Top UK financial institution says take £5 financial savings problem for ‘fast’ money enhance
The Barclays-approved finance challenge could help people boost their savings
Barclays has recommended a savings challenge that could encourage customers to ‘save money quickly’. For people keen to boost their savings, there are numerous popular methods to choose from, including one known as the £5 challenge.
The savings challenge was recommended by Barclays on its website. It’s one of 10 ideas the bank highlighted in a post titled: “How to save money quickly. 10 fast ways to build your savings.” In the blog, the bank said: “Cutting back on a few non-essential items could be a quick way to help you save a little more each month.”
Suggesting the £5 challenge, Barclays explained: “Try setting aside £5 for your savings every time you buy something that costs more than £20.
“This might seem a bit challenging, but finding that extra fiver is a good way to get into the habit of making sensible savings. For example, you could buy a slightly cheaper alternative, opt for a cheaper delivery option when buying online or cut back on something else that day to complete your challenge for that purchase.”
The bank said customers could also make a ‘sacrifice’ by cutting back on a luxury they could do without. The blog explained: “Got an expensive mobile phone contract?
“When it expires, downgrade to a cheaper pay-as-you-go alternative with a modest handset. Try taking a packed lunch to work or uni, jumping on to a bus instead of hailing a cab or trading in your premium gym membership for something more basic.”
Customers keen to take a different approach might prefer to earn cash by selling items they no longer need, such as books, clothes, DVDs, and games. Barclays said: “Search online for apps that let you scan in barcodes to get an instant price – some companies even give you pre-paid postage labels for sending in your unwanted stuff.”
The bank added that auction and marketplace websites could also help sellers, as these sites typically allow customers to sell directly to buyers.
Alternatively, savers might prefer to try the 1p savings challenge, which could help people save £667.95 in one year. According to Martin Lewis’s Money Saving Expert, the challenge is a ‘clever, fun and relatively painless way to amass a surprising sum.’
The challenge encourages participants to save 1p on January 1, 2p on January 2, and so on, until making the last payment of £3.65 at the end of the year. If you’ve missed out on the start of the challenge, you can join in by catching up on the totals you’ve missed and then continuing the challenge as usual. Even if the challenge isn’t followed every day, it can still help savers top up their money and encourage them to think about saving.
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