I'm taking part in the 52 week savings challenge this year, to fund a trip to Lapland.
Here is everything you need to know about how I'm going to save over £1,300 this year
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Saving money can be difficult, even more so as a parent, don't you think? Every month can pass by with the best plans to put some money aside, but unexpected things pop up and before you know it you're dipping into your savings.
This year I've challenged myself to stick to some money savings challenges, as I would love to take an extra trip to take the kids to Lapland while they're still little.
So to make my life easier, I've started the 52 week challenge, which will help me save £1,378 over the course of the year and this article will tell you everything you need to know about getting involved too!
What is the 52 week money saving challenge?
The 52 week challenge is a REALLY easy money saving challenge, which suits me as I don't know about anyone else, but I find these things so difficult to stick to! By spreading it across the entire year, it also feels more achievable as it breaks down the payments into small figures.
So for this money savings challenge, literally all you have to do is save £1 more than you did last week. Easy right?
For example, the first week you will save £1, then the following week £2, and £3 the week after, so on and so on.
By doing this, over the course of the year will have saved a huge £1,378, how good is that!
How much will I have to save a month?
Depending on when you decide to start your money saving challenge, the values that you will save every month will increase as time passes by.
I started this challenge at the turn of the year and the month I will need to save most is in November, when I will be saving £190 in the month.
But money savings challenges are not just for new years resolutions, in fact, you could start this challenge at any time of the year.
How to get started
You could do this challenge manually by setting the cash aside yourself every single week, but let's be serious, who carries cash these days? I feel like the days of the piggy bank are over.
Alternatively you could try and remember to transfer it to a savings account every week, but again, who is going to remember to do that!?
So I'm using Plum to automate the savings for me and it's literally been so easy. I've got a few challenges activated on the app which means that they automatically move the money into a savings account for me. You can download it on the App Store for free here.
What is Plum?
Plum is an app that helps you to automate your savings using technology, basically an app that makes your life easier! You connect your bank using open banking technology, which allows their technology to analyse your spending and help you put more money aside into your savings pockets. Plum is regulated by the Financial Conduct Authority and you can read more about how they safeguard your money here.
How to set up the 52 week challenge? *
It's really easy to activate a rule in Plum so that you don't have to worry about keeping on track with your money saving challenge.
First you'll need to create your Plum account and then from the Home Screen click the purple Brain icon.
This will take you through to activate the rules which you'd like to set up.
I have activated the 52 week challenge, automatic and round ups, and in the 8 weeks I've been using Plum I have £276.40 in my savings pocket! AMAZING.
The 52 week challenge is for Pro Plum members, which costs just £2.99 a month, you can cancel anytime.
Let me know if you have any questions
So that's everything I think you need to know about this money savings challenge, but please let me know in the comments if you have any questions. Happy savings! xxx
*Capital at risk if you invest