When it comes to budgeting and saving money, it can be hard for many people to start. There are ways though in which you can use to help save money flexibly and conveniently. A popular method is through the 52-week savings challenge.
In this challenge, you set aside a certain amount of money per week with the money set aside growing each week until you reach the end. While 52 weeks may sound long, here are ways in which you can hack the challenge like a pro.
Be flexible with your plan
As the 52-week challenge goes on, you may find yourself having a hard time sticking to your weekly goals. There may be a time where you need to spend more money than anticipated. If that is the case, be flexible with your plan and build it around your situation.
How the money is saved is not that important as long as you meet your goal by the end of the challenge. Plan and adjust accordingly if you need to move certain things around.
Set a reminder for your savings
Setting aside small amounts of money like £1 or £2 a week can seem like a small task and you may forget about it. Make sure that you are on top of the challenge by setting weekly reminders for your savings. Mark it on your calendar that you need to save a certain amount of money each week.
You can even involve your family and friends to remind you about it. It is also advised that you set up a bank account and enable automatic deposits on a set schedule so the money can be saved without you even thinking about it.
Build the challenge in your budget
You may be tempted to dip into your savings and spend them on certain items. To avoid this, build the challenge into your budget. Have the 52-week savings challenge be a part of your budget so that you will know it is there.
Your budget is there to tell you what you can and cannot use your money for. Make the challenge a regular part of your spending habits.
Save more money with better deals on necessities
The 52-week challenge requires you to set aside a certain amount of money each week. If you have a hard time finding money to save, consider saving money on your basic needs and utilities. Try to find a cheaper alternative or cut back on unnecessary costs. Luckily, moneyexpert.com is here to help you with this.
Based in the UK, Money Expert has the guides, tools, and services you need to save money on necessities such as electricity bills, health insurance, and internet connection. Money Expert's customers have saved up to £350 a year on their gas and electricity bills and up to £283 on their car insurance. Less money to spend on needs means more money to save for the challenge.
You determine how much and when you save
Normally, the 52-week savings challenge is done at the beginning of the year and ends by December. However, this is not a set rule as you can determine when you want to start the challenge. It does not have to be in January as you can do it in the middle of the year, just as long as you are committed to the challenge.
You do not even have to start from the lowest amount to the highest. If you want, you can give £52 right away and go in descending order. It really is up to you how you want to save and when you want to do it.