A blog by your Student Funding team.
The start of a new year is a time when we all start thinking about resolutions for the year ahead. One way you can help yourself build some savings is by taking on a Savings Challenge. Even saving just a small amount for an emergency fund can give you peace of mind and help you in the future.
A popular challenge is the 1p Challenge where you save 1p on day 1, 2p on day 2, 3p on day 3 and so on till on the final day of the year you save £3.65. This should allow you to save over £670 in a year. Save the Student has a guide to getting started with the 1p Challenge as well as some free downloads to keep track of your savings.
Some people reverse the challenge by starting with the largest amount of £3.65 and saving 1p less each day. This means you are saving the smallest amounts at the end of the year when you might be spending more money on Christmas and New Year celebrations, and you can see your savings add up quicker. If remembering how much to save each day sounds difficult, Money Saving Expert has a table to show you how much to save each month. Alternatively, some app-based banks allow you to automate the challenge into a savings pot.
If you would rather set up your own savings challenge, have a look at our Weekly Savings Tracker. There are 52 circles, one for each week of the year, for you to colour in every time you put some money into your savings. You can decide how much each circle is worth. If they are worth £1, you’ll save £52 in a year, or give yourself more of a challenge and try £5 per circle which will give you £260 by the end of the year.
If you need any support with your money during the year you can contact Student Funding Support by email (firstname.lastname@example.org) or telephone (024 7615 0096) Monday to Thursday 8.30 – 5.00 or Friday 8.30 – 4.00. Alternatively, you can drop in and see us by going to the Wellbeing Reception in Senate House between 10am and 3pm Monday-Friday.