The 52-week money-saving challenge
Saving money can be difficult. Each month can pass by with the best plans to put some money aside, but unexpected things happen and before you know it you're dipping into your savings.
So, here is everything you need to know about how you can save over £1300 in a year to make life a little easier. I’ve been doing this challenge to help fund a trip to Lapland.
What is the 52-week money saving challenge?
The 52-week challenge is a simple money saving challenge. By spreading it across the entire year, it feels more achievable as it breaks down the payments into small figures.
So for this money saving challenge, all you have to do is start with £1, and then as each week passes, you save £1 more than you did the previous week.
For example, the first week you will save £1, then the following week £2, and £3 the week after, so on and so on.
By doing this, over the course of the year will have saved a huge £1,378 – with relatively little effort.
How to get started
A lot of people start this challenge at the very start of the year. But you don’t have to! You could start any time. You could do this challenge manually by setting the cash aside yourself every single week (but let's be serious, who carries cash these days? I feel like the days of the piggy bank are over!)
Alternatively you could try and remember to transfer it to a savings account every week, but again, who is going to remember to do that!?
So I'm using Plum to automate the savings for me and it's literally been so easy. I've got a few challenges activated on the app which means that they automatically move the money into a savings account for me. You can download it on your app store free.
What is Plum?
Plum is an app that helps you to automate your savings using technology - basically an app that makes your life easier! You can set rules for your savings, such as automatic round-ups or even challenges like this one. The best part? It's super safe to use, with robust security measures in place.
Plum is regulated by the Financial Conduct Authority and you can read more about how they safeguard your money here.
How to set up the challenge
It's really easy to activate a rule in Plum so that you don't have to worry about keeping on track with your money saving challenge.
First you'll need to create your Plum account
From the Home Screen click the purple Brain icon
This will take you through to activate the rules which you'd like to set up
I have activated the 52 week challenge, automatic and round ups. In the first eight weeks of using Plum I had almost £280 in my savings pocket!
(The 52 week challenge is for Pro Plum members, which costs just £2.99 a month, you can cancel anytime.)
*Capital at risk if you invest
So that's everything I think you need to know about this money savings challenge, but please let me know in the comments if you have any questions. Happy savings!
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