Woman explains how she'll have extra £2,000 by Xmas thanks to savings challenge

22 January 2024 , 13:25

1183     0

Tish explained how her savings challenge works (Image: @saving_with_tish/Tiktok)

One woman has shared how she’ll save £2,000 by the end of the year by taking on a savings challenge.

TikTok user @saving_with_tish explained how she has a piece of paper with 110 circles on it, with each circle representing a different amount to save. She can choose to save £5, £10, £15, £20, £30 or £40 each time she ticks off a circle.

If she completes the challenge, it means she will have saved up £2,000 by Christmas. Tish explained how you can choose how much to save each time and is attempting to tick off the bigger amounts first.

She said: “Adding £20 to my £2,000 savings challenge. Just one circle to scribble off today. I like to do the bigger amounts first, so I’m hoping it’ll be easier the more I get through it.”

Tish writes down the monthly totals on a piece of paper so she can keep track of how much money she has saved. If this challenge isn't for you, there are plenty of other savings games you can test out this year.

Savvy woman fed herself for less than £1 per day using items from Tesco

For example, the 1p savings challenge sees you save 1p on January 1, then 2p on January 2 and 3p on January 3 - and so on, through to £3.65 on December 31. By doing this, you should save £667.95 by the end of the year, or if you do it on a leap year - 2024 is a leap year - you could save £671.61.

Some money management apps will also help you save by automating payments. Plum enables you to switch on a “Rainy Days Rule” which automatically moves over a deposit into a savings pot every time it rains where you live.

There is also the Money to Friday challenge, which is where 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. Over the year, this adds up to an impressive £780.

If you only do half of this challenge, or do every other week, you would still save £390 by the end of the year.

Levi Winchester