Finding new ways to make saving stick
Saving can sound dull, but it does not have to be. A few smart tricks can help us build the habit without feeling the pinch.
It is not about being perfect. It is about finding little ways to keep more of what we earn. These saving challenges have taken off because they actually work. We can pick one that suits us and give it a go.
The ‘Penny a Day’ challenge
The premise is simple. We start saving one penny on day one, two pence on day two, and so on. We increase the amount day by day, so in the first week, that’s 1+2+3+4+5+6+7p… 28p. Sounds easy. The key to saving hundreds, though, is getting into a habit.
By the end of the year, we will have saved £667.95 in total. It is a slow, steady build that gets us used to putting something aside each day.
MoneySavingExpert has a helpful 1p Savings Challenge spreadsheet and printable chart that helps us keep track of progress. We can also swap days around or skip a few if we need to.
Tip: We do not have to save every single day. Rounding up to the nearest week or month works too. The main thing is to keep going and see that saving is possible.
Cash stuffing
Old-school, but still brilliant. Cash stuffing means giving every pound a job.
We plan out how much we’ll need for each category, for example bills, food, holidays or treats.
Then we put the amount we’ll need into labelled envelopes and keep all the envelopes together in a folder.
Seeing what is left in each envelope helps us spend less and think twice before buying something we do not need. It’s especially great for those of us who struggle with impulse buying.
It is the same idea online too. Most banks now let us set up “pots” or “spaces” for different things. It is just the digital version of the envelope trick.
Learn more about saving and budgeting with digital apps here.
Loud budgeting
Loud budgeting is all about owning our choices. It is about being honest, confident and a bit brave when we say no to stuff we do not need.
It’s the brainchild of TikToker Lukas Battle, who wants us to behave more like the ultra-wealthy. That is, be proud of being frugal and saving cash! “It’s not, ‘I don’t have enough,’” he says. “It’s ‘I don’t want to spend.’”
Talking openly about money also helps take away the stress and guilt that can come with cutting back. Learn more: #loudbudgeting on TikTok
No-spend challenge
A no-spend challenge is a proper reset. We pick a time, like a week or a month, and cut out all non-essential spending.
We can decide our own rules. Maybe no takeaways, no clothes or no online shopping for a bit. Watching the savings add up can be addictive in a good way.
When the challenge ends, it is easier to spot what really matters and what we can live without.
Round-up apps and digital helpers
If cash is not our thing, tech can help. Some banking apps round up what we spend to the nearest pound and move the change into savings.
Banks like Monzo, Chase and Starling do this automatically. Moneybox invests our spare change, while Lloyds Save the Change puts it into a savings account.
It is an easy way to save without thinking about it. Just make sure our provider is FSCS protected so our money stays safe.
Quids in! can’t recommend a specific bank, so it’s best to look at comparison sites to see what works best for your needs. Check out our guide to using comparison sites for help with choosing the right bank for you.
Handy tools
If we want to get a grip on where our money goes, try the Quids in! Budget Planner. It is quick, free and helps us find a few extra pounds to save.
