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6 Money Saving Challenges to try out this Spring

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Best money saving challenges to take on this Spring  

We are now in April, and the lockdown restrictions have started to lift, however it will still be a few weeks before we’re able to hopefully enjoy a semblance of normality! 

As we face the final few weeks of restrictions, now might be a good time to take on a saving challenge. While many of us are evaluating our financial goals for the rest of the year, it might help you save while keeping things fun!  

Why not try one of these saving challenges this year? 

The 52-week saving challenge  

This saving challenge is simple – you save money each week, with the amount you put aside gradually increasing. For example, you can start with a pound, going up to two pounds next week, all the way up to 52 pounds in the final week when the challenge concludes in a year’s time.  

However, the format of the challenge can be tweaked or ‘reversed’ in order to reflect the circumstances of the remaining lockdown restrictions, where it’s easier for us to save and to avoid getting into the bigger numbers in the run-up to Christmas.  

You could start by saving £52 this week, then £51 next week, and so on, until you get to £1 next February! Or alternatively, you can simply set yourself a weekly goal and save the same amount each week. 

The £5 per day challenge  

This challenge is also an easy concept – you save £5 every day for 365 days. Not only will you save an impressive total of £1,825 in a year but you’re putting aside the same amount consistently, which means it’s easy to track.  

This challenge can be adjusted in line with your goals – you can save as little as £1 a day or increase it to as much as you can afford.   

The ‘rainy day’ challenge  

If you’re setting up a ‘rainy day’ fund, the ‘rainy day’ challenge will keep things topical. The concept is simple – you put money aside every day that it rains. So, if you’re based in the UK it can be particularly lucrative! 

This challenge is best suited for people who don’t have a particular target in mind and want a more random savings method.  

How much you put aside can be a fixed amount, or you can switch things up a little by adding in another ‘randomised’ element, for example adjusting your saving target so it aligns to the date. For example, one way of applying this would be to save £23 if it rains on the 23rd. If that’s a bit too tricky (which is understandable as it rains a lot in the UK!) you can align it to the month of the year – so, for example, you could save £3 for every day it rains during March.   

The ‘spare change’ challenge  

This challenge is one many people will already be familiar with as a number of apps are available on the market that apply this method for you.  

This is how it works: every time you make a purchase, round it up to the nearest pound and transfer the difference into a savings account. 

 If you’re spending the money in cash, pop your change into a savings pot. Check in after a couple of months and take stock of your savings – you’ll be surprised how quickly it adds up!  

The 30-day purchase rule  

This rule is more of a lifestyle change than a challenge, but could be a really good one to embrace if you’ve found that you’re prone to impulse buying items online during lockdown.  

It’s a straightforward concept – if you feel the urge to purchase a non-essential item, take a step back and come back to it in 30 days. If you still want the item, purchase it then.  

It’s a great rule to follow if you have a habit of treating yourself on payday as it rewires your thinking to buy things at the end of the month, as opposed to as soon as your salary reaches your account! This encourages you to maintain healthy financial habits and then reward yourself with a purchase at the end of the month.  

Create your own challenge 

Some of the ideas outlined in this blog might inspire you to create your very own challenge. This can be adapted to your spending patterns and to how frequently you receive an income, and include daily, weekly or monthly saving targets. You might want to keep track of your savings on a spreadsheet or make notes, or simply set up a savings account you regularly transfer money into.  

Whatever the method you choose, good luck and have fun! 

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551