This simple money saving plan can help you bank £1,500 in 2018 — and it requires no more than £7 a day

pulse

January 2, 2018 11:21 AM

By putting aside £1 to £7 depending on the day of the week, you can save almost £1,500 over the space of a year with next to no effort.

Putting aside a little money each day really adds up.
A new saving idea suggests putting aside £1 to £7 each day for a year.
This adds up to around £1,460 over the space of 12 months, letting you start the next year with some extra funds with next to no effort.

After a Christmas of giving, partying, and indulging, many of our bank accounts are looking a little deflated.

Luckily, a simple saving hack doing the rounds on the internet could help you bank up to £1,500 in 2018 just by putting aside a couple of pounds each day.

The idea, known as "The 365 Challenge," involves depositing just £1 every Sunday, followed by £2 every Monday, and so on, adding an extra pound each day, until the next Sunday when the sum goes back down to £1. Over the space of 12 months, these tiny deposits add up to around £1,460 depending on which day of the week you start the challenge.

The saving plan originates from the lifestyle and interior design online community Apartment Therapy, where members share design hacks, DIY how-tos, and shopping guides with their fellow savvy home-doer-uppers.

The plan's creator — Brittney Morgan — modelled it as an alternative to "The 52-Week Challenge" which encourages partakers to put aside £1 in the first week of the year, £2 in the second week, and so on until you put £52 into your savings account in the final week of the plan. In total, savers put aside an impressive £1,378 while partaking.

But Morgan believes that while putting £1 or £5 into savings at a time is achievable, putting around £50 into savings a week — especially around Christmas — just isn't feasible for many people.

Instead, "The 365 Challenge" looks at money saving techniques on a smaller scale and offers a new, revised version of the popular money-saving "52-Week Challenge" which means that you're never depositing more than a feasible £7 at a time — that's just the price of two takeaway coffees or a large glass of wine in a pub.

Rather than looking at a money-saving plan as an ever-increasing deposit over an extended period, Morgan wanted to look at putting away funds for a rainy day on a smaller scale.

While putting £52 into savings may feel like a pinch, depositing £1, £3, or even £7 each day seems like a much more feasible way to save spare change and make a difference in the long term.

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