The 52 Week Savings Challenge is often viewed as one of the best ways to save money over a period of time. Many people will find it difficult to save money, but sticking to a set plan could give individuals the boost they need. Savings challenges can be a solution to keeping track of your own plans.
Whether someone is saving money for a rainy day or a specific destination like buying a car or vacation, saving up regularly can help.
The 52 Week Savings Challenge is a great example of this, and savers could accumulate over £ 1,300 by the end of the year.
Individuals must set aside a set amount of money each week to meet their goals.
However, to be successful, it is important to understand how the savings challenge works.
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Once the sixth month is reached, £ 90 will be deposited into the person’s savings account.
It shows the importance of sticking to the challenge until the end in order to reap the full benefits.
By this point, people should have shed 1,378 pounds – which could make a huge difference to their finances.
The challenge is seen as an easy fix for those who struggle to save consistently.
This could mean setting weekly reminders on the calendar to ensure that deposits are actually being made to the account.
In addition, private individuals could automate their deposits, for example by direct debit or via their paycheck.
This method would allow the fund to build without one person actively looking at the money every week.
Finally, individuals could set up a new bank account specifically for their 52 week challenge.