If you’re looking to save money in the new year, consider taking on one of these challenges for 2026. Some challenges start small, like setting aside just 1p on the first day, while others can lead to savings of nearly £7,000 by the end of the year.
You have the flexibility to choose how you want to save – whether it’s creating a digital savings account online or opting for the traditional method of collecting coins and cash in a jar.
The £1 saving challenge involves putting away £1 every day, resulting in £365 saved by the end of the year. If you prefer to save less, setting aside 50p daily will accumulate to £182.50 annually.
Another challenge entails increasing the amount saved by 1p each day. Starting with 1p on January 1, the savings progressively grow to £3.65 on December 31, summing up to £667.95 saved by year-end or £164.71 if stopped at the end of June.
A weekly challenge begins by saving £1 on Monday and incrementally adding £1 each day until Friday, totaling £15 saved per week or £780 over the year. Even saving every other week would yield £390 annually.
For a weekly challenge with increased savings, you start with £1 in the first week of January, then save £2 in the second week, and so on, reaching £52 in the final week of December. Completing this challenge would result in £1,378 saved, with half the year saving still accumulating £351.
A more rigorous version of the Monday to Friday challenge includes weekends, where you save £1 on Monday and increase by £1 each day, adding £6 on Saturday and £7 on Sunday. This challenge could lead to £1,456 saved by year-end or £728 if only half completed.
The most challenging option involves saving an additional £5 per week, escalating from £5 in the first week of January to substantial savings by the end of the year. Completing this challenge could result in savings of £6,890, while stopping midway would still accumulate £1,755.
Remember, these challenges offer various approaches to saving, allowing you to tailor your savings strategy to meet your financial goals.