While household finances remain stretched, adding lump sums to savings accounts isn’t as doable as it has been previously.
However, there is a money saving challenge people can get involved in which requires contributions as small as pounds per day.
To amass the optimum savings, the challenge is designed to be carried out over the course of a year. However, those who stop a month short or miss a week here and there, will still have the opportunity to save as much as £1,000.
Explaining the 52-week savings challenge, Nick Drewe, trend expert and founder of Wethrift, said: “Similar to the 1p savings challenge, but on a weekly basis rather than daily, this hack involves adding increasing amounts of money to your savings each week.”
He continued: “On week one, you will add £1, £2 on week two, £3 on week three, and so on until you reach a full year.
“If you commit fully to the challenge, you should have saved £1,378 over the course of the 52 weeks.”
Another popular method to save is by carrying out the 1p savings challenge, which follows similar rules to the £1 challenge but instead, it’s carried out daily with pennies.
To do the challenge, savers have to set aside 1p on the first day, 2p on the second, 3p on the third – and so on.
Although the final amount amassed won’t be as high as the £1 challenge, it can still see savers stashing away £667.95 in one year.
Digital bank Monzo has recently announced the launch of its new savings tool that will automate the 1p challenge for customers who opt in. The tool works by automatically transferring the pennies into a savings account, daily.
Mr Drewe continued: “Another money saving hack that has done the rounds online is the last digit challenge. At the end of each day, check your bank balance and add the last digit to your savings account.”
For example, if your bank balance is £1,756, add £6 or 6p to your savings account depending on your own personal budget.
Mr Drewe said: “By repeating this process on a daily basis, the money in your savings will soon begin to add up.”