Start the New Year off right with a savings challenge

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In 2016, 2017 and 2018 I embarked on some savings challenges. Some of my challenges were small; have enough money to pay for Christmas without debt, and others were big; save enough money to buy a house. I’m really proud to say that we have achieved most of our savings goals in the last few years. Anyway, now that the New Year is here this is the PERFECT time for you to set yourself a savings goal. Some of the savings challenges I’m going to share with you today, shared by other bloggers, are designed to run the entire year. As we are only a few days into the New Year you can join in now and won’t get behind! So, start the New Year off right with a savings challenge!

Start the New Year off right with a savings challenge

Start the New Year off right with a savings challenge

The penny savings challenge!

I’ve taken part in this challenge before and loved it! Skint Dad has covered this challenge. You save 1p a day, increasing by 1p each day, so 1p, 2p, etc and at the end of the year you have just under £700 saved.

The 3-30 Money Diet savings challenge

£30 a week for 3 weeks. Nothing more. Remove your cards, carry £30 and don’t spend any more money. This is from the great team over at Latest Deals and I’m going to do this for 3 weeks before our next holiday, in April.

The affordable weekly savings challenge

I love the idea of this challenge from Frugal Family. You save different amounts per week, from £2-£5. At the end of the year, you have £164 towards Christmas, or anything else, without leaving yourself skint during the year.

The peak savings challenge

Saving in £1 increments, increasing per week, for the first 26 weeks of the year. For example £1, then £2, £3 etc. By week 26 you have £351. Then you decrease the amounts by £1 per week towards the end of the year. Savvy Dad has a guide to this challenge and also a free printable too!The 52-week savings challenge

Save £1 a week, increasing per week. So £1, then £2, then £3 etc.

Whatever savings challenge you decide to complete this year it is going to help you immensely. Being able to take control of your finances, plan for Christmas or save money for a holiday will be lovely for your mental wellbeing. I started savings challenges when I was still a bit hit and miss with money and they have really helped me focus on goals and enjoy life more.

Are you preparing financially for Christmas?

There is never a better time to start saving for Christmas than right now! These last minute ways to pay for Christmas are great to earn some extra cash before Christmas. Alternatively, check out my favourite ways to make and save money to kickstart your Christmas finances.

If you enjoyed this post I’d love it if you could pin it on Pinterest!

5 fantastic savings challenges for the new year. Penny a day savings challenge, £1 a week savings challenge, the peak savings challenge, money saving, personal finance

20 Responses

  1. katykicker January 2, 2018 / 8:43 pm

    It’s a great way to put some money away for Christmas without really noticing it too much!

  2. Anosa January 2, 2018 / 8:57 pm

    These are perfect, I am actually starting a challenge of my own to save money this year not just for my studies or travels but for my mortgage too.

    • katykicker January 2, 2018 / 10:47 pm

      That’s brilliant. Hope it goes well for you!

  3. Dean of Little Steps January 2, 2018 / 9:39 pm

    I’d love to be able to afford a renovation! We’ve just moved to our current house a year ago and I’m afraid we don’t have enough to do more work. Hopefully this year 🙂

    • katykicker January 2, 2018 / 10:49 pm

      Hope this year goes well for you!

  4. katykicker January 2, 2018 / 10:46 pm

    Ooh best of luck to you! Hope it goes well and Happy New Year!

  5. katykicker January 2, 2018 / 10:48 pm

    Haha thanks – we won it at Southend a few years ago!

  6. katykicker January 2, 2018 / 10:49 pm

    That is a lovely idea. Good luck and I hope it goes well for you!

  7. katykicker January 3, 2018 / 12:03 pm

    Yes, it is a great challenge! x

  8. katykicker January 3, 2018 / 12:04 pm

    It’s a fantastic way to save some money for Christmas time!

  9. katykicker January 3, 2018 / 12:05 pm

    That’s a good tip – I’ll have to give that a go!

  10. Fashion and Style Police January 3, 2018 / 12:20 pm

    Fab money saving tips here. Going to make use of all the information here. I need to save some more this year.

    • katykicker January 3, 2018 / 7:31 pm

      Thank you. Hope you find them useful!

  11. Cath - BattleMum January 3, 2018 / 5:22 pm

    They’re all great ideas for saving money. My sister has started the £1 per week challenge and I’m interested to see if she completes it.

  12. katykicker January 3, 2018 / 7:32 pm

    I’ve seen some other challenges where you just save £2-£3 a week all year and those seem quite achievable for a nice bit of cash for the big Christmas shop!

  13. PKaurK January 4, 2018 / 8:18 am

    I really like the 52 week challenge. I think people will be surprised how they can keep saving more and more each week, which is very encouraging and motivating.

    • katykicker January 4, 2018 / 11:29 am

      Yeah it soon adds up too doesn’t it!

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