My easy 5p challenge helps you to save £3,000 in a year – I’m doing it alongside clearing debt but it could do next Xmas
A WOMAN has revealed her very easy “5p saving challenge” which enables her to put aside £3,000 by the end of the year.
The budgeting mum shared how you don’t need to worry about putting big sums of money aside, with the largest amount being £18.25.
On her @budgetingmumofficial account, she showed how day one of the saving chart is 5p, and then it increases by 5p each day of the year.
So day two will be 10p, day three will be 15p, and so on until you reach day 365 at £18.25.
While some people like to tick off the days in order, she adds the amount she can spare each day.
The savvy mum said in her video: “Here’s how I’m going to save £3,000 this year while I’m paying off my debt.
“I’m trying to build a savings pot to stop me turning to debt in the future so I’m trying to do this at the same time as paying off my debt.
“All of the money I’m putting in this week is from things I’ve sold on Facebook Marketplace or tips that I’ve earned in the evening as a waitress.”
Her video has racked up over 1,400 likes, and people were impressed with her realistic saving plan.
The mum added: “5p savings challenge during my debt free journey.
“In the past I’ve focused hard on clearing debt but haven’t prioritised savings – and this has ended up leading to a negative cycle as when the debt is clear I’d be tempted to book a holiday or something which would inevitably lead to me using a credit card again.
“So my plan this time is to do it at the same time as clearing my debt, to give me some protection from returning to debt in the future.
“Most of our regular income is being set aside for bills and debt payments come out of here so I’m challenging myself with the 5p challenge this year – selling things we don’t need anymore and saving all the tips that I make as a waitress to try and save over £3k this year.”
People were quick to comment on her technique, with one saying: “aww well done you are doing so amazingly well.”
Another added: “Amazing! I’m going to start the penny challenge this week I think.”
If you are inspired by this, we shared six savings challenges to take in 2024 and how you could save thousands.