In today’s world, I think it’s safe to say a lot of us struggle with saving for the future because of various reasons, but what if there were a few easy and cost effective ways we could save money for the future, without having to ‘lock’ money away in bonds or investments in order for our money to make a reasonable amount of interest.
Thankfully, there are some ways you could save money in 2020 without having to break the bank. I have tried and tested a few below, even in difficult financial times. You just need to stick to it and in time you will see the result. I really hope these examples below will help you save and by this time next year you’ll be splashing out on that holiday, paying off some debts you’ve had for a while or perhaps just keeping it for a rainy day.
The 365 days money saving challenge – save nearly £1,500 in a year!
When I was at University (and had just brought a really run down house), money was tight, even though I had a part-time job and my partner worked full-time, but we still couldn’t save, so I heard about a great way to save money on a tight budget.
The 365 days money saving challenge allows you to save bit by bit each day. I would start saving on a Sunday, putting £1 away then £2 on Monday, then £3 on Tuesday and so on until I reached £7 on Saturday, and then on Sunday I would start with £1 again. Doing this adds up to nearly £1,500 by the end of the year, which was enough for me to buy more clothes, get my Christmas presents or pay for a holiday.
The 1p a day challenge
This is another cost effective way to save bit by bit each day. Start off with 1p on the first day, 2p the next and so on until you reach the 365th day, which would be £3.65. Sticking to this would save you £667.95. You could buy a hell of a lot with over £600. To help you follow this challenge you could use this checklist by playpennies to help you keep track of your savings each day.
Use an AI (Artificial Intelligence) Assistant
Plum is a great way to save money a little bit at a time based on your spending habits and you don’t have to do anything. Plum is an AI Assistant that connects to your bank account and tracks your spending daily to learn about your income and spending. Every few days Plum sets aside a bit of money at a time, just enough depending on your spending habit’s, which adds up overtime, what’s more it’s free! More information about Plum can be found here.
Simply save £10 a week
If you saved £10 a week for a year you would have £520 by the end of the year, a nice tidy sum to help you out the following January perhaps when money is tight.
So there we have it, 4 easy ways you could start saving money in 2020, in a cost effective way (hopefully!). I hope this will help with your money saving aspirations if not now, perhaps in the future.
Let me know how you save money below, I’d love to know and I’m sure others would benefit from it too!