A NEW trick could help you to save £1,378 each year, perfect for the holiday fund or getting prepared for next Christmas.
The bingo savings challenge was created to help people who struggle to save easily, but also has flexibility for weeks when you don't have a lot of spare cash.
It was designed by the Metro, and all you need to start is a bingo table with all the numbers from one to 52.
Each week, you save one of the amounts on the board and cross it off.
You need to make sure you're checking off a different number on each different week.
It's probably best to tick off some of the higher amounts – the biggest one is £52 – on weeks where you have more money, for instance straight after payday.
Weeks where you're more short of funds you can choose some of the lower amounts, which start from just £1 in a week.
If you stick to the challenge and tick of all the boxes, you'll save £1,378 by the end of the year.
It's very similar to the 52 week savings challenge.
This plan tells you to save £1 in the first week of the year, £2 the second, £3 in the third week and so on.
Although the initial sums to save are low, in December you'd need to save £202 split across the four weeks.
But the bingo challenge helps solve this by allowing you to spread the bigger payments throughout the year and choose a plan that is suited when you get paid and when you have less money.
Other ways to save cash
SAVING money can seem like a slog, but it doesn't have to be with our simple tips below:
- Cut down on your spending: An obvious way to save money is by cutting down on how much you spend each month. Go through your transaction history and set yourself a budget. Are there any bills that you don't need or use that you can cancel?
- Haggle down your bills: You should also try and see if you can get a better deal on any regular bills you’re paying. Do your research, see if there are better deals available for new customers. Then call up customer services and explain you want to leave because you’ve found a better deal but is there anything they can do for you?
- Open a savings account: The first steps to actually saving is then opening an account that will give you the most benefits – you can find the best options here.
- Download apps: There are loads of apps you can download to your smartphone, which can help you budget properly and save a fortune. These were some of the best apps released last year.
- Plan your meals in advance: By making a list before you go grocery shopping and then sticking to it, you'll avoid picking up products you don't really need.
- Pay off debts: The interests on your debts is always higher than the interest earned on your savings, so you should consider paying off any debts with your savings to be better off.
These are just two of several savings tricks and challenges that people have suggested for 2020.
Challenges are a good idea to get into the habit of setting money aside, especially for those who struggle to save.
Another good challenge was suggested by the Apartment Therapy website and will save you £1,500 by the end of the year.
In this plan, you need to set aside £1 every Sunday, followed by £2 on Monday, £3 on Wednesday and so on.
On Saturday you put away £7, and then the process repeats and you’ll put aside £1 on Sunday as the new week begins.
If you stick to the targets, you’ll put aside £28 a week, which works out as £1,456 by the end of the year.
If you're paid weekly, you might want to switch the order so you save the higher amounts early in the week when you have more money.
Another challenge that might work well for people whose finances are tight is the £10 a week savings plan.
This is very simple, set aside £10 every week, and you'll have a pot of £520 by the end of December.
Another thing to consider is saving up your change every time you pay with cash.
If you pop it into a jar and open it by the end of the year, you could be surprised by how much you've saved.
How to save £5,200 and pay for next year’s holiday with the 52-week money saving challenge.
Or you could put aside £1,500 in 12 months with the 365 day challenge.
How one woman saved £386 in a year by just collecting £2 coins.
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