Saving money can be a challenging thing to think about, particularly in the current economic climate, where we see costs continue to increase and there is a real challenge to pay for basic essentials.
Having some savings can provide a sense of security and peace of mind, so when money feels stretched, can we find creative ways to save?
Ahead of Talk Money Week 2024 here are some money saving challenges that you may want to pick and choose from. If you haven’t saved before, perhaps these tips could spark some ideas for you and ignite a new desire to save. If you do save or have done in the past, you may find some new money saving challenges described below!
1. Spare change savings challenge
The spare change savings challenge is a great way of saving without having to be too involved as it’s all automatic, provided you have your banking app set up to do this. Some bank apps offer to round up any spend you make to the nearest pound, directing the change into your nominated savings account. For instance, you buy some snacks and the total comes to £3.60, the bank will round it up to the nearest pound, so you’ll see a £4 charge and the 40p will go into your savings account.
Next step: check whether your bank offers this service. If they don’t, or you prefer to spend in cash to keep track of your spending — pop your spare change in a money jar!