We all know that saving money is vital. But let’s face it: it’s famously tough to save money for a rainy day or a vacation. The Money Advice Service recommends having three months’ worth of essential outgoings saved in an immediate access savings account.
You don’t have to save considerable sums of money all at once. The trick is to save small and regular. So, let us give you some valuable suggestions that have genuinely doable.
So you can begin your savings trip right away (and who knows, it may even be enjoyable!). Therefore, before you look for ATM machine repair in New York, let’s know the ideas.
The Challenge of the Coin Jar/1p
Believe again if you think vintage jars are only for buttons and jam! This coin jar challenge can save you hundreds of pounds, depending on the size of the jar. Everything you have to do is taking an old jar and fills it with whatever stray cash you discover in your pockets.
Or, you can down the back of the sofa. You fill the jar to the brim and only count the money you’ve saved when it’s complete. But the actual problem here is resisting the urge to dip into your jar whenever you need a little extra cash.
Make Your Savings Decision Based on the Weather Forecast
That’s simple. Just check the weather prediction every day. And match the amount you save with the most significant temperature forecasted throughout the day. For example, if the temperature is ten °C, you save £10.
The United Kingdom is not precisely known for its bright and hot weather. So if you’re feeling daring, why not base your savings on the Fahrenheit temperature scale instead? That is, instead of 20°C, it would be 68°F or £68 directly into your savings account.
The Challenge from Monday through Sunday
While you’re thinking big with your finances but keep forgetting or find it all a little daunting, this one may be for you! The Monday to Sunday savings challenge, like the 1p savings challenge, involves saving a specified amount of money each day of the week.
So, on a Monday, you save £1, Tuesday, £2, and up to £7 on a Sunday. And then when the weekends and Monday come around again, you repeat the process.
The Savings Challenge on Social Media
There are various automatic systems available to assist you in doing this. But you have access to internet banking. So, you may deposit the funds even before your article has received its first like! This Challenge allows you to save £28 every week – around £121 per month – for a total of £1,456 per year.
The Bottom Line
Over a year, the 1p Challenge can help you save £667.95. It has gained traction last year. You may do this with cash, a coin jar, or moving funds from your checking account to a savings account. You can also take the ATM services which is beneficial for you.
You begin by saving 1p on day one, 2p on day two, 3p on day three, and so on for a whole year, saving what you saved the day before plus one penny.