How to pocket up to £668 by end of this December with a savings challenge – but you have to get started todayJanuary 2, 2022
SAVERS can pocket up to £668 in the space of a year with a challenge that makes you stash away just pence each day.
You have to start now though, as the clock is ticking and every day of 2022 counts towards the end total.
Starting with 1p, you add extra cash into a savings account every day of the year and what you save increases by 1p with each new day.
So as day one is 1p, day two means you stash away 2p, and the next day it's 3p and so on.
By the end of the year, or day number 365, you'd be adding £3.65 into the account.
As it approaches Autumn and Winter time, you'd be stashing away roughly the equivalent of the price of a coffee each day.
So you could set yourself the extra goal of cutting out the daily expense example, and that way you're not eating into your budget any more than normal.
If you don't miss a day the challenge means you'll save exactly £667.95 in total, which is not to be sniffed at as a bit of extra cash to use as a treat at the end of the year.
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You can imagine that this time next January, when the purse strings are typically tight anyway, the saved money will be a welcome boost.
It's a tried and tested method that even allowed one family to save up for Christmas last year.
They began the challenge a little earlier in December 2020 to make sure they saved up the nearly £670 in time for the festive period of 2021.
It wasn't in vain though, as the extra pot of cash they had built up went towards a visit to see Santa and a viewing of a festive play, amongst other things.
If you want to do the same and save over £600 in a year you'll need to get started now, as each and every day counts toward the total.
You should have really started yesterday to get the absolute maximum out of the challenge, but you only have to put 1p into the pot on January 1 so you haven't missed out just yet.
You could always catch up by putting 3p into the savings account today (January 2) instead of the 2p that would usually meet the goal.
The savings challenge is a very gentle way of easing you into stashing away a considerable amount of cash – it won't be for a a few months until you'll have to start contributing pounds to the total.
April 10 is the 100th day of the year in 2022, so on this day you'd add £1 to your savings, as an idea of a time frame of the year.
There's another version of the challenge you can take on too that means you pocket a pound a day.
But this one means you have to fork out more towards the savings contributions so you'd have to have a bit more disposable income to play with.
It works in exactly the same way but instead of pence, on day one you add £1, day two it's £2, and so on.
You'd save an impressive £1,456 by the end of the year though.
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