My favourite saving challenges for 2020.

Hello and welcome back to my blog!

In this blog post I will be sharing 5 of my favourite saving challenges 4 of which I have done or I am still completing.

There are so many saving challenges out there that you can do to save money.

Saving challenges are a great way to start your savings journey. If you are new to saving or paying of huge amounts of debt but want to have some savings then hopefully at least one of these challenges will help you get started.

! Quick disclaimer I did not create any of these challenges I have credited where I found the challenges and creators!

1p challenge

The 1p challenge is a great place to start. In 365 days you can save £667.95!

You save 1p for every day you do this challenge for example day 1 you put away 1p, day 2 you put away 2p and so on for 365 days.

I found this tracker online which shows you how much to put away each day.

Above is the tracker that I use, this tracker is great for adding amounts weekly, it is from The Skint Dad Blog please check out his page to download all his trackers.

I started this challenge last year when I was new to savings and I love it, I have nearly £400 saved and I don’t miss this money. The only downside to this challenge is that it takes 1 year to reach your goal. But if you are paying off debt this is a great place to start.

A lot of people do this challenge to save for holidays and Christmas.

20p Challenge

I love this challenge! I am doing this challenge at the moment I love it.

This one doesn’t take as long as the 1p challenge, in just 31 days you can save £99.20!

It’s the same principle as the 1p challenge every day you put 20p away. So day 1 you put away 20p, day 2 you put away 40p and so on.

This is a picture I found online however I have made my own version as I started this challenge on 19th May 2020.

I have over £20 saved already. I will continue this challenge for the rest of the year. I should have over £600 saved by the end of the year which I will save for the fees of moving next year.

Lottiebudgets Money Monday

This challenge comes from Instagram and from a lovely lady’s page called @lottiebudgets. This challenge is by far my favourite and I am on my second run of this challenge.

Every Monday tick of a box with different amounts of money you have saved.

There are two versions of this challenge:

Money Monday Save £450 in 21 weeks I have already done this challenge once and I am on week 3 of round 2!

LottieBudgets Money Monday Quarterly Challenge

Money Monday Quarterly Challenge Save £500 in 13 weeks. I haven’t done this challenge but I would like to do this challenge at the end of the year.

Head over to @lottiebudgets instagram page to download her money Monday trackers and please give her a follow her page is full of saving motivation!

Doing this challenge makes Monday my new favourite day of the week. Fiver savings challenge

I found this fiver savings challenge on the website and it looks amazing. Each week you put some money away, the amount you put away will increase by £5 each week for 52 weeks and at the end you should have saved £6,890 which is an huge amount of money!

Week 1 you put away £5, week 2 you put away £10 and so on.

I haven’t done this challenge but it’s one I’m going to consider for next year. Check out the tracker below, download it to your phone and get started.

I hope these challenges will give you some inspiration to start saving. They are fun, easy to do and will increase your savings.

Make sure to follow my twitter and Instagram account for updates on my savings journey and the tips and tricks I have learned along the way.

Hannah xx

Welcome back to my blog!

Hello and welcome back to my blog.

You may have found me from my Instagram page budgetwithme1 . On my Instagram page I share daily savings updates, money saving tips, meal prep tips and much more. So please check out my page.

I haven’t posted on here in a while and its because life has got in the way, however I’m back and I am determined to write a blog post at least once a week.

If you are new to my blog then hello to you! On this blog I am going to be sharing money saving tips that I have learnt over the last 2 years, and my savings journey.

On this post I will be talking about 2019 and how this was my year!

A bit of an update:

I feel I should give a little bit of an update as I haven’t posted since may last year! 2019 was an amazing year for me, my savings were increasing every month and I loved every minute. And towards the end of 2019 I was also in the Sunday Times Money Mentor to celebrate my saving success. (you can read my story by clicking on the link above)

What went well in 2019?

2019 had its ups and downs for me financially. I learn’t so much about myself and how I was wasting money every month. So lets start with the positives;

  1. I was able to save £5,588.92 towards my house deposit
  2. I created saving pots with Monzo
  3. I learn’t more about my spending habits
  4. I cut many bills (saving a lot of money!)

Saving £5,588.92 last year was an amazing achievement, it made me realise that i can save money if I put my mind to it and work hard. I saved this money but not eating out as much, planing in advance for days out, holidays etc and completing paid online surveys every week. On average I was making £80 a month answering questions on a variety of survey apps.

I also cancelled many of the unused subscriptions that I hadn’t used in so long this saved me £100’s! Which allowed me to save more money in the long run. My biggest expense was my PlayStation 4 online access which I never used, this was costing me on average £30 a month, for something I never used.

Over all 2019 was successful however there were some fails….

What didn’t go well in 2019?

In 2019 I saved £5,588.92 towards my house deposit and this was a huge success for me. My original goal was to save £10,000 towards a house deposit however things didn’t go to plan. From car repairs, to buying new glasses the beginning of 2019 was an expensive one that I was not prepared for.

The worst thing was I didn’t have any emergency funds set up in May 2019 which meant I had to use my savings for my house deposit to pay for a lot of expenses. This set me back by nearly £1,000 which was very disheartening, I would have lost motivation if it wasn’t for the amazing community that I have found on Instagram.

I also had some family issues which meant emotional spending on food, clothes and items that I didn’t really need. I remember spending £80 on clothes that i didn’t really need nor did I wear most of them!

Have I learn’t from my mistakes in 2019?

I have learn’t that I do need emergency funds, I need to save more money for lives unexpected expenses such as car repairs and new glasses! That way I wont have to touch my house deposit savings. Since May last year I have learn’t that I need to have more self control over my spending and really think about how much I am spending and if I really need the items I am buying.

Overall I have realised that even though I made many mistakes 2019 was also a fantastic year of learning. I learnt how to save for different social events throughout the year, how to save money for Christmas, and how to meal prep like a Queen!

Thank you so much for reading this blog, my next post will be all about my 2020 goals and how I am going to achive them.

Speak to you all soon.

Hannah xx