Martin Lewis advises on savings accounts for deposits
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Building up one’s savings can be a tough process, with many people struggling to stick to the commitment to consistently put money away for the future. Savings challenges are a potential option to help keep on top of one’s savings goals.
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!”
These savings challenges could boost your savings (Image: GETTY)
30 Day Meal Planning Challenge
“With lots of restaurants and cafes opening up again, many of us will find ourselves wanting to buy lunch out every day.
“However, the cost of this soon mounts up, which is where meal planning comes into play.
“It’s worth challenging yourself to pack your lunch five times a week for 30 days.
“Not only is this a great way to save money, but it can also help you stay on track for balanced, healthy eating without breaking the bank.
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“If this seems like a daunting task, why not buddy up with a housemate or work colleague and take it in turns to make lunch for each other.”
Save Every Time You Buy “…” Challenge
“This challenge involves assessing your individual needs and lifestyle and pinpointing areas you could cut down in terms of spending.
“For example, you might find yourself putting aside £3 every time you buy a latte in town, or save £1.50 when you reach for a chocolate bar.
“Putting a small amount of money away at regular intervals will help you build up your savings over time, particularly when it coincides with your personal everyday habits.”
Interest rates for one year fixed ISAs (Image: Express)
Number Grid Saving Challenge
“If you’re after something a little different and enjoy playing games, set yourself a savings goal and create a grid of numbers that add up to your overall goal.
“Each week, or month, cross out one of the numbers and pay this amount directly into the Barclays app.
“The great thing about this challenge is that it allows for some flexibility.
“For example, if you’ve had a particularly expensive month with lots of parties and socialising, then you can choose a smaller number, and for a quieter month you’ll be able to choose a larger sum.
It can be difficult to stay on top of your savings goals (Image: GETTY)
“You’ll be able to rack up some savings in no time!”
The Weather Week Saving Challenge
“On a set day each week, check what the highest temperature in your area is for that day, and put that amount of money away into a savings account.
“So, if it’s 25 degrees where you are that day, then you’ll save £25. Think about how much you could save for the upcoming heatwave!
“Of course, the highest saving amount will be in the summer months and if that’s a little too much to put aside, why not do this once a month, or every turn of the season – every little helps.”