How to save without feeling any pain!
At the beginning of 2019, Mandy our Client Liaison specialist, saw the “Penny a Day” challenge on her Facebook feed. She decided to take a closer look at this online and now has £667.95 in a savings account 😊
The principle is simple, each day you save 1p more than the day before. So, on the first of January you save 1p, on the second you save 2p, on the third 3p and so on. By the first of February you will be saving 32p then 33p etc. The counter does not restart each month, you just keep going.
She says she didn’t actually save 1p, then 2p etc, but worked out each month what she would need to save and moved it into a savings account as one amount when she got paid.
She opened an account online specifically for this so she could see her savings grow over the year. She said it was all painless and she didn’t miss the money at all.
She will be doing this again for 2020 but this time in reverse, so the larger amounts are saved at the beginning of the year rather than the end as it is a bit more of a challenge at Christmas time.
This is a great way to build a savings habit over time and is especially valuable for teaching children the value of building up money for the future or for specific goals.
Click here to see the savings chart!
If there are any other ways you have found to help you build up funds without changing your lifestyle, do please let us know so we can share with others.