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As the months go by, many of us are starting to realise that our New Year money-saving resolutions aren’t quite going to plan. In fact, according to USwitch, 65 per cent of us started worrying about debt before the year even started.
Saving money – or failing to – seems to be a common challenge for everyone. Recent data from Money Advice Service has shown that over 16 million people in the UK have less than £100 in their savings account, a truly alarming figure.
In reality, most of us have a goal that we’re saving up for, whether it’s a new handbag, tech gadget, home improvements or even just a rainy-day fund – but some goals are easier to achieve than others. For example, with many people now looking to book their summer holidays, some are realising that they should have started saving their pennies a bit earlier.
A quick and easy way of saving money this year is the Loose Change Challenge. In order to take part, savers simply need to log onto their online banking service,i check their current account, and transfer any ‘loose change’ they have into a savings account.
For example, if you had £103.79 in your current account, you would simply transfer the 79p into savings. If you transfer an average of 50p every day into a savings account, at the end of the year, you could be up by £182.50 – enough for two tickets to Barcelona with one of the low-cost airlines – and even more if you have more loose change in your account.
So don’t be one of the 8 million Britons with no savings. Instead, take part in the Loose Change Challenge now. By being money smart in 2017 and stashing away your spare pennies on a daily basis, you can start to build your rainy-day fund in no time – you might be surprised by how much you save!
This article was supplied by Tony Gundersen of Ferratum.