Three Money Challenges Worth Trying

Summary:

• The one penny challenge starts off with saving just one penny each day
• The 52-week challenge can lead you saving almost £1,400
• The Monday to Sunday challenge could help you save just over £100 each month

The internet is full of ‘challenges’ which are often not worth doing. For every well-intentioned task such as the ice-bucket challenge, there seem to be five stupid – and dangerous – tide pod challenges.

You’ll probably find a similar ratio when investigating money challenges. Some are just unrealistic or require too much time – but there are several good ones out there.

Here are three of our favourites:

01. The 1p challenge

This is a challenge which lasts for a year. On the first day, you save away one penny, the next day, you increase this to two pence. Following this pattern, on the final day of the challenge, you put £3.65 into your pot. By the end of the year, you should have saved close to £668.

In just over four months, you’ll hopefully have about £100.

This challenge is a good one because it stresses just how saving away small amounts – here and there – can pay off in the long run. Although, if there is a downside, taking your bag of pennies to the bank may not make you the most popular person in the world.

02. The 52-week challenge

This follows a similar pattern to the 1p challenge but can be more difficult. Do it right, and by the end you’ll have saved almost £1,400. Within three months, you should have put about £100 away.

The challenge involves putting away a pound in the first week. By week two, you put £2 in your savings. On the third week, this number increases to £3. You continue this pattern until week 52, where you – as you probably might have guessed – add £52 to your savings.

This is one of those challenges which starts off simple but can get quite tricky towards the end. Cashing out early though – if it gets too tough – can still reap some good rewards.

03. The Monday to Sunday challenge

Although the 52-week challenge can be good, it’s a bit unrealistic asking you to save £52 in one week. If you can do it – great. If not, you could try something a touch more achievable, such as the Monday to Sunday challenge.

This idea works by saving £1 on Monday, £2 on Tuesday, and – continuing this pattern – saving £7 on Sunday. By the end of the week, you should have £28 saved up. Then, you should repeat the process. Once the month ends, you’ll hopefully have banked just over £100.

By the end of the year, you should have saved around £1,300.