Have you vowed to save more money this year? It may be too early to be thinking about the end of the year but how would you like to finish 2015 £1,378 better off than last year?
From Jamie Oliver’s Feed Your Family for a Fiver to upcycling and clothes swapping parties, people have become rather creative with their money saving ventures in recent years. However, one of our favourites that has been making the rounds on social media recently is the 52 Week Money Challenge. If you haven’t already come across it then here’s how it works, it’s pretty simple you just save the amount according to the number of that week in the year. So week 1 of the New Year you save £1, then week 2 save £2, week 3 save £3…you get the jist! (you just increase the amount you save each week by a pound, starting off with £1 in week 1, then week 2 save £2, week 3 save £3…you get the jist!)
However, here at Noddle we know all too well just how quickly resolutions dissolve as the year wears on so we suggest taking on the Noddle Reverse 52 Week Challenge! Instead of putting in a pound in week 1 start off with £52 and reduce the amount you deposit instead of increasing it. Then at the end of the 52 weeks just break open the jar (or savings account if you will), pat yourself on the back for completing the challenge and don’t waste any more time in bagging yourself that treat you’ve waited all year for. We think this way is smarter and more cost effective. Why?
- You’re more likely to keep on track as the start of the year is when you’re most pumped about reaching your goals and resolutions. Also as the end of year draws closer the less you’ll have to save which is better when you consider that the last few months of the year tend to be the most expensive. Do the hard work now and when you’re motivation is the highest.
- Reversing the challenge means you see your investment grow faster as you start off with a larger amount so in 4 weeks of starting you’ve already saved £202. Do it the original way and you’ve only have a penny-pinching £10.
This is also a great way to ensure you have money available at the end of the year for all of your Christmas expenditure and escape the financial hangover that usually comes after the festive period and often causes a gloomy January. Either way, having a goal or purpose for the money will keep you motivated to save and stick to the challenge. You can also build up your emergency or retirement fund from here.
The original challenge suggests using a clear jar to see your savings grow however, depositing your money into a jar or container means you’re missing out on any interest that you could be accruing. Also if you shop around, some free savings accounts come without the debit card or checks and are easy to transfer funds. This helps keep your savings out of sight and stop you from being tempted to stick your hand in and ‘borrow’. Strictly speaking you can choose to save as much or as little as you like and alter the amount depending on what you’re saving for. If you’re wages allow for it, try doubling or tripling the amount you save each week.
So give the Noddle Reverse 52 Week Challenge a go and tell us what you plan to spend it on!