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This New Money Challenge Could Save You £1500 In 2021

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This New Money Challenge Could Save You £1500 In 2021

With 2020 drawing to a close (and we'll be glad to see the back of it, if we're honest), many of us will be looking ahead to the future - and what New Year's resolutions we can bring to 2021.

And for those looking to have a far better year than the one we've just suffered through, it may be worth considering pinching a few pennies.

It's now easier than ever to keep an eye on your spending, with apps, accounts and discounts always available to see where your hard-earned cash is going.

Small savings can lead to big cash (Credit: Unsplash)
Small savings can lead to big cash (Credit: Unsplash)
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Now, there's a simple and effective way of making sure you can have just shy of £1500 free at the end of next year.

Website Apartment Therapy has proposed a plan that sees hopeful savers put away a small amount every single day - which quickly amasses to a healthy amount.

The idea is that you should put aside £1 on Sunday, £2 on Monday, £3 on Tuesday and so on, all the way up to saving £7 on Saturday (the largest daily amount of the week).

You can save up to £1500 (Credit: PA Images)
You can save up to £1500 (Credit: PA Images)
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This should give you a weekly total of £28, and a yearly total of £1,456 - not too shabby!

While some may choose to keep their savings in a jar or a secret place (which has its own risks), it's suggested that you put the money you set aside in a savings account - which could see the amount you save grow even more.

Of course, 2020 has been tough for many of us career-wise, seeing millions of us across the country being out on the now-infamous "furlough" schemes or being out of a job altogether, so there are other schemes that you can try that see you putting away even smaller amounts.

Any amount of savings soon adds up (Credit: PA Images)
Any amount of savings soon adds up (Credit: PA Images)
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The 52 Week Challenge instead asks participants to put away £1 for the first week, £2 for the second, £3 for the third and so forth, until the end of the year.

Other ways to keep an eye on your spending include downloading a tracking app.

Banks such as Monzo automatically categorise and track your spending, so you can see where your money goes between paydays - and help you make cutbacks if you want to be more financially savvy.

Featured Image Credit: PA Images

Topics: Life News, Money, Life

Kimberley Bond
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