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10 challenges to help you save money

Looking for a fun way to spend less and save some cash? We have 10 money saving challenges to choose from.

1. The £1 savings challenge

Put aside £1 every day for a whole year – that’s a saving of £365 in 365 days. You could also do this weekly or monthly and set up a standing order to transfer the money straight into your savings account.

2. The 1p savings challenge

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.

3. The 12-month challenge

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.

4. Save £2,022 in 2022

If you can afford to, you could try saving £168.50 every month (or £38.89 a week). After 12 months, you could have £2,022 to put towards a home deposit or an emergency fund, for example.

5. Financial and physical health challenge

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. 

6. No-spend challenge

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.

7. Little vices saving challenge

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. 

8. 30 wear clothing challenge

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. 

9. Shop and swap challenge

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 2022 the year of making positive changes to help you save money?

10. Take control of your finances in 2022 challenge

Taking action feels good. Whether you’re looking to grow your money or get out of debt – there’s support available to help you reach your goal. Small steps can make a big impact and could be the beginning of a very different future.