According to YouGov, statistics, “Less than 1 in 10 individuals keeps up the financial promises for 12 months.” Sticking to resolutions like savings goals or investments is indeed hard. However, you can make this goal interesting by taking it up as a challenge.
So, can you save at least £3000/month? Confused? Take it up as a challenge and know. Understand your financial goals and convert it into an interesting game. The blog lists some financial-refining challenges that help you improve your lifestyle and future.
Are you ready for the financial challenge? Let’s Begin!
Identify your existing finances and liabilities. The challenge should not affect the basic expenses and budget. Scan the credit report for errors and debts. Check which of these you can clear before starting the challenge. It is about sticking to the goal once you take it up. Discipline helps you achieve goals and ensure consistent efforts.
Roll up your sleeves and complete the challenge. Here are some popular financial challenges to take up in 2025 for growth and bright future:
1) Take Up 365-Day Money Challenge
It is one of the most popular financial challenges to take up. It involves saving some amount each day. For example- you can begin with 1st January and save only £50. It is okay. The amount does not matter, but what matters is the effort to save every day. However, don’t save only £50 when you can comfortably save £200. Be loyal to yourself and begin the saving goal. It will help you cut down on unnecessary expenses. It is healthy for your credit rating also.
You can even begin one in February or March, whenever you feel ready. Just don’t take it as an excuse to start with the next year, January. You don’t need only to save money in the savings account. You can begin easily by saving one in the piggy bank.
For example- if you save £80 on average each day for 365 days, you can save up to £29,200 over a year. That’s certainly not bad. Moreover, by saving each day, you can determine the minimum amount you can save each month. You can make it a goal to keep that amount safe in the piggy bank. Avoid falling for the instincts to achieve the goal.
- Save 1% of income for retirement
You may think- “Well, it is easy to save 1% of my income. What’s the big deal?” Yes, it is indeed easier to begin that way. For example- if you earn £45000/month, 1% of that will be £450. Similarly, if you earn £25000, the 1% of that will be £250. Thus, it depends on how much you earn and the other liabilities. It is easier to save one per cent over five.
One must contribute towards retirement savings in whatever way one can. It secures the future and helps your savings interest grow. The earlier you start, the better. You can also spot the ways to increase the amount to save in retirement. For example- the best strategy would be you leverage the existing debts you have. Yes, your dues may help empower your retirement savings.
Check how many debts you can consolidate. Affordable debt consolidation loans may help you achieve the goal. You can merge as many debts as you want into a single monthly payment. However, avoid consolidating long-term debts like student loans or mortgages.
It may affect the credit length and the credit score. Check how much you can save by consolidating high-interest debt. Use the savings to meet retirement goals. It may help you save a little more than the existing situation. More savings, the more interest you get.
3) Try the Guess your bill challenge
Do you know how much you spend on bills and debts each month? No idea? Here is the game for you- Guess the bill challenge. Take up a pen and a piece of paper and make a list of the bills you pay every month. It may include credit cards, payday loan bills, electricity, overdrafts, etc.
Don’t check how much you pay on these debts. You need to guess the approximate amount that you pay monthly on such aspects. Don’t forget to include the additional expenses. It could be dining out, movies, or weekend trips that exceed the budget. Put the expected amount that you pay against the expenses without cheating. It may look like this:
| Bills | Expected amount | Actual amount |
| Credit card | 4000 | 5000 |
| Utility bills | 1000 | 1200 |
| Car repair and fueling | 1500 | 2000 |
| Movies, dining out, trips | 3000 | 5000 |
Are you shocked by checking the results? This is the whole point of this exercise. Understand the aspects that may help you save money. For example- you can reduce the money spent on movies and trips to £1500/month. You can use the other £1500 as emergency savings. It may help you save enough for future purposes.
4) Take up the birthday challenge
Who does not love birthdays? However, take this the other way around. Identify the birthdays of each person you know and mark the dates on a calendar. It will help you wish them happy birthday timely. Here is the twist. Save the amount according to the person’s new age.
For example- if you wish your cousin a happy birthday and she turns £32, save this amount immediately. Accordingly, the more birthdays in a month, the better. You can save more amount monthly.
However, saving some amount monthly may affect the other aspects. It is especially for the students engaged in different aspects like- rent, transport, educational stuff, etc.
Moreover, unexpected costs like medical needs may further affect the finances. Here, you don’t need to skip the goal. Instead, contact Annuityloans for urgent cash. The friendly experts may help you understand the basics and get an amount that you can afford.
5) Ensure a no-spend challenge
It is one of the most interesting ways to save money. Identify how much money you can save by having a no-spend day. Yes, you can check the dates which you are comfortable to save with. For example- if you can save 30 on a day. Check whether you can continue the streak. It will help you or motivate you to analyse and save more without worries.
Bottom line
If you want to save money from a future perspective, the blog may help. It lists the aspects that may help you save money even if you are not habitual to saving. Aspects like- no spending week, birthday challenge, guess the bill challenge, etc. It will help you ensure the balance between your expenses and future savings. It may help you concentrate on aspects like – retirement savings, stocks, and other aspects.
