With the expense of the festive period coming to a close, one mother has shared a clever savings strategy on TikTok that could help individuals save over $4177 by next Christmas.
The TikToker, known as Beth or @budgetingmum, introduced her followers to the ‘5p saving challenge,’ (or the nickel challenge) a method that gradually increases daily savings and accumulates a substantial amount over the year.
Beth explained the challenge in her video, stating, “Here’s a new years savings challenge for you, I can’t believe how much it all adds up to. If you started today saving 5p and then every day add an additional 5p this is what you’d have by the end of the year! Wow. Who’s with me?”
The concept is simple yet effective: start by saving a nickel on the first day, then increase the amount by an additional 5 cents each day. By the end of the year, participants can accumulate a total of $4177.24!
Beth further commented “Although some of the days seem like a big ask, you are saving a huge amount of money so this would be the perfect challenge for those wanting to save for things like holidays.”
@budgetingmumofficial Here’s my day 9 update for my chosen money saving challenge this year – the 5p challenge ?. We are due to move house next year so I’ve been having a sort out and selling stuff on Facebook market place so all of that is going in. And I also found this tub in the garage with some coins in from an arcade trip so I’m going to add that in too! You can download this tracker for free to join me, it’s not too late to start! It’s available on my website which is linked in my bio ? #moneysavingchallenge #savingschallenge #savemoney #5pchallenge #moneysavingtips #budgetingmum #fyp #foryoupage money saving challenge savings challenge money saving challenge 2023 money saving tips
The saving challenge has resonated with many TikTok users, garnering hundreds of comments and shares. One user expressed enthusiasm, saying, “Oooh I like this one! I started the 1p challenge in October and already have over £200 saved!”
Others are already planning their strategy, with one suggesting, “Start backwards and put the largest amounts in on day one and it gets cheaper as the year goes on,” and another adding, “Love this I’m going to hopefully do it starting with day 365 and working backwards.”
This money hack not only offers a practical approach to saving but also encourages a consistent and mindful relationship with money. By participating in the challenge, individuals can look forward to a significant savings amount by the next festive season, potentially easing the financial burden that often accompanies it. Whether for holiday expenses, personal goals, or unexpected costs, this saving challenge presents an opportunity to build a substantial financial cushion over time.
