Many households will currently be trying to save up some cash after the expense of Christmas - but given the ever-rising cost of living, scraping some savings together may feel out of reach for some.
One mum has shared her smart method of putting money away in a challenge that could help people to save thousands in 2023 without being too daunting a task. TikTok user @budgetingmum showed that starting off on day one by saving just 5p and increasing the amount you put aside by 5p each day - 10p on day two, 15p on day three and so on - after one year you would have gathered an impressive £3,339.75.
"I can't believe how much it all adds up to!" the mum admitted as she explained the method, and impressed TikTok users praised the clever money-saving hack as far more realistic than many other saving goals out there. Several people left their own advice in the comments section on how to make the most of the challenge.
READ MORE: Martin Lewis' 2023 cost of living advice including energy bills, mortgages and Universal Credit
One person suggested that for those who don't tend to carry cash, they can instead transfer the small amounts into a bank account to see the money build up. And after users worked out that the method would mean you have to put aside £18.25 at the end of the year, someone else offered a helpful tip on how to manage this.
"Start backwards and put the largest amounts in on day one, and it gets cheaper as the year goes on," they suggested. Several people agreed with switching the challenge around, particularly as it would mean having to put less aside in the run-up to Christmas.
Others pointed out that anyone who thinks they won't be able to manage putting this much money away could try the 1p savings challenge instead, a method suggested on Martin Lewis' MoneySavingExpert site. This challenge instead starts off the year with just a penny, increasing the amount you save by 1p each day to ultimately save you £667.95 by the end of 2023.
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