How to save £1,378 by the end of the year with my easy £1 challenge – I’ll have that money to make next Xmas a breeze
CHRISTMAS can be an expensive time and so January could be the perfect time to start a saving challenge to get ready for next year.
One woman shared how her £1 challenge means she’ll have £1,378 by December – and it’s really easy to do.
Michelle Donnelly showed how she drew a grid on a big piece of paper showing the 52 weeks of the year.
Each week had a different saving amount, which increased by £1 each week.
So week one was £1, week two was £2, week three was £3, and this increased up to the last week which was £52.
On her @thedonnelly_diaries account, the mum explained: “We are going to do the 52 week saving challenge.
“We did this a couple of years ago and we added the money into one of our online bank accounts, but the problem is it’s just too easy to transfer the money out if you are struggling for money.”
Instead, Michelle decided to do the challenge using a money pot she picked up from B&M.
She said: “It’s not as easy to take the money out, so we’ll have to wait until the end of the challenge.
“By the end of it, you’ll have £1,378.
“So we are going to do this each week and that means that next year, during Christmas, New Year time, we’ll have that money sitting.”
Her video has racked up over 8,000 likes, and people said they were keen to try too.
One person wrote: “Better to work this backwards start with £52 that way the nearer Christmas the less you need to put in am going to do this.”
Another added: “Brilliant idea Michelle. Might try this myself!”
A third commented: “I’m going try this.”
If you are inspired by this, there are a number of other cash-saving tricks to try.
Another saving method that has been making waves is the penny challenge, which means you’ll have £667 by the end of the year to pay for Christmas.
One woman shared her easy 5p challenge which helps you to save £3,000 in a year.
Meanwhile, here are six savings challenges to take in 2024 and how you could save thousands.