Updated: Jul 15
How to save over £3,000 this year with a super easy savings challenge
If you've got a big savings goal in mind this year and like me find it easier to break it down into manageable chunks, then I've got the perfect challenge for you. The 5p challenge is really easy to follow and will allow you to put away over £3,000 in just 12 months, let me should you how!
Download your free tracker
First things first head to the 'free downloads' section of my site to download your totally free 5p savings tracker. This includes all of the savings amounts and will allow you to keep a better track of where you are up to!
How does it work?
So the idea is that on the first day of the year you save just 5p, the second day you will save 10p and the third day 15p. You will increase the amount you save by 5p every day of the year, meaning that by the final day you will be saving £18.25. All of these values will add up to a total of £3,352! You can either follow the challenge chronological through the year in this way or if like me you don't want to leave all the bigger payments until December, you can do it in a random order!
Does it have to be in cash?
It's totally up to you and depends where you will be taking the money from. I work 3 evenings a week as a Waitress for extra income, so I will be using the cash tips that I get from this to fund my 5p challenge. However, if you very rarely carry cash it might be a better idea for you to do it on your bank!
Will my bank allow me to transfer small amounts?
I personally bank with Monzo and they do allow you to transfer small amounts of money into a savings pot so I would recommend a Monzo account if you don't already have one. However, you may find it easier to add the months together and make on transfer a month to your bank account.
Is it too late to start now?
Absolutely not! If you're a bit late starting, luckily the first months values are super low so you can catch up really easily!
Good luck and happy savings!
Download your tracker here and get started with your savings today!
Budgeting Mum x