prioritise.
52-week money challenge (backwards)
A fun twist on the traditional 52-week challenge, you start with saving the highest amount first and reducing your input each time. In the first week, deposit £52, all the way through to your final £1 payment. By the end of the year, you should have saved £1,378.
Money saving bingo
If scheduled payments aren’t your style, why not challenge yourself to a game of money saving bingo? Using Pinterest’s many free printable templates, you simply check off the amount every time you save it.
100 envelope challenge
Despite the fact that most of us have gone cashless in the last few years, searches for this popular challenge have increased by 145%, according to the people at Pinterest. The TikTok-approved method involves numbering envelopes from 1-100 and filling those envelopes with the corresponding amount in cash.You then pick two envelopes at random every week and set that amount of money aside, totalling £5,050.
26-week bi-weekly savings plan
Instead of a weekly challenge, this one challenges you to save money every-other week. Therefore, the amounts deposited double each week: £4 in the first week, £8 in the third, £12 in the fifth and so on. Sticking to it for the whole year, you could save up to £1,404.
30-day saving challenge
For a short but intense burst of saving, a 30-day challenge is the way to go. With some, you can save up £3,000 in a month depending on the daily amount. However, smaller and more manageable increments (like £5-10) are also available.
Which one would you try?
Speak to a financial adviser registered with the Financial Conduct Authority before taking any financial advice, and think carefully before making any decision.
Images: Getty
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