*Disclaimer: This post written in collaboration with The Money Advice Service.
The above opinions are still my own and not influenced by this in any way.
January is always one of the hardest months of the year financially because so many of us overstretch ourselves at Christmas! The Money Advice Service has some great information about how to get in to the habit of saving for the future and since posting my resolutions video a few of you have asked for more details on the 52 week saving challenge I’m doing so I’ve thrown together a spreadsheet with how I plan on achieving this. I’m aware that there are lots of different ways to do this across the internet but these are just the amounts and dates I plan on making transfers into my savings account.
For this challenge I’ve opened up a separate bank account which is the Tesco Bank Current Account. Savings account rates in the UK are shockingly poor at the moment and you can generally get a better interest rate by sticking with current accounts. The reason I chose the one from Tesco bank is that it gives 3% interest on balances of up to £3,000 as well as not requiring a minimum monthly pay in like many other current accounts do. I’m going to do a separate post on what accounts I have and with who soon.
The eagle-eyed among you may have noticed that there is also another Friday at the end of the year, the 30th December, where I could also be saving money. I usually get some money from my parents for my Christmas so if I do I’ll transfer this across then and hopefully bring the total amount saved this year up to £1500.
What am I planning on doing with the money in 2017? Well a lot can happen in a year so who knows but right now I’m thinking that’s a great travel fund for a trip to Florida to finally check out the Wizarding World of Harry Potter at Universal Studios!
Are you planning on taking the 52 week saving challenge? Or do you have any other savings goals for the year? What would you do with £1378 if you had it?