Barclays has endorsed a straightforward savings challenge that could help customers build their savings quickly. The £5 method, featured on the bank's website as part of a post titled 'How to save money quickly. 10 fast ways to build your savings,' encourages participants to set aside £5 every time they make a purchase over £20.
The bank explains that this approach helps develop a habit of sensible saving. For instance, customers could opt for a cheaper alternative, choose a less expensive delivery option when shopping online, or cut back on another expense that day to complete the challenge. Unlike some savings challenges, the £5 method can be started at any time, making it particularly appealing for those looking to boost their funds ahead of the summer holidays.
Barclays also suggests other quick saving strategies, such as downgrading an expensive mobile phone contract to a cheaper pay-as-you-go plan, taking packed lunches to work or university, using the bus instead of taxis, or swapping a premium gym membership for a more basic one. Another tip is to sell unused items like books, clothing, DVDs, and games through apps that offer instant price scans and pre-paid postage labels.
For further inspiration, customers can look to other banks like NatWest, which recommends an 'increasing challenge' where savers start with a small amount and increase it by the same amount each time—for example, saving £1 on day one, £2 on day two, and so on.
