Savings challenge could see you put away £780 this year - and it starts with £10

29 January 2024 , 13:50

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Saving money can be easier if you have a set format (Image: Getty Images)

One savings challenge could help you save £780 this year - and it starts with putting away just £10.

The 12-month savings challenge sees you put away £10 in January - meaning it isn’t too late to start now - before then increasing how much you save by an extra £10, each month, until December. So for February, you would save £20, then £30 in March, and so on, until you save £120 in December.

If you complete the challenge each month, you will have saved £780 come December. This could come in handy for Christmas or if you have any other long-term savings goals. Here is how it breaks down:

• January – £10

• February – £20

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• March – £30

• April – £40

• May – £50

• June – £60

• July – £70

• August – £80

• September – £90

• October – £100

• November – £110

• December – £120

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Total: £780

If this challenge isn't for you, there are plenty of other savings games you can test out this year.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. We've also reported on how oneTikTok user explained how she will saved £2,000 by the end of this year through a different challenge.

Her game involved a piece of paper with 110 circles on it, with each circle representing a different amount to save. She can then choose to save £5, £10, £15, £20, £30 or £40 each time she ticks off a circle.

Then these is the Monday to Friday challenge. 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 each week.

Always remember to pick the savings challenge that suits your disposable income, and keep track of your progress so you can see how much you're saving. You can choose to keep manually on paper and pen, or through a money management app.

Levi Winchester