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This simple money saving plan can help you bank £1,500 in 2018 - and it requires no more than £7 a day

Business Insider | Jan 2, 2018, 04.50 PM IST
Business Insider

Pixabay/LuckyLife11

Putting aside a little money each day really adds up. A new saving idea suggests putting aside £1 to £7 each day for a year. This adds up to around £1,460 over the space of 12 months, letting you start the next year with some extra funds with next to no effort.

After a Christmas of giving, partying, and indulging, many of our bank accounts are looking a little deflated.

Luckily, a simple saving hack doing the rounds on the internet could help you bank up to £1,500 in 2018 just by putting aside a couple of pounds each day.

The idea, known as "The 365 Challenge," involves depositing just £1 every Sunday, followed by £2 every Monday, and so on, adding an extra pound each day, until the next Sunday when the sum goes back down to £1. Over the space of 12 months, these tiny deposits add up to around £1,460 depending on which day of the week you start the challenge.

The saving plan originates from the lifestyle and interior design online community Apartment Therapy , where members share design hacks, DIY how-tos, and shopping guides with their fellow savvy home-doer-uppers.

The plan's creator - Brittney Morgan - modelled it as an alternative to "The 52-Week Challenge" which encourages partakers to put aside £1 in the first week of the year, £2 in the second week, and so on until you put £52 into your savings account in the final week of the plan. In total, savers put aside an impressive £1,378 while partaking.

But Morgan believes that while putting £1 or £5 into savings at a time is achievable, putting around £50 into savings a week - especially around Christmas - just isn't feasible for many people.

Instead, "The 365 Challenge" looks at money saving techniques on a smaller scale and offers a new, revised version of the popular money-saving "52-Week Challenge" which means that you're never depositing more than a feasible £7 at a time - that's just the price of two takeaway coffees or a large glass of wine in a pub.

Rather than looking at a money-saving plan as an ever-increasing deposit over an extended period, Morgan wanted to look at putting away funds for a rainy day on a smaller scale.

While putting £52 into savings may feel like a pinch, depositing £1, £3, or even £7 each day seems like a much more feasible way to save spare change and make a difference in the long term.

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