Introducing the Last Digit Hack
A financial coach from Somerset has found a unique and fun way to save money for Christmas. Vix Munro, 59, has saved over £800 in the last six months using the 'last digit hack.'
How Does It Work?
The 'last digit hack' involves checking your bank balance at the end of each day and adding the last digit to your savings account. For example, if your balance is £1,234, you would add 4p, 40p, or £4 to your savings fund.
Building a Savings Habit
Vix believes that checking your bank balance daily is a great habit to get into. She transfers the relevant amount of money into a separate pot, making it easy to keep track of her savings.
Starling Bank's Savings Spaces
Starling Bank offers a feature called 'saving spaces' where account holders can keep their money separate from their balance. Vix takes advantage of this feature and has a dedicated 'Christmas fun pot' for her holiday expenses. Starling Bank also pays 3.25% interest on balances up to £5,000.
How Much Can You Save?
Vix typically saves around £30 a week or £120 a month using the 'last digit hack.' Over time, the money starts to build up, and Vix has managed to save over £800 since May.
Saving for the Cost of Living and Christmas
Vix has noticed the effects of the cost-of-living crisis, with higher food and electricity bills. She wanted to plan for the rising prices and save extra money for Christmas. The savings from the 'last digit hack' will help her cover the cost of festivities.
Top Tips for Saving Money
Vix recommends finding a savings method that works best for you and making saving fun. Saving a little and often can make big expenses more affordable. It's also important to keep your savings separate from your day-to-day spending and give each pound a purpose.
Other Simple Saving Hacks
If the 'last digit hack' doesn't suit your style, there are other saving challenges you can try, such as the 1p challenge, the 365-day challenge, or the envelope challenge. Some banks also offer dedicated savings features, like Starling Bank's 'saving spaces.'
Remember, saving money is all about finding what works for you and making it an enjoyable process. Happy saving!
Did you miss our previous article…
https://hellofaread.com/money/five-tricks-for-first-time-buyers-to-secure-a-discount-on-their-dream-home/
