Introduction
A student named Jessica Mahoney has shared her clever savings strategy that helped her stash away £800 without even noticing the money leaving her bank account. Despite living on a tight budget, Jessica created her own savings challenge and utilized a handy tool called saving pots from app-based bank Monzo to reach her savings goal.
Creating a Christmas Savings Challenge
Jessica developed her very own Christmas savings challenge called the "12 months of Christmas." She used Canva, a free-to-use design tool, to create a calendar and allocated each month a festive icon and a specific amount of money to add to her Monzo Christmas Pot. By visualizing her goals and tracking her progress, she was motivated to continue saving.
The Penny Saving Challenge
In addition to her Christmas savings challenge, Jessica also took on the penny saving challenge. This challenge involves saving one penny on the first day and increasing the amount by one penny each subsequent day. Jessica gradually increased her weekly savings and managed to save £53.70 a day by week 26.
Using Monzo Pots to Budget
Jessica utilized Monzo Pots, a feature of the Monzo bank app, to help her budget her spending. She allocated specific amounts of money for different expenses, such as transportation and entertainment. This allowed her to track her spending and save money consistently.
Tips for Saving Cash with Challenges
Jessica offers some tips for those looking to save money using challenges. She advises perseverance and suggests that weekly transfers may be more manageable than daily ones. Breaking down savings goals into smaller amounts can also be helpful for those on tighter budgets. Jessica emphasizes the importance of not being too strict with oneself and adjusting the budget as needed. Finally, she recommends finding ways to visualize progress, whether through a banking app or physical envelopes of cash.
Conclusion
Jessica's story serves as inspiration for anyone looking to save money in a fun and manageable way. By creating her own savings challenges and utilizing tools like Monzo Pots, she was able to stash away £800 without even noticing the money leaving her bank account. With a little creativity and perseverance, anyone can achieve their savings goals.
Read more: https://www.thesun.co.uk/topic/money-saving-tips/
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