365-days savings challenge
Save £16,698.75 in a year
How this challenge works?
This challenge is about learning how to save money. Can you save £17K at once? Very few can. But if you build a habit of regular contributions to your savings account, it becomes only a matter of time.
Here you start small. You will only save £0.25 on the first day. Every next day you will be adding £0.25 more to the amount you saved yesterday.
This tactic gives you time to adapt to a frugal lifestyle yet keeps you challenged.
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Money saving tips
📊 Create a budget
List all your income and expenses. Then group your expenses into categories and set a limit for each. The simplest way to build these categories is the 50/30/20 rule that includes “needs,” “wants,” and “savings.”
🥁 Set a savings goal
When you join the challenge, you set your savings goal for the next 365 days as high as £16,698.75. Check the day-to-day schedule to adjust your monthly budget accordingly.
💸 Regularly top up your savings account
Don’t forget to put away your savings according to the plan. Doing it every day will help you to build a habit. If you skip a day, add the amount to be saved on that day to your next top-up.
🤷♂️ Avoid unnecessary expenses
Try to eliminate unnecessary expenses such as eating out, expensive hobbies, or impulse purchases.
🥷 Look for ways to increase your income
Consider freelancing or starting a side business to increase your income and save easier. Explore passive income ideas and investing opportunities, but never invest money that is critical for your family!