January Money Savings Challenge

You will find lots of money saving challenges online and they mostly request you live like a hermit with no social events and living off beans and lentils. The below challenge is designed to give you a good quality of life whilst saving the money after a payday…

So you’ve made your New Year’s resolution and determined to save money. Well there’s not much to saving money, in fact there’s a lot of ‘not doing something’ which can sometimes be more frustrating. Below are rules to shave off all those extra bits of money that seem to flutter away from your bank account each month.

Stop these actions for all of January see the amazing difference it will make:

Buying Food / Drinks on the move

This means all those coffees you buy, all those expensive snacks at train stations, your university or on the way to work. If you only spent £3 a day this would save you £60-85 a month (up to £1000 a year!). If you are partial to a coffee in the car or on the train, I’ve posted few different blog posts on DIY coffee that tastes the same but less calories and saves you more. Also try and replace as many drinks as possible with water – it’s free!

Going to the shops every night

Eating food as you go is as bad for your body as it is your bank account. When you’re hungry and tired after a long day, you normally make worse decisions and just grab what you’re craving (high carb, high salt, high sugar!). Homemade cooking that’s pre-planned and thought out will take you a few hours a weekend and ensure you’re saving and set for the month. Read this post here on how to plan your monthly food shop (and actually stick to it)

Driving, tubing, busing, Ubering everywhere

If you’re fit and healthy, you should walk anything under an hour as a general rule. If you’re en-route to getting healthy, aim for 30mins – as a minimum. You’ll soon see the weight drop and your bank account stay stable. Read this blog for ideas on why you should walk and how to keep it entertaining

Spending too much to socialise

I love spending time with my friends and I love saving money – you can do both these things at once. I’ve got plenty of posts that can help you do both. Check out my posts on cheap and free things to do in Autumn and Winter for ideas!

Spending money that you could save

You wake up in the morning, check your bank account, see you’ve still got £200 in and you get paid in a few days so you order some clothes, go for a few drinks and it’s all gone! Well my final tip is that you should open up a second bank account on day one or before you start the challenge. Just stroll into your local branch and request to open a savings account. There are lots of accounts that will do many things for your money but for now you want a ‘out of sight, out of mind’ bank account to store your money.

Since I implemented this, I do forget about the money in my second bank account until an emergency pops up (or perhaps a holiday to book!). Also with online banking it’s super easy to move the money back when needed.

When you get paid, put any bonus, any extra hours or anything you can spare into this savings account and live as you normally would that month. I know you want to buy that new handbag with your well earned bonus (and you always deserve it) but save up for a couple months and the pride you’ll have will be way more than that new bag would have ever given you.

Let me know in the comments if you tried this challenge and how much you saved!

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