A mother has shared an inventive savings hack that will make her £780 richer by the end of 2020.
Emma Gill, from Manchester, shared the savings plan to the Manchester Family Facebook page, revealing that she will start by saving £10 in January on payday, and adding an extra tenner to the total every month.
She conceded that the challenge ‘won’t be easy’ because for three months of the year, including December, £100 or more needs to be put in the kitty.
However, she said that it feels more achievable to her than savings plans such as the ‘penny challenge’ which requires putting aside change every single day.
Emma wrote: ‘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.
‘That’s why I’m giving this a go. Every pay day – or at the end of a month – 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!
‘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.’
Emma added a practical solution to how she intends to keep track of what she puts in the pot.
On the side of her money tin, she taped a paper list that shows the amount that should be in the tin, including December’s grand total of £780.
Each time money is put in, the user can tick off the amount on the list.
However, replying to the post on the Manchester Family page, some people suggested that the later amounts were too much and a few even suggested doing the challenge backwards, with the biggest amount first.
The test comes after Tried and True Mom Jobs Facebook page shared a 52-week saving chart, which has been recently doing the rounds via popular Australian budgeting groups online.
Femail then adapted the detailed breakdown of exactly how much cash you should put aside each week for UK savers.
The 52-week challenge starts off by saving £65 in the first week – and requires putting away a maximum of £170 in the final week.
You start off by depositing £65 into your savings account in the first week, £80 in the second, followed by £90 in the third, and then £160 in the fourth week.
Repeat the four amounts over the 11 months – and by week 48, you would have accumulated £4740.
As the figures change from week 49, you need to put aside £100, followed by £120 in week 50, £130 in week 51, and £170 in the final week to reach your £5,260 goal.