Three 'quick win' money-saving challenges to save up to £180 over Lent
PANCAKE Day marks the beginning of Lent – the six-week period leading up to Easter.
The religious holiday is traditionally an opportunity for households to give up something as a sign of sacrifice and a test of self-discipline.
Most people normally use the 40 day period to give up chocolate, alcohol or meat.
But you can also turn Lent into a savings challenge, giving your bank account a well-deserved boost in the run-up to Easter.
Naomi Willis, co-founder of the Skint Dad websiteshared three such savings challenges that could help you reclaim hundreds of pounds together.
Ditch eating out and takeaways and save £145
Ditch those Friday night takeaways or fast food orders after a stressful day and cook all the meals yourself.
Naomi said the simple switch could save you £145, if you order two takeaways a week costing £12 each.
She added: “It's a great opportunity to get creative in the kitchen. Plus, cooking together can be a fun family activity.”
Cancel streaming services – save £28
Canceling TV or music subscriptions permanently can be a difficult task, especially when it comes to a young family.
But it's more manageable to give them up for 40 days, and after a short break you may realize you can do without them.
And with platforms like Amazon Prime raising prices in recent weeks, it can be a good time to think about different ways to entertain yourself.
Ditch the standard memberships of Amazon Prime and Netflix and Disney+ and you'll save £28 for 40 days.
Naomi said: “You're generally not locked into a long contract, so subscription services are very easy to cancel to get money back into your bank account quickly.
“You can spend your time with a game night, exploring the local parks, or having a movie night at home with movies you already own.
“If you get tired of the selection, you can rent cheap DVDs from your local library or try bartering with your friends and neighbors.”
Walk or cycle more – save £180
If you can, cycling or walking instead of driving is a quick way to save money and stay fit.
Naomi said you could do this during Lent and you could make about $180, based on a family spending $30 a week on gas for their car.
Challenges to saving money
HERE are some popular money-saving challenges you can use:
- Weather saving challenge – Store the amount equal to the highest temperature that week. £1 = 1C.
- 1p challenge – save 1 cent per day for every day of the year, but increase the amount by 1 cent every day. So you save 1 cent on day one, 2 cents on day two and 3 cents on day three. When you reach 100 days you also start adding a £1 coin every day, rising to a £2 coin per day plus pennies on 200 days, and £3 every day on top of the pennies on day 300.
- 20p per day challenge – Start by saving 20 cents and then increase the amount by 20 cents every day. For example, the first week would look like this: 20p, 40p, 60p, 80p, £1, £1.20, £1.40.
- Challenge of €5 per week – As with the 20p challenge, put aside £5 per week and increase by five each week. For example €5, €10, €15, €20
- Round challenge – Whenever you buy something, round the purchase to the nearest $1 and put the difference in a savings account. E.g. You pay €2.60, so you save 40 cents. You can use an app such as Monzo or Starling for this.
- Bingo challenge – Here you have a bingo card with different numbers on it and you check them off when you have put that amount in your savings account. It may be ad hoc, but you should get them all checked off before the end of the month.
- Monday to Sunday challenge – With this challenge you simply save £1 on Monday, £2 on Tuesday and so on until the weekend, where you won't save on Saturday or Sunday.
- 365 day challenge – Every Sunday you put aside €1, followed by €2 on Monday, €3 on Wednesday and so on. On Saturday you set aside €7, after which the process repeats, and on Sunday when the new week starts, you set aside €1.
If you stay fit enough to cancel your gym membership, you can also save a few extra dollars over the 40 days.
With train fares expected to rise by 4.9% from March 2, there is an additional reason to cut back on the use of public transport.
How else can you save money this Lent?
It's not just cutting back on subscription services, transportation or eating out that will save you money this Lent.
Barclays previously announced You can save on the sun in nine other areas.
Clare Francis, director of savings and investments at the bank, said: 'Many of us see Lent as a great time to commit to a goal, test our willpower or kick a habit.
“Putting aside the money you would otherwise have spent is an easy way to boost your savings.”
Here are just a few of the additional ways the bank says you can save money this Lent.
Fizzy drinks – £24
Brits guzzle an estimated six cans of soft drinks a week, meaning if you skip the forty days of Lent you could save £24.
That's based on purchasing individual Coca-Colas from Asda, which is selling three for £2 at the time of writing.
Chips – £40
Your daily bag of Walkers cheese and onion crisps is another unnecessary expense you can do without.
Throw away a £1 pack a day for 40 days and you'll save yourself a total of £40, without much sacrifice.
Cigarettes and vaping – £180
This might be the best time to quit smoking and save £180 just in Lent.
That's based on two packs of 20 cigarettes from Tesco and Sainsbury's costing £30. Ditch two vapes a week and you'll save £32.
Where to put your savings
There are plenty of places to deposit your Lent savings, starting with an easy-to-access savings account.
The accounts are designed to have minimal restrictions and typically no fees are charged for withdrawals at any time.
According to Moneyfacts, Leeds Building Society currently offers the most competitive, easy-to-access savings account, at 5.10%.
Next is Paragon with 5.05% and then Coventry Building Society with 5.03%.
Another option for saving is a savings account with a fixed interest rate.
These usually offer the best interest rates, but you cannot access the money within an agreed time frame or you will be fined.
Currently the best fixed rate bonds on the market are from Allica Bank, which offers 5.20% on a twelve-month term, and Investec, which offers a one-year bond at 5.15%.
You can also pay your savings into an ISA, close a savings account and more.
Websites like MoneySavingExpert.com allow you to compare the best savings accounts and determine which one suits you best.
It's worth also checking out price comparison sites such as GoCompare, MoneySupermarket and Moneyfacts.
Do you have a money problem that needs to be solved? Get in touch by emailing money@the-sun.co.uk.
Moreover, you can join us Sun Money chats and tips Facebook group to share your tips and stories.