Ok, so it’s an idea that came over from the USA some years back but nevertheless, the idea is still a great one! If you’re somebody that struggles to save then this may be a great starting point for you.
The 52 Week Money Saving Challenge does exactly what it says on the tin, you save every week for 52 weeks (1 whole year) but don’t get put off thinking that you should start in January, this challenge can be taken up at any time by anybody.
You begin at week 1 by saving £1, week 2, you save £2, week 3, you save £3 and so on until you finally reach week 52, saving £52. Admittedly, as the weeks go on, the challenge will get slightly more difficult but if you can persevere to the end you will see that you have saved £1,378 and that’s without any interest!
You can do this by popping a jar somewhere in the house (as long as you won’t be tempted to dip into it if you’re short one week) or if you prefer to bank online, you could regularly transfer into your internet savings account from your bank, alternatively, why not open an ISA that allows you to make regular payments in? Don’t forget to look for a savings account with a preferential savings rate to really make the most of your money.
If you would like more information on savings or would like to invest for the long-term, why not get in touch using the form below?