Money Saving Challenge

There are only a few things certain in life: death, taxes and finding it harder to save than it should be. Let’s face it, spending is easier than saving, and we’ve all got carried away after payday, only to check an internet banking statement a week later and wonder where all the money has gone.

A study conducted by the Money Advice Service (MAS) in 2016 found that 16 million people had less than £100 in savings.1 This may seem like a shocking stat, but even with the best intentions, you need proper planning and a good amount of discipline, or a savings plan can go out the window within a week.

So that’s where our new #Cashplus500 challenge comes in. We’re challenging you to save £500 over the course of the next 12 months. You might think to yourself that £500 over 12 months isn’t that much money, but that can easily pay for a holiday next year – and it all starts with a tiny saving of just £0.35 at the start of your week. Let’s break down how it works…

  • Monday - £0.35
  • Tuesday - £0.70
  • Wednesday - £1.05
  • Thursday - £1.40
  • Friday - £1.75
  • Saturday - £2.10
  • Sunday - £2.45

Starting from just 35p, you then add 35p onto the sum of the previous day – it’s as easy as that. Or if you’d prefer to just save a lump sum at the end of the week, you can set aside just £9.80. Those £9.80 savings each week will leave you with a total of £509.60 at the end of the year.

Things you can buy today at £0.35...

  • A frog chocolate bar (not too long ago, they were only 5p!)
  • A value can of baked beans

So, if you can hold off on buying the above, you’re on the right path to that #Cashplus500.

One of the biggest obstacles of this challenge is going to be discipline. It can be easy to dip into it and take £5 out here and there, so putting the money somewhere where you cannot access could be a good idea for those who struggle to resist temptation.

We’d love to know how you’re getting on, or if you have any ideas for other challenges, so please feel free to drop us a tweet @Cashplus and use the hashtag #Cashplus500

Remember that Cashplus Bank Accounts aren’t designed to be used as savings accounts, and that if you’re using your Cashplus Account for this challenge, and you’re on one of our monthly pricing plans, you’ll have to factor in covering your monthly fee as well as paying in the money for the saving challenge. You’ll also need to make sure you’re regularly using the account (paying in counts) to avoid any account maintenance fees. Other bank and e-money accounts may also charge monthly fees or charge fees for not using your account, so keep this in mind when deciding where to save your money and make sure you've read your terms and conditions.



[1] https://www.moneyadviceservice.org.uk/en/corporate/press-release-low-savings-levels-put-millions-at-financial-risk



This content was created on 12th July 2018

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