Why I’ve Made A £5,000 Saving Challenge

Why did I devise a £5,000 Saving Challenge? Well first of all I’ve reached the grand old age of 34, and now, more than ever, buying our own house is on my mind.

It is something I have been meaning to ‘get around’ to saving for but just never seems to happen. For the second time in succession my latest landlord decided to sell the apartment I was renting.

Highly annoyed to be given 60 days’ notice to move AGAIN, I made a plan to downgrade and start saving for my own place.

The cost of the rent and all the other bills that went with the old place meant there really wasn’t much left at the end of the month if I wanted any sort of social life too.

I decided to make my own Five Thousand Pound Saving Challenge.

Saving Challenge

The Five Thousand Pound Saving Challenge

Rather than get down about the impending move, I set a target of finding somewhere within the same area for much less.

I love the area I live in, it’s an 8 minute walk to work and I really didn’t want to move far.

Admittedly I struck gold when a work colleague recommended a flat his friend was looking to let. Yes it was certainly a downgrade and a bit rough around the edges, but at £600 a month with all utility bills included it was something I couldn’t turn down.

It has freed up the much needed cash I was missing to be able to make a real plan to save the cash for a deposit on my own mortgage.

However, I wanted to take the Five Thousand Saving Challenge one step further and see if, not only could I could save from my wages, but also through shopping savvy and making money through cashback and discount deals for things I would already be purchasing.

The Rules

The deal is if I save or make money from purchases, interest etc. then it has to be saved on top of anything I am able to contribute from mine and my partner’s salary.

Over the next 12 months I will be looking at a variety of different ways that I can make and save money to maximise my saving potential, including:

  • Opening a Help to Buy ISA
  • Cashback deals
  • Bargains and bulk buying
  • Bank cashback for paying bills by Direct Debit
  • Buying to Sell
  • Investing
  • Survey vouchers
  • Coupons & Special Offers

I will keep a detailed log of any savings I have made, tips on how I have done it and also if I have dipped into them for one reason or another.

The challenge is £5,000 in 12 months. If you have any tips or advice along the way I’d love to hear from you. Follow my progress here, and wish me luck!



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Thinking Thrifty

David Naylor is the editor of the Thinking Thrifty blog. After a striking realisation about the direction his life was heading he set himself a 15 year plan to achieve total financial freedom. Join the journey!

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6 thoughts on “Why I’ve Made A £5,000 Saving Challenge

  1. I’m actually doing the exact same challenge! I’m trying to save for a deposit for a house and £5,000 seems like a realistic amount based on my income. I’m also going to set up a Help to Buy ISA.

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