Six money-saving challenges that could help you put away £6,890 this year (2024)

Finances have been - and will continue to be - tight over the next 12 months and many of us would like to try and put money aside for a range of different reasons.

You could be looking to boost your emergency fund, prepare for a big life milestone such as getting married or saving towards a house deposit.

Whatever your reason, it's hard to do - particularly over recent years as our monthly budgets have been tightened.

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One way many have managed to build a cash pot is by committing to a savings challenge. These give you a map of how much you should be putting away and when in order to build a cash pot.

Here we have listed a range of different savings challenges you could take on this year.

Monday to Friday savings challenge - £780

This one requires you to put some cash away five days each week. You start by saving £1 on Monday then increase this amount by £1 a day until Friday - so £2 on Tuesday, £3 on Wednesday, £4 on Thursday and £5 on Friday. In total, you would save £15 a week and over the year, this adds up to an impressive £780. If you only do half of this challenge or do it every other week, you would still save £390 by the end of the year.

Monday to Sunday savings challenge - £1,456

This one is a harder version of the Monday to Friday challenge, as it includes every single day of the week.

The principle is the same, so you save £1 on Monday and then increase this amount by £1 a day - but this time, you go all the way through to Sunday when you save £7. You would save £28 each week through this challenge, which would add up to £1,456 by the end of the year. If you complete half of it, you would put away £728.

Six money-saving challenges that could help you put away £6,890 this year (1)

365 Day Savings Challenge - save £366

This likely is the simplest challenge to take on as it requires you to put away some money every single day of the year. You can choose how much you can save each day and repeat that throughout the year. So if you choose to put away £1 a day then you will come out with £365 by the end of the year - however, 2024 is a leap year with the extra date of February 29 - so this year you could save £366.

If you wanna go big or go home and you choose to put away £5 a day then you could end up with a cash pot worth £1,80 by the end of the year.

1p savings challenge - £671

This challenge is another daily savings challenge but this one starts with putting away 1p and adding an extra penny each day throughout the year. So on January 1, you put away a single penny into a savings account - you can always put it into a jar if you want to be a little old school - and then on January 2 you put away 2p, and on January 3 it's 3p and so on.

Finally, on the final day of the year, you would transfer over £3.65 which will give you an eventual total of £667.95. However, in 2024, the leap year makes it a little as on the final day of the year you will be putting £3.66 into your savings pot. Due to this extra day, your savings total will be £671.61.

You can also do this one in reverse too - so on January 1, you put away £3.66 and do down from there. This approach means you will be putting less money away at the end of the year in December when you may need it most.

Six money-saving challenges that could help you put away £6,890 this year (2)

52 week savings challenge - save £1,378

With this challenge, you increase the amount you save by £1 each week. So the first week in January you would save £1, then the second week you put away £2, all the way to the final week of December where you save £52.

The most you could potentially save is £1,378 if you complete the challenge - this doesn't change with the leap year in 2024. If you don't make it all the way, you could potentially build up a savings pot worth £351 if you commit for six months.

You can also adapt this challenge and make it 26 weeks instead. This would be ideal for someone who is paid fortnightly. The end saving outcome is the same but how it works is a little more complicated.

The idea is that you start on week two and save £3 (so that’s the £1 from week one, and the £2 from week two), and then in week four, you’ll save £7 (week three and four). This may make it harder to follow, but it can help spread out your savings. If you are going to do this one you may want to make a plan of how much you need to put away each time to help you stick to it.

£5 savings challenge - save £6,890

The fiver challenge is an ambitious one and may suit someone who is saving for a milestone. The £5 saving challenge involves increasing the amount you put away by £5 each week. So on the first week of January, you'll save £5, on the second you put away £10, on the third week it'll be £15 - all the way up to week 52 at £260. If you complete this challenge, you could save an impressive £6,890 by the end of the year. If you make it halfway you still would put away a sizable cash pot worth £1,755.

Six money-saving challenges that could help you put away £6,890 this year (2024)


What are the challenges of saving money? ›

7 barriers that keep us from saving money (and how to knock them down)
  • Spending too much on housing.
  • No defined budget.
  • The “I'll save when I make more money” mindset.
  • Lack of measurable savings goals.
  • Student loan payments.
  • Your comfort zone.
  • Overusing credit cards.

What is the 5 savings challenge? ›

The fiver challenge - save £7,000

This challenge works the same as the 52 week challenge, but you go up in multiples of £5 rather than £1. So week one = £5, week two = £10, all the way up to week 52 at £260. Alternatively, if you're not in the position to save these larger amounts, you could save £5 every week instead.

