Soaring energy bills and rising food prices made life difficult for many in 2022 as Britons struggled to make ends meet during the cost of living crisis. However, the new year is the perfect time to start a new savings habit to put some extra cash away for increasing bills, emergencies or even the odd treat. There are several money saving challenges doing the rounds on social media giving people plenty of choice in terms of which one is better for them, depending on how much they have left over after paying for essentials.
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Money saving challenges are always popular at this time of year and could leave people hundreds or thousands of pounds better off by the end of 2023.
People can start saving from just one pence on the first day and can choose to put the money away into jars, envelopes or savings accounts.
Anyone taking part in the 1p Savings Challenge will have£667.95 at the end of 12 months if they stick to it every single day.
For those feeling a bit more flush, the£5 savings challenge will leave people almost £7,000 better offby the end of the year.
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10 money saving challenges for 2023 (Image: Getty)
1p savings challenge -Savings by end of 2023: £667.95
This is often seen as one of the easiest savings plans and encourages people to increase savings by just 1p per day. Start by setting aside 1p on January 1, 2p on January 2, continuing through the year until £3.65 on December 31, adding up to a total of £667.95 for the full year.
The Reverse 1p Savings Challenge - Saving by end of£667.95
This challenge works exactly the same way as the 1p Savings Challenge, except you start by paying £3.65 on January 1 decreasing to 1p on December 31. People will end up with the same amount of savings but may find it easier to save more now than later on in the year.
Monday to Friday savings challenge:£780
Start by saving £1 on Monday increasing by £1 a day until Friday - so £2 on Tuesday, £3 on Wednesday, £4 on Thursday and £5 on Friday, resetting to £1 every Monday.
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52-week savings challenge:£1,378
This saving challenge is for people who are feeling a bit more flush. Savers will need to increase the amount saved by £1 each week, so people will need to save £1 the first week in January all the way through to the last week in December when people need to save £52.
Reverse 52-week savings challenge:£1,378
This money-saving challenge works the same as the one above but in reverse. People will need to put £52 away in the first week of January, £51 next week and just £1 in the last week of December.
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365-day savings challenge:£1,456
People following this challenge put money away seven days a week starting with £1 and increasing to £7 on Sunday. At the end of every week, savers will have £28 and at the end of 52 weeks, they will have £1,456.
£5 savings challenge:£6,980
This is for people who want to save a larger amount and works by increasing the amount people save by £5 a week. The first week of January, people will need to save £5, £10 the second week and so on until the end of the year when they have nearly £7,000.
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Grocery stretch challenge: Up to £700 a year
Under this challenge, every week, the saver goes shopping one day later than the week before in a bid to make the same shopping last for seven days in week one, eight days in week two and so on. This challenge is the equivalent of missing a weekly shop every seven weeks, so anyone who normally spends £100 a week could save around £700 over the year.
30 days no spend challenge: Up to £1,000 a month
Although it's hard to say how much this challenge will save, it will encourage people to focus on what they are spending (by not spending it) and where they can make savings. There are lots of charts people can download to help them along the way.
Monday to Friday no spend challenge: Around £100 a week
How much someone saves by adopting this challenge depends on how much they would otherwise spend but choosing no spend days during the week can make a big difference.
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Insights, advice, suggestions, feedback and comments from experts
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Now, let's discuss the concepts mentioned in the article about money-saving challenges.
Money-Saving Challenges
The article discusses various money-saving challenges that people can undertake to save extra cash for increasing bills, emergencies, or treats. These challenges are popular on social media and offer different options depending on the individual's financial situation. Here are some of the challenges mentioned:
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1p Savings Challenge: This challenge involves increasing savings by just 1p per day. Participants start by setting aside 1p on January 1, 2p on January 2, and continue increasing the amount throughout the year until £3.65 on December 31. By the end of the year, participants can have a total of £667.95 in savings .
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Reverse 1p Savings Challenge: Similar to the 1p Savings Challenge, this challenge starts with a higher amount on January 1 (£3.65) and decreases to 1p on December 31. The total savings amount at the end of the year is the same as the 1p Savings Challenge (£667.95).
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Monday to Friday Savings Challenge: In this challenge, participants save £1 on Monday and increase the amount by £1 each day until Friday. The savings reset to £1 every Monday. By following this challenge, participants can save a total of £780.
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52-week Savings Challenge: This challenge involves increasing the amount saved by £1 each week. Participants start by saving £1 in the first week of January and continue increasing the amount until the last week of December when they save £52. By the end of the year, participants can have a total of £1,378 in savings .
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Reverse 52-week Savings Challenge: Similar to the 52-week Savings Challenge, this challenge starts with a higher amount (£52) in the first week of January and decreases by £1 each week until the last week of December when participants save just £1. The total savings amount at the end of the year is the same as the 52-week Savings Challenge (£1,378).
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365-day Savings Challenge: In this challenge, participants save money every day of the week, starting with £1 and increasing to £7 on Sunday. By the end of each week, participants will have saved £28, and by the end of 52 weeks, they will have a total of £1,456 in savings .
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£5 Savings Challenge: This challenge is for those who want to save a larger amount. Participants increase the amount saved by £5 each week. Starting with £5 in the first week of January, they save £10 in the second week, and so on until the end of the year, resulting in nearly £7,000 in savings .
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Grocery Stretch Challenge: This challenge involves stretching grocery shopping by going one day longer each week without shopping. For example, in the first week, participants make their groceries last for seven days, in the second week, they make them last for eight days, and so on. By following this challenge, individuals who normally spend £100 a week on groceries could save around £700 over the year.
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30 Days No Spend Challenge: This challenge encourages individuals to focus on their spending habits by not spending any money for 30 days. While the exact amount saved may vary, this challenge helps people identify areas where they can make savings.
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Monday to Friday No Spend Challenge: By choosing not to spend money on certain days during the week, individuals can save a significant amount depending on their usual spending habits. The exact amount saved will vary based on personal circ*mstances.
These money-saving challenges provide individuals with different options to save money throughout the year. By following these challenges, individuals can accumulate savings that can be used for various purposes.
I hope this information helps you understand the concepts mentioned in the article. If you have any further questions or need more information, feel free to ask!
