Customers of Barclays looking to bolster their savings in 2026 have been offered a straightforward and effective strategy by the bank itself. The financial institution has highlighted a 'quick' method known as the £5 challenge, designed to help people accumulate funds with minimal pain.
The Simple £5 Savings Rule
In a recent blog post on its official website titled "How to save money quickly. 10 fast ways to build your savings," Barclays placed the £5 method among its top tips. The concept is elegantly simple: every time you make a purchase costing more than £20, you immediately set aside an additional £5 into your savings.
Barclays acknowledges that finding that extra fiver might seem challenging at first. However, the bank suggests this act is a powerful tool for building a consistent savings habit. To achieve it, you could choose a slightly cheaper product, select a standard delivery option for online orders, or simply cut back on another small expense that same day.
Beyond the Fiver: Other Barclays-Approved Tactics
The £5 challenge is just one of several approaches recommended. Barclays also advises making a calculated 'sacrifice' by reducing spending on non-essential luxuries. This could involve downgrading an expensive mobile phone contract to a cheaper pay-as-you-go plan once it expires, taking a packed lunch to work or university, using public transport instead of taxis, or swapping a premium gym membership for a more basic package.
For those looking to generate seed money for their savings, the bank points to the potential of selling unwanted items. Books, clothes, DVDs, and games can be turned into cash using dedicated apps that offer instant prices and even provide pre-paid postage labels. Auction and online marketplace sites are also highlighted as effective platforms for selling directly to other consumers.
The Classic 1p Challenge for a Larger Annual Sum
Barclays' advice coincides with the popularity of another well-known savings method: the 1p challenge. As endorsed by Martin Lewis's Money Saving Expert, this is described as a "clever, fun and relatively painless way to amass a surprising sum." The challenge involves saving 1p on the first day of the year, 2p on the second, and increasing the amount daily until you save £3.65 on the final day.
This disciplined approach results in a total yearly saving of £667.95. For those who missed the start on January 1st, the advice is to catch up by depositing the cumulative total for missed days and then continuing with the daily incremental amount.
The core message from Barclays is clear: building savings doesn't always require drastic overhauls. Small, consistent actions, like the £5 rule or the incremental 1p challenge, can lead to significant financial gains over time, providing a much-needed buffer and fostering healthier money management habits.
