Barclays recommends 1p challenge that helps you earn £650 | Personal Finance | Finance
A savings challenge backed by Barclays could help you put aside over £650 in a year. The bank put forward the challenge to customers via its website, sharing a list of ‘ten of the best personal finance hacks’ which it described as ‘savvy shortcuts to bolster your bank balance’.
Barclays explained: “Quick and quirky savings tips can act as rocket fuel to your efforts to regularly put money aside. These smart shortcuts could help you think differently about money, and make it work much harder for you.
“Or if you’re just starting to save, a number of small savvy steps can together lead to big savings and encourage you to nurture a brilliant new habit. To find some of the best hacks to share, we asked for top personal savings tricks from you, our colleagues at Barclays, friends and family – and were delighted at the response.”
The bank’s list included various ideas, such as buying lost and stolen goods at police auctions or opting for wonky vegetables, as they’re often reduced in price. The bank shared: “Police forces end up with plenty of lost and stolen items they can’t use, so sell them at auction.
“Items on offer vary wildly – bikes, razors, toys, denture cream, candles. Type the words’ police stolen goods auction’ into your web browser and look for an auction near you. You’ll usually have to collect the goods in person, so always check location.”
Barclays also recommended something known as the 1p savings challenge, which tasks participants with saving a set amount of money every day for one year. The bank explained: “This is all about scale over a year! Save one penny on day 1, 2p on day 2, 3p on the third day and so on. After 365 days you could end up with savings over £650.”
The challenge might sound familiar to some savers, as it has been popular for years, reports the Mirror. The idea is simple: if you complete the challenge from start to finish, saving £3.65 on the final day, the total comes to £667.95.
The challenge also has the backing of the team at Martin Lewis‘ MoneySavingExpert. Explaining why the 1p challenge can help people to kickstart their savings, a blog post shared on the MoneySavingExpert says it is a ‘clever, fun and relatively painless’ way to amass a surprising sum.
It adds: “Even if you don’t follow the challenge to the letter, it’s a great prompt to get you thinking about your savings and what you can afford to put aside.”
Another tip shared by Barclays was to save money to cover planned purchases in advance. Barclays said: “Next time you want to buy a treat from your usual spending money – a £30 dress, say – make yourself save the £30 first.
“For example stop yourself buying that coffee out (£3 saved), make a few extra veggie meals (£10 saved etc) until you hit £30. Now switch this sum from your current account into your savings account. This way, you’ll save extra, get in the habit of cutting back on spending and give yourself time to make sure you really want that dress.”
