Creative ways to save money for your family in 2020

If saving more this year is one of your New Year’s Resolutions, then we’ve got some top tips on how you can easily save money to help boost your little one’s savings.

We know how hard it can be to save, especially when you have children, those little humans aren’t cheap! The pressure and desire to give them the best future you can we know is stressful and the feeling that your salary doesn’t quite stretch far enough to leave a little extra to put into savings is very common. We’re hoping that the below challenges will make saving less daunting.

The 365 Day Challenge

This is a great way to save almost £1,500 this year! You start by saving £1 on Monday, £2 on Tuesday, £3 on Wednesday and so on until £7 on Sunday. When Monday arrives again you start with £1 and repeat the cycle. The small amounts make it seem more manageable than moving a chunk over when you get paid.

Feel free to tweak this challenge to suit you, maybe just save Monday to Friday or every other week, you’ll be amazed at how it adds up.

52 Week Money Challenge

Another creative way to save over £1,000 means putting a sum of money away every week. Starting with £1 after week one, £2 after week two, through to week 52 with £52.

This challenge does mean you’ll be putting higher sums away around the end of year when you may be tied up buying Christmas presents so you could reverse it and start with the £52 week and end the year putting away £1.

Penny Challenge

One of the easiest and most popular challenges to do as you’re putting pennies away and it adds up to over £600 at the end of the year. Start by putting 1p away on the first day, 2p on day two, 3p on day three to £3.66 on the last day of the year – as 2020 is a leap year!

One Month Salary Challenge

This one is pretty self-explanatory, the aim is by the end of the year to have saved the amount you would usually get paid in one month. You can do this by saving 8-10% of your annual salary every month or by setting up your own plan so for example saving more on quieter months.

KidStart and KidSave

Finally, is KidStart and KidSave! Using KidStart is a great way to save for your child’s future without spending any extra money. You will earn up to 20% back on your online shopping from over 2,300 retailers and this money will be used to top up your child’s savings account.

This is where KidSave* comes in. KidSave is our own flexible Junior ISA with no minimum contributions – you can open it without putting any money in. You can top it up solely with your KidStart Savings or from money you or other family members want to contribute. It’s easy to use and simple to set up.

We also have an adult ISA – find out more here.

We hope one of these challenges makes saving more manageable for you. Wishing you and your family all the best for 2020!

*As with any investment the value can go down as well as up.

 
 

Happy saving!

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Introducing KidSave: the simple and flexible account to build up savings for your child’s future