2015 Savings Challenge

The New Year is almost upon us and thoughts of resolutions are in the air. Giving up smoking or drinking, losing weight or getting fit are all popular ideas. In a past life I worked in occupational pensions and I was a qualified independent financial adviser; yes, it really was as dull as it sounds. However, in those years I did learn a thing or two about saving money and the shocking mess people got themselves into by not saving. For many saving seems a very unaffordable option but here some ways to kick start your savings habit.

52 Week Pound Challenge

You start by saving £1 in the first week of the year followed by £2 in the second and then £3 in the third and so on. Therefore by the last week of the year you put aside £52. If you save each week as planned you will have accumulated £1,378. For some the thought of saving a total of £202 in December may seem unachievable but you could do it in reverse. We pay our water bill over 8 months so pay nothing from December to March and the Council Tax is paid over 10 months with no payments in February and March. The decreasing amounts would leave you with just £10 to pay in total for the final four weeks of the year.

365 Day Penny Challenge

If a pound a week sounds a bit steep how about an extra penny a day? It works in the same way as the 52 Week challenge but instead you add on an extra penny a day. At the end of the year this method saves an impressive £667.95. By doing this in increasing amounts it does mean you would need to save a total of £111.84 in December so again you may prefer to do this in reverse. If you do it in backwards it means you only need to put aside £5.06 for the whole of December.

Copper pot

Do you ever have a pocket or purse of 1 or 2 pences? If so pop them into a money bank to lighten your load and help increase your savings. You may not save a fortune this way but you won't notice all those stray coppers going into the pot. To increase your savings add any 5 pences in as well.

Silver pot

Just the same as the Copper pot but nominate one of 10p, 20p or 50 pence pieces to go into the pot. Just remember to have the patience to count out the final amount yourself and not give any commission to any coin-counting machines.

Weekly coin dump

At the end of the week empty all the coins in your purse or pocket into a money bank. This is also a great way to save extra money without you even realising it. For many people 'breaking into a note' makes them think they are spending money whilst handing over change doesn't seem like a big deal. If you don't have a couple of quid in your pocket you may think twice about that Monday morning coffee on the way to work or the sneaky chocolate bar at lunchtime. It may also help you save a few pounds in weight in the long run as well!

Will you be taking up any of the challenges? What are your savings goals for 2015?

Linking with #TheList with Hannah at Mums' Days and Aby at You Baby Me Mummy.