Wednesday 31 December 2014

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?

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

18 comments:

  1. We did the 52 week pound challenge this year (2014) and it made Christmas a breeze having savings for the first time! Plan on doing it again in 2015.

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    1. I'm so pleased it worked for you! It must make Christmas so less stressful.

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  2. What a fabulous idea this is and may try something similar.

    Happy New Year and best wishes for 2015!

    Angela - Garden Tea Cakes and Me

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    1. Happy New Year Angela! I hope you find a savings scheme that suits you this year.

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  3. Love this! Some great ideas! I saw the 52 week challenge mentioned the other day actually and I may well give it a go this year myself. Happy New Year!

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    1. I think it's amazing how the amount adds up over the year.

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  4. We're doing the 50p version of the 52 week challenge this year. It's a much more manageable target over the year for us :)

    Louise

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    1. If you complete it it still adds up to a very tidy sum.

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  5. What great ideas, I think we will do one of these, though I think with Christmas and a December birthday for Boo we will be doing a reverse one!

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    1. I think doing it in reverse is a good idea and gives you a good incentive to save for.

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  6. I did the 52 week pound challenge last year. I only lasted until June at which point we changed our bank account and I never quite got round to setting it up again, but I may give it another go this year x
    #Thelist

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    1. Do tr6 and get it set up again. Think of the savings!

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  7. I like the idea of the 52 week pound challenge, I don't know how I would manage it nearer the end of the year, and things aren't great for doing it in reverse right now, but I need to do something. #thelist

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    1. Perhaps it would be better for you to set up a direct debit with a set amount to go to a separate savings account. That way you can treat it as an expense but you get all the benefit in the end!

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  8. I love the 52 week challenge, I'm definitely giving it a go this year - we're planning a holiday in December and we could use this for our spending money. Top tip! THanks for linking up with Tots100, too :)

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    1. Nothing like the thought of a holiday to get you saving!

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  9. Great ideas. I might give one of these a try. We saved £2 coins in a piggy bank. It was full in time for our honeymoon so we took it with us and smashed it. Paid for loads of meals and trips out :) #thelist

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  10. I'm a horrid saver! So these are some great ideas :) some of them I'd be able to do with out anyone in the house even noticing! We've got 5s and 10s all over the place. Slightly worrying as reuben now thinks all money is chocolate...better start collecting and saving now!!

    #TheList xxx

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I appreciate your comments. If you have any tips, tricks or tweaks please pass them on!