How To Do The 30 Day Savings Challenge
Last Updated on: 3rd February 2024, 10:44 am
As we step into a new month, it’s a great time to start doing the 30 day savings challenge. It is time to start on a financial journey that promises to change the way you save. The 30 day savings challenge has taken the UK by storm. There is also the 100-day challenge, but for those on a budget, the 30-day challenge is so much better. This way of saving is a great way of offering a simple yet effective method to boost your savings and work towards a healthy money mindset.
Understanding The 30 Day Savings Challenge
The idea of the 30 day savings challenge is straightforward. You simply need to save a specific amount each day, gradually increasing as the month progresses. This challenge not only instils discipline but also allows you to look at tangible growth in your savings. Obviously, February only has 29 days in 2024, but you can always fill 2 envelopes in one day.
Getting Started With The 30-Day Savings Challenge
Firstly you need to set your goal. Are you going to aim to save a lot of money or are you looking to save loose change and see how much you can save up? Are you planning to use the money for something special? Or are you just trying to see if you can complete the challenge, before deciding on the 100 day challenge? Having a clear goal will encourage you to save some money.
Choose your savings amount of money. Then get some envelopes and write 1 to 30 on them, place these to one side for the moment. Start with a modest amount on day one and gradually increase it. For example
- Day 1: £1
- Day 2: £2
- Day 3: £3
- Day 4: £4
- Day 5: £5
- Until you get to day 30 and you pop £30 in the envelope. In the end, you should have saved £465 if you decide to do the challenge with £1 coins. If you do the 30 day savings challenge with 50p pieces you will end up with £232.50. Still a great sum of savings over 30 days. If you do it with pennies, you will end up with £4.65, so that is a great one for kids to do.
You can also download this 30 day tracker, and pop the money in a jar. Then colour in a square when you have put the chosen amount in. This tracks how much you have been putting in the jar.
Practical Tips To Help You
- You don’t have to fill the envelopes or savings squares in any particular order, If you have a lot of money one day, you could fill the higher-value envelopes first.
- Automate Transfers: Consider setting up automatic transfers to your savings account. This ensures consistency and removes the hassle of remembering to save each day. Also, take cash from the bank and start using that instead of your card all of the time.
- Adjust to Your Budget: If the suggested amounts seem challenging, feel free to adjust based on your financial situation. The key is to be consistent.
- Celebrate Milestones: Acknowledge your achievements along the way. Celebrate reaching certain milestones and use any challenges as opportunities to refine your strategy.
- If you decide to carry on with the 30 day savings challenge, you can carry on from day 31 etc. Or you can start again from day 1. If you do this, you should save over £5000 a year.
So, are you ready to embrace the challenge and watch your savings grow? The journey begins today!
Win £10 cash to start your savings challenge (or choose an Amazon Voucher). All you need to do is follow the instructions on the rafflecopter, and you will be entered. You do not need to enter all of the requirements, but the more you enter, the better the chance of winning.
a Rafflecopter giveawayThis competition is open to worldwide competition fans and you will get the equivalent in your local currency. If you say you have entered a requirement, you need to have completed it otherwise your entry is void.
