New money challenge can easily save you £1500 in the new year

Now that Christmas has come to an end and we’re officially in 2021 many of us are looking forward to the future – and fulfilling our resolutions.

For those of us who are looking to save up some cash it’s an exciting new venture.

And, it’s easier than ever to save your pennies with a simple but effective new saving method.

You can secure just shy of £1500 by the end of next year if you follow this plan.

Website Apartment Therapy suggests that hopeful savers put aside a small amount each day which will grow into a healthy savings pot.

What's your favourite trick for saving money? Tell us in the comments…

The idea states that you should put aside £1 on Sundays, £2 on Mondays and £3 on Tuesdays and so on until you’re saving £7 on a Saturday.

That’s a weekly total of £28 which will give you yearly savings of £1,456!

That’s not a small amount to be dismissed.

While many prefer to keep their cash in a jar or similar container it’s suggested that the best way to save is to pop the money into a savings account – especially as it could boost your savings.

So, if you’re looking to be more financially responsible this year then this could be the trick for you!

However, it’s not the only option out there.

With many of us on furlough schemes and similar we’re a little strapped for cash right now.

So, if you try the 52 week challenge you put away £1 in the first week. £2 in the second week, £3 in the third week and so on until the end of the year.

Or, to keep an eye on your spending you could download a tracking app or sign up to Monzo.

The online bank lets you keep track of your spending, monitor how much you’re paying out and on what and create savings pots.

So, in 2021 you can really take your financial responsibility to the next level!

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