Updated: Apr 20, 2020
You’ve probably just read that title and thought to yourself ‘there’s no way saving is fun’. We understand, it may seem boring and that might put you off doing it. Well you. are. wrong. and. you. should. Okay so, if we had a fun-o-meter, we wouldn’t put fun right at the top, but it doesn’t have to be as boring as you think it and here are some ways to make saving fun.
Everyone loves a challenge. No-one likes losing, so by making saving a game you may find that you are motivated to keep it going.
There are various ways to do this, some of our favorites:
• Break out your expenditure buckets and challenge yourself to spend £5-£10 less in the areas.
• Whenever you do spend money on a “want,” put that same amount of money into your savings account. So, if you buy a £35 concert ticket, then you need to also put £35 towards savings. You’ll think twice about spending.
• Be creative and find ways to get by in life by taking part in a no spend challenge. Read more about this in the section below.
Make it competitive by getting a friend to take part in it too.
Round It Up
Many challenger banks i.e. Monzo, Revolut etc. have a feature that rounds up your purchases to the nearest pound and puts the rest in a savings pot. For example, if you spent £2.25 on a coffee, 75p goes to your savings - so good, you don’t even realise.
Have frugal fun
Saving doesn’t mean cutting out on the fun stuff. Free meals at restaurants (search the internet for all the vouchers you can find), use happy hours, volunteer at events to get entry (festivals) - these are just some of the many ways.
Create a Savings Competition
Calling all those that are competitive, if making it a challenge wasn't enough, turn it into a competition.
You can even hold awards for weirdest way to save & the most amount of money saved
Increase your savings by £1 each week.
At the start of the new year, we posted our favorite savings challenges, and this was number. Start by putting away £1 on the first week of the year, then £2 on the second week of the year, and so on. By the end of the 52 weeks, you’ll have £1,378 saved.