Barclays has endorsed a simple savings challenge that could help customers build their savings quickly. The £5 method involves setting aside £5 every time a purchase exceeds £20, encouraging savers to find small ways to cut costs or opt for cheaper alternatives.
The bank highlighted the challenge on its website as part of a post titled 'How to save money quickly. 10 fast ways to build your savings.' Barclays noted that the challenge can be started at any time, making it convenient for those looking to boost their funds ahead of the summer holidays.
In addition to the £5 challenge, Barclays suggested other strategies such as cutting back on non-essential items, downgrading expensive mobile phone contracts, taking packed lunches, and selling unused items like books, clothing, DVDs, and games. The bank recommended using apps that scan barcodes for instant prices and auction websites for selling.
Other banks, including NatWest, also offer savings challenges. NatWest's 'increasing challenge' involves starting with a small amount and increasing savings by the same amount daily, weekly, or monthly. For example, saving £1 on day one, £2 on day two, and so on.
