Two Saving Challenges I Will Complete This Year

Two Saving Challenges I Will Complete This Year

Ever since I started this blog around a year ago I like to set myself saving challenges for the year.

Last year I just had set standing orders topping up various accounts, however this year I want to go a step further, living off no more than 50% of my wages.

I tried and failed this last year, but still came out with a nice sum of money saved.

I’m going to do a couple of well known saving challenges throughout 2017, only I’m breaking from tradition and doing them backwards.

An image to show saving challenges and how you can save into different pots.

Striking why willpower is strong

Most people start the New Year with the best of intentions, whether it’s building personal savings or quitting smoking.

The problem is, most give up just a few months in – especially where saving is concerned.

I recently saw an article on Savvy Dad which claimed saving challenges, such as the popular 52 Week Saving Challenge, didn’t work due you needing to save the most when money is at its tightest.

He was spot on!

Which is why I’m starting two at the end of January, what’s more, I’m doing them backwards starting with the highest amount and working my way back.

Your willpower for saving is always stronger at the start of the year as it is the ‘New  Year, New Me’ season.

On that basis, starting with the higher amounts to save first makes perfect sense.

So, why not give it a try backwards too?

Which challenges I’m taking part in

I’ve decided to do two.

It is going to stretch me in the first few months, but it’s the perfect time of year to do so.

The weather is rubbish, I’m not going on any holidays and there is generally not as much to do as my friends hibernate away until it gets a bit warmer.

So, I’m taking part in the Penny Challenge, as well as the 52 week saving challenge.

Now, I get paid monthly, and when it comes to saving I want it out of my bank the minute my wages hit my account.

When you save before you spend you divide the month up with the money you can see with deductions already in place.

Do it the other way round and you’ll always find the excuse to not bother – trust me I’m speaking from experience here!

Bearing all this in mind I’ve set up monthly standing orders to top up two accounts.

How do the monthly installments work out?

The 52 Week Saving Challenge works out like this:

  • January £250
  • February £182
  • March £166
  • April £150
  • May £165
  • June £114
  • July £120
  • August £78
  • September £75
  • October £50
  • November £22
  • December £6

TOTAL – £1,378

The Penny Saving Challenge works out like this:

  • January £217
  • February £191.70
  • March £179.18
  • April £155.10
  • May £141.36
  • June £122.14
  • July £99.90
  • August £84.32
  • September £63.30
  • October £46.50
  • November £25.48
  • December £9.92

TOTAL – £1,335.90

Where will I invest the money?

I’m going to dedicate all the money saved from these two challenges to investing – one in Property Partner, the other into a Peer-to-Peer lending platform.

As the year goes on and I’m contributing less to these I’ll decide where I’ll put the money leftover.

It’s better not have all you eggs in one basket, however, this year I want my money to be working as hard it possible can for me behind the scenes in as many investment opportunities as possible!

Passive income is the fastest way to early retirement after all!

Final word

The further I have got into this journey towards owning my own first home, the more I feel I don’t want it to be in this country.

I want to save as much as humanly possible this year and these two saving challenges will certainly add to the pot.

It will allow me to see just how much I can store away, and also give me clear indication on whether I could potentially buy somewhere out right abroad without the need for a mortgage at all.

This year is gearing up to be an interesting one already.

Do you plan on starting any saving challenges this year?

Thinking Thrifty

Thinking Thrifty

David Jack Taylor is the founder and editor of the Thinking Thrifty blog. An award winning personal finance and lifestyle blogger, he shows how it is possible to live extremely well for less.
Thinking Thrifty
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5 thoughts on “Two Saving Challenges I Will Complete This Year

  1. I do agree that if you know a month tends to be expensive, you can’t expect to save much during that month! Good Insight! Hopefully your challenges work out this year! Thanks for sharing!

    1. Yeah, these sorts of challenges always seems to make it harder in the tighter months of the year. Hence the reasoning for attempting them backwards instead! Thanks for stopping by and commenting!

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