We know that saving money is hard – especially if you don’t have much of it to begin with. And while there are plenty of ways to cut back on your spending to prepare yourself for a rainy day, it always seems to be a lot easier said than done. That is, until we discovered this latest money saving hack.
Popular American website Apartment Therapy has introduced a money-saving method they describe as ‘pain-free’ and it might just be the easiest, and perhaps most realistically doable one we’ve heard thus far.
The 365-day money challenge will allow you to save up to an extra £1500 per year by following a simple pattern. All you have to do is start your week on a Sunday by putting aside £1 and then gradually increasing the amount as the week commences. So, you start with £1, then on the Monday you put aside another £2, then £3 on the Tuesday, £4 on the Wednesday and continue to add an extra pound each day, setting aside £7 on the last day, Saturday. Then you continue the cycle again the following week and so on and so forth.
By doing this you end up saving £28 a week, which ends up being £112 a month, which eventually becomes £1,456 when the year is over, meaning you’ll have a nice little sum for your savings account. And hopefully, without noticing the impact of the loss of the change you’re putting away too much.
There are number of ways in which you can set the money aside. Do it the good old-fashioned way by putting the money in a jar and keeping it somewhere safe (and preferably out of your sight so that you don’t find yourself dipping into it when unexpectedly expensive days crop up).
Or if like many of us nowadays, you don’t tend to carry cash then then why not try a money saving app? From Monzo to Plum, the options are endless, and could make a major difference to your usual spending habits.