Bearing this in mind, Zainab Kwaw-Swanzy, Money Management Specialist at Barclays, has listed five challenges Britons could try out, which may lead to increased savings.
The “No Spend” Challenge
“This challenge involves only spending money on ‘essentials’ for a set amount of time. For example, bills, food and expenses deemed absolutely necessary, such as petrol money or train tickets.
“This challenge takes you back to basics so you learn to appreciate the little things in life.
“Whether that’s saving money on meals out by rediscovering your love for home cooking, or enjoying a home movie night with loved ones instead of a trip to the cinema.
“It’s your choice how long you decide to take this challenge up for, whether that be a week, a month or every three months!”