Looking to boost your savings without feeling the pinch? Savings challenges are a great way to turn big goals into manageable steps—and make saving a little more fun! Whether you’re a beginner or have big plans in mind, these challenges can help you build healthy financial habits all year round.
1. The 1p a day challenge: Start small, finish big
This challenge shows how small amounts can add up over time. Save 1p on day one, 2p on day two, 3p on day three, and so on. By the end of 365 days, you’ll have saved £671.61 without much effort. Quick tip: If saving daily feels tricky, switch to weekly or monthly chunks. The total stays the same, and it’s easier to manage!
2. The £1 weekly challenge: Steady and simple
Start with £1 in the first week, £2 in the second week, £3 in the third, and keep going. By the 52nd week, you’ll save £52 in one go, with a total of £1,378. It’s perfect for building up a holiday fund, saving for Christmas, or something special.
3. The Sunday Saver challenge
Prefer a set weekly routine? Pick a fixed amount to save each Sunday. For example, £5 a week adds up to £260 in a year. Want to challenge yourself? Double it to £10 per week and save £520 by the end of the year. It’s simple, predictable, and easy to stick to.
4. The monthly step-up challenge: Grow as you go
Gradually increase how much you save each month. For example: January: £10; February: £20; March: £30; … and so on, adding £10 each month. By December, you’ll save £120 in one month and a total of £780 for the year. It’s a great way to start small and build momentum as you go.
5. The no-spend week challenge: Save by spending less
Choose a week (or even a month) to cut out non-essentials like takeaways, coffee runs, or impulse buys. Transfer what you would have spent into your savings account. You’ll be surprised how quickly those small savings add up—and you might even spot more ways to save along the way!
Start your savings journey today
These challenges aren’t just for the new year—they’re great for anytime you want to take control of your money and build up your savings. Pick one that works for you and get started now! To keep your savings safe—and growing—consider opening a Money Co-op savings account. Save regularly through payroll if your employer is a partner, or set up a standing order to save as soon as you get paid. You can even create named savings pots to stay focused on your goals, like a family holiday, Christmas, or a rainy day fund.
What’s your savings secret?
Got a savings tip or challenge that works for you? Share it with us in the comments—we’d love to pass it on and inspire other members! Saving doesn’t have to feel like hard work. By starting small and staying consistent, you’ll be amazed at what you can achieve. Let’s make your money work harder, every day of the year.
