It’s the new year and after Christmas bank accounts are looking a little bare… anyone else know that feeling? Last year I manage to discover some successful ways to save money. Who wants in?! I mean lets just be honest everything is getting pricier and it seems so much harder to squirrel money away. Those trips away, fancy meals and new gadgets always seemed out of reach. It was said last year by The Sunday Times, that a woman with two children will have to earn on average £40,000 a year to have any free cash once childcare, transport, pension etc was deducted. CHRIST! £40K – looks like I will either be having kids when I’m grey or we will be eating cold baked beans daily! So let’s stop with the miserable statistics and look at the possibilities we have to save. Last year, I left my industry, worked from hand to mouth and for the last 4 months have been a student. In that time I still managed to save nearly 2K, which to me is substantial and will be partly used to travel this summer.
There is no better whale to tell me I’ve saved a shitload of money than with a GIF. In all honesty though Chip is a clever little chap, as we now have changed the way we spend, no longer budgeting on a weekly basis, Chip gets this and analyses it. The app tracks the user’s transactions to build an individual, average spending curve. Every two to three days, it monitors what that person is spending in relation to their average. If the user is spending less, it puts the difference in a savings account within the app, where it accrues interest. Great right?! And these little amounts add up, in fact over the past year I’ve been using it I have barely noticed the amounts taken out and already have a nice little nest egg. The great thing is you can set goals and gain interest. WINNER WINNER chips for dinner. Download the app now and use the code RL4P1N.
Some maybe sceptical of this site, however this little baby gave me back £100’s last year on all my indulgent spends. If you’re an online shopper then this is your secret lottery ticket! In a sense really it’s like you’re getting a discount but your savings are put in a nice little pot for you to withdraw as you please. There are those who may moan about the waiting time for cashback – but let’s be honest you were going to spend the money anyways so just roll with it. Money can go straight into your bank, PayPal or be exchanged for a variety of vouchers with added interested. Even if you don’t venture into the world of online shopping, just one mega purchase like insurance, booking.com or a holiday can give you back a hefty amount. You can sign up here and get a £5 cashback immediately!
This way saved me a pretty penny last year and was pretty successful. I took out my budget for the week in cash. Then whenever I bought something I rounded up the price to the pound then put the change aside. It seems tedious and sometimes money goes quickly but it’s all adding up somewhere.
Now there are many ways to look at this genius challenge depending on how much you want to save! However it can range from £780 to nearly £1500 – not gonna lie but that is a pretty nice figure after Christmas huh? As I said there are 3 different ways of doing this challenge.
Small Saver: 5 Days a week –
For this one every Monday you would put away £1, Tuesday £2, Wednesday £3 and so forth up until Friday, essentially £15 a week and therefore over the course of a year you would save £780!
Middle Ground: 1 day a week –
This one is less frequent and a smaller amount at the start but one that will sting you at the end. So, put £1 away in the 1st week, £2 in the 2nd and you get me, great to start off with but at the end of the year the total of each week will be £49, £50, £51 and £51 a total of £202 – that can be a bit steep especially around Christmas and New Year. You will come out with a saving of £1379.
You could always do this backwards and start with the hefty amount in January and then there is less coming up to Christmas.
The Big Daddy: 7 days a week –
This is my baby, the more the better I say, do it this way and you’ll come out with nearly £1500, yep that’s a nice way to finish off the year! Its pretty much the same as the small saver but instead of stopping at 5 days you continue through to 7, it is a big increase from £15 to £28 though! It is worth it in the end… I now have enough for my flights to Thailand. Top tip. Keep it in a champagne bottle.
This option works an absolute treat! Whenever you are given a £2 coin save it! Simple. They don’t come around often but they do add up!
This is rather similar to the challenges above and can save you up to nearly £700! They do say that pennies make pounds hey! All you have to do start off by just putting away 1p a day, then 2p then 3p and you get this whole drift right? – by the end of the year it will be £667.95 and if you’re lucky to get a leap year like in 2020 you could put away £671.61.
What are your top tips for stashing the cash?