How to save $5,000 in a year? ›

Ways To Save $5,000 in a Year
  1. “Chunk” Your Savings. The first step to saving $5,000 in a year is to break down your savings goal into manageable portions. ...
  2. Automate Your Savings. ...
  3. Save in a High-Yield Saving Account. ...
  4. Track Your Cash Flow. ...
  5. Boost Your Earnings. ...
  6. Declutter for Cash. ...
  7. Evaluate Your Subscriptions. ...
  8. Challenge Yourself.
Feb 5, 2024

What is the saving challenge for the year? ›

52-Week Saving Challenge

The 52-week money challenge works like this: Start by depositing $1 in week one, $2 in week two, $3 in week three and so on. Keep the funds you save in an interest-bearing savings account. By week 52, you'll have amassed a full $1,378 in savings.

What is the 1000 savings challenge? ›

The 30-Day Savings Challenge helps you to gradually save up the money to reach your goal of $1,000. On the first day, you are only saving $5! Yep, that's right, only $5! I know you can hit that goal! ▼ You might also like my Budget Excel Templates!

What is the 6 month money challenge? ›

Under the six-month money-saving challenge, you'll increase your savings rate by $6 per week for six months. By the end of the challenge, your total savings amount will be $2,106. To elaborate, you'll save $6 in your first week. In the second week, you'll save $12.

What is the $5000 challenge? ›

You can save over $5,000 in just over three months with the 100 envelope challenge. It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random.

What is the 1 to 100 saving challenge? ›

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

What is the $10 savings challenge? ›

"Save $10 a week with this 52 Week Savings challenge will help you to meet all of your savings goals. Each week you tick of each amount in order to save the full 520 in the amount of weeks in a year. Saving can be hard but with this you can make it a fun challenge. Safe enough a week to add to the savings pot.

What's the 100 envelope challenge? ›

The 100-envelope challenge is a way to gamify saving money. Each day for 100 days, you'll set aside a predetermined dollar amount in different envelopes.

What is the 52 week money challenge? ›

There are no complicated rules to remember. Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378!

How to save $1 000 in a year? ›

Here are 11 strategies for saving $1,000 quickly.
  1. Set a clear timeline. First, ask yourself by when you want to save this amount? ...
  2. Track your expenses. ...
  3. Cut unnecessary subscriptions. ...
  4. Dine in more often. ...
  5. Shop smart. ...
  6. Sell unused items. ...
  7. Set up automated savings. ...
  8. Limit impulse buys.
Aug 31, 2023

How to save $10,000 challenge? ›

Break Your Goal Down Into Smaller Milestones

This can help make it more achievable in the short term. The easiest way to do this is by setting monthly savings goals. To save $10,000 in a year, you'll need to save about $833 each month, or around $192 per week.

How can I save $5000 with the 52-week money challenge? ›

Here are a few more ways to save $5,000 by the end of 2023:
  1. Save $96.16 every week.
  2. Save $192.31 every two weeks.
  3. Save $416.67 every month.
  4. Save $1,250 every quarter.
  5. Save $2,500 every six months.
Jan 5, 2023

What is the 21 day challenge for saving money? ›

That is what this challenge is all about: taking 21 days to make some drastic, but realistic, changes in order to save at least $500 each month. If you are anything like I was, you probably have more bills and payments due each month than you have money coming in.

What are 3 disadvantages of saving? ›

The disadvantages of using personal savings:
  • You're limited to what you can afford: your savings may only get you so far.
  • It's risky to spend all your savings: you might need your savings for a personal emergency.
  • Your responsibility for success: having more people behind your business could lead to more success.
Mar 15, 2024

Why is saving money so challenging for most people? ›

It's hard for us to save because it's difficult for our brains to think about the future in a concrete way. But there's no need to lose hope – we can either trick our minds into imagining the future more effectively, or, perhaps more realistically, we can make saving money a default option for ourselves.

Why do you think its very challenging to save money? ›

Saving money is difficult because it takes time.

The constant urge to access more and more information, mixed with a dose of modern consumptionism, is jumping out on us from various communication devices, making us running from purchasing one thing to purchasing another within minutes.

What are the disadvantages of saving money traditionally? ›

Cons: Low Yield

Safety and liquidity in savings accounts come at a steep price: traditional savings accounts offer a paltry amount of interest compared to other types of accounts. They are one of the least rewarding ways to save money, earning interest rates between 1 percent and 2 percent per year.

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