Increase the amount you save every day by 1p. Start by putting away 1p, then 2p and so on. Keep it up and in 1 year, you’ll have saved £667.95. Proof that starting small can lead to big things.
Take each month as a number and multiply by 10 to work out how much to save. For example, January (month 1) will be £10, February (month 2) will be £20 and March (month 3) will be £30. After 12 months, you’ll have saved £780.
Every time you get a £2 coin, save it. While it may not seem a lot, putting aside every £2 coin you get can start to add up over the year.
It doesn’t just have to be £2 coins you save – you could try save every £1 you get in a jar, or every £5 note.
Looking to improve your health this year? Why not tie it into a savings challenge for extra incentive? For example, if you’re starting a weight loss journey – you could save £1 for every pound you lose. If quitting smoking is your goal, you could save the money you would otherwise spend on cigarettes – helping your financial health as well as your physical health.
This challenge involves not spending money on anything but the bare necessities, such as food and bills, for a whole month. You could also do a no-spend challenge for a week or fortnight at any time of the year to give your savings a boost.
This challenge relies on giving up 'little vices' – things you can live without. This could include a daily coffee, a shoe addiction or ordering a takeaway every week. You can either cut out all vices for an entire month or cut out certain vices for an even longer period. Not only will it help you become more mindful of your spending, you’ll save money too.
The 30 wear challenge is a commitment to wear a new item of clothing at least 30 times. It encourages you to pause and think about how you’ll use something before buying it. This is another way to practise mindful shopping. It can also reduce waste to help the environment and save you money in the process. Looking for an extra challenge? You could get creative and upcycle your old clothes, rather than buy new.
From your energy supplier to your supermarket – you can save by shopping around to find the best value for money. If your insurance policy is up for renewal, for example – now is the time to see whether it’s suitable for your needs. Or cancel any subscriptions you don’t use. Why not make 2023 the year of making positive changes to help you save money?