Pancake Day marks the start of Lent, a six-week period before Easter
Lent is traditionally a time for sacrifice and self-discipline. Many people give up something they enjoy, such as chocolate or alcohol. But why not turn Lent into a money-saving challenge? Naomi Willis, co-founder of the Skint Dad website, shares three quick and easy challenges that can help you save up to £180.
Ditch eating out and takeaways – save £145
Instead of ordering takeaways or eating out, cook all your meals at home. By doing this, you can save £145 over 40 days. Not only will you save money, but it's also a great opportunity to get creative in the kitchen and bond with your family.
Cancel streaming services – save £28
Consider cancelling your TV and music subscriptions, such as Amazon Prime, Netflix, and Disney+. By giving them up for 40 days, you can save £28. Use this time to explore other forms of entertainment, like games nights, local parks, or movie nights at home with DVDs from your local library.
Walk or cycle more – save £180
If possible, choose to walk or cycle instead of driving. By doing this for Lent, you can save around £180. Not only will you save money, but you'll also stay fit. Plus, with the expected increase in rail fares, it's a good time to cut back on public transport.
Other Ways to Save Money
In addition to the challenges mentioned above, there are other areas where you can cut back on costs. For example:
- Fizzy drinks: Going without fizzy drinks for 40 days can save you £24.
- Crisps: Ditching a daily pack of crisps for 40 days can save you £40.
- Cigarettes and vaping: Quitting smoking or cutting back on vaping for Lent can save you £180.
Where to Put Your Savings
Once you've saved money during Lent, you need to know where to put it. Consider opening an easy-access savings account, such as the one offered by Leeds Building Society at 5.10% interest. Alternatively, you can opt for a fixed-rate savings account, which offers higher interest rates but with restrictions on withdrawals. Websites like MoneySavingExpert.com can help you compare the best savings accounts for your needs.
Remember, Lent is not just a time for sacrifice, but also an opportunity to boost your savings. By taking on these money-saving challenges, you can make a significant impact on your bank account.
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