This clever payday savings hack will help you save £780 by the end of 2020

A new year often brings with it a new incentive to get your finances in order, and with that comes finding motivation to start saving. It’s a hard task considering all the many things we have to pay out for these days, but it absolutely is possible if you set yourself a clear, achievable goal.

There are many ways to put aside money, but one Manchester mother has revealed the tactic she’s planning to use for 2020 that’ll save her an impressive £780 before the year is out.

payday savings hack
Getty

The technique simply requires you to save a little more each month, starting at £10 in January, and increasing by a further £10 each month. This means that by the final months of the year, you’ll be putting aside a hefty £120 per month.

While this doesn’t necessarily sound easy, it’s a smart way to save, and Emma Gill, the Facebook user who first shared this idea, believes she can really do it and make a difference for her finances.

She shared her idea to the Manchester Family Facebook group, writing: ‘So I’ve seen lots of ideas for saving money but none of them will really work for me – I never have change in my purse to do the penny challenge for example.’

So I've seen lots of ideas for saving money but none of them will really work for me – I never have change in my purse…

Posted by Manchester Family on Monday, 6 January 2020

 

She then continued: ‘That’s why I’m giving this a go. Every pay day – or at the end of a – you put in one of these amounts and then cross it off the list. By the end of the year it’s a whopping £780!’

Gill admitted that it could get tough, but that she was going to try and stick it out for the good of her finances: ‘It won’t be easy – especially when it comes to the £120 month – but it’s worth a go. I reckon I’ll start with the £10 in January.’

Many commented commending Emma on her savings plight, and others actually suggested doing the challenge backwards to get the worst out of the way. Either way, we wish her luck and may be adopting this technique in our own lives too.