Save over £1,300 in a year with the 52-week savings challenge

Even with the best intentions, sticking to the commitment of regularly saving money for the future can be difficult. Savings challenges are an option as a means of staying on top of one’s savings goals.

Savings challenges are an option as a means of staying on top of one’s savings goals.

Whether trying to save for a holiday, a house deposit, or just to put money away for a rainy day, saving money regularly can help achieve those targets.

The 52-week savings challenge is an example of that, and could allow savers to rack up over £1,300 in a year.

The challenge, as the name suggests, requires savers to put away money every week for a year.

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In the sixth month of the challenge, £90 will be added to the piggy bank.

During the final week of the challenge, £52 needs to be saved.

The last month of the challenge will see £202 added to one’s savings.

This emphasises the need to keep up the challenge all the way until the end.

This could be an ideal option for someone who has extra cash right now, as they will not have to worry about putting away larger sums every week towards the end of the challenge.

With lockdown meaning fewer places to spend one’s money until recently, this option may appeal to many.

If a saver does not want to commit to a full year of the challenge, they could also do it for six months instead.

That would mean starting with £1 but only increasing the amount for 26 weeks, with £26 deposited in the final week.

By taking this approach, a person could still save £689, without the longer-term commitment.



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