Reach your savings goal step by step
Welcome to Day Five of the Micro Saving Challenge.
Would you like to reach your savings goal one step by step? This challenge isn’t about making you rich overnight. It is meant to be a plan which uses small, baby steps to help you reach your saving goal one day at a time. I am going to focus on what can be done in just under three months. If I can do this for three months I know that I will find it motivating to move to a six-month goal and so on.
I am going to post a new entry each day talking about the challenges I have faced and the small changes I have made to get to my money-saving goal.
As we lockdown 2.0 looms on us in the UK I am conscious that there is a lot of uncertainty out there for many of us. I will keep posting my daily challenges. If you can join in please do. Even if you can only make a couple of changes it will all help.
Step One
If you are just joining us and have missed the instructions from Day one, you can access them here.
Before we get started on day five’s challenge, make sure you have banked your 11-week challenge money. We are on the 18th day of saving. Challenge one should have £12.51 banked, challenge two £50.49, and challenge three £53.55.
As a reminder here is what you should be able to bank by December 31st by following this step alone: challenge one saves £30, challenge two saves £155, and challenge three saves £255. Pick a challenge which works for you and stick with it.
Remember to keep a track of what you have banked. The numbers today might seem small but I want you to remember this is a day by day challenge. It is not meant to change your bank balance over night however it is meant to show you that with a few small changes you can achieve big things.
Step Two
Hopefully yesterday you managed to look behind the sofa, in your bag and any bank accounts with a couple of pounds in them to consolidate them all into your savings pot.
Remember to check PayPal, Topcashback, and any other ‘hidden’ places you might have forgotten about.
Step Three
Today’s task is going to be a tough one. I want you to setup a standing order to divert a set percentage of your salary to your savings account. In light of the recent news this may not be possible for some but if you can it would be great if you could give it a try. If you find yourself struggling later you could always reduce the amount you are sending or stop it completely. I am going to challenge myself at 2.5% of my salary as a set standing order to save.
Step Four
Make sure you keep track of what you find. It is important to see how the small amounts are adding up to something much bigger.
Step Five
Remember we aren’t trying to become millionaires over night. This challenge is about reaching the small goal we set for ourselves by 31st December. If you think you can reach your goal with a lesser salary saving then do it, otherwise try and save even a small amount for the next three months.
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