The money challenge that could see you saving £780 without realising | Personal Finance | Finance

Saving money can be difficult, especially with the cost of living continuing to be quite high.

But one challenge now has worked out how you can save a substantial amount of cash at the end of the year. And it just starts with £10, reports the Daily Star.

After putting away your tenner, the savings challenge sees you increasing the amount you put aside each month of the year. Since we’re now in February, you’ll have to save January’s money as well this month.

It will mean you end up putting £30 aside this month.

In March you will have to put aside another £30 leading all the way to £120 in December. If the last deposit seems a bit steep, then you can always start the opposite way.

By the time you reach Christmas, you should have been able to put £780 in your savings. Here’s how to do it:

• January – £10

• February – £20

• March – £30

• April – £40

• May – £50

• June – £60

• July – £70

• August – £80

• September – £90

• October – £100

• November – £110

• December – £120

Total: £780

If the challenge is too difficult however, you can always try another saving method. For example, the 1p challenge could see you saving £667.95 in total.

The 1p challenge starts by putting away a humble penny and then increasing the amount daily.

There is, again, a reverse version of the challenge where you start the year by putting £3.66 in a savings pot and working your way backwards through the year.

In this case, you’ll end up with the same amount but find yourself depositing less in the run up to Christmas – and January next year.

Another money saving expert suggested putting cash on a weekly basis, which could be good if you can’t find the right amount of coins each day.

Experts also said getting kids to save 10p a week which leaves them with £36.60 by the end of 2024 which is a hefty pot if you’re young.

Another money saving expert suggested putting cash on a weekly basis, which could be good if you can’t find the right amount of coins each day.

Experts also said getting kids to save 10p a week which leaves them with £36.60 by the end of 2024 which is a hefty pot if you’re young.