My 2018 Savings challenges

I’ve really enjoyed doing my 30 Week Savings Pot Challenge this year (you can see the link to it here: http://forums.moneysavingexpert.com/showthread.php?t=5647381 ) and as it draws to a close, it’s great to know that I don’t have to worry about finding some Christmas money as it’s all there waiting for me :-)

Time to start planning my savings challenges for 2018.

One of the things I hadn’t accounted for in my original savings challenge was how heavy my savings pot was going to become from all of the pound coins! So I think next time, instead of saving denominations of £1, I will do denominations of £5 so it will all be paper money.

50 fridays will take me up to Christmas again, but I think it will be too much to do the amounts from £5 to £250, I’m going to split it into two parts. Part 1: 20 weeks amounts £5 to £100 which will take me to about May/ June time and then start again for Part 2: 30 weeks amounts £5 to £150 to take me up to Christmas.

Part 1 will then pay off my credit card bill
Part 2 will pay for Christmas 2018 :-)

That’s the plan!!

Replies

  • Good luck!
    Debt Free Stage 1 - Completed 27/08/2020
    Debt Free Stage 2 - Completed 50/181 Payments
  • Great Idea, I'm guessing the larger £100 to £150 weeks will be hard going, I saw a similar challenge on here a couple of years ago and started doing it personally, worked well for the second half of the 2016,
    brilliantly last year and just started again this year,

    The one I saw was £1 a week, and to get around the issue with paper money over change is to print out a spreadsheet with boxes for each week to track the amount and then add a column in for over/under payment, for example for week £52 I can put in £50 with an underpayment of £2, knowing full well that for week £48 I will also put in £50 and overpay by £2 thus cancelling out any discrepancy.

    In the end I still had to visit the bank mid year and swap the change for cash but its not too heavy.

    With the ability to overpay it was nice to put extra in some weeks to help at other times, I save for 48 weeks (December off) with the values £52 down to £5. Totalling £1368 for the year. However I ended up saving over £2000 last year.

    I've not seen the £1 a week increment challenge again until your 30 week challenge last year. Have you seen any others?

    Keep up the good work!
  • Week 1 - posting a day late, start as you mean to go on and all that!! I’m conscious that it’s still nearly four weeks until pay day, so taking it a bit easy but off we go - £10
  • Week 2 - still posting late! Must post on time next time haha - £20
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