Last year I wrote a post outlining the ways anyone could save £1.000 in one year and the different ways it could be done. You could either save in small increments of £2,74 a day, or larger weekly or monthly ones equivalent to £19,24 a week or £83,33 a month.
I gave few examples about ways you could save the money by cutting out bad habits or indulgences – like Domino's pizza or smoking. Now, one year on, the moment of truth is here. Did I manage to save £1.000 in one year like I set out to do?
Short answer: yes I did.
Long answer: It didn’t exactly go to plan, but I managed it.
Turns out that saving £2,74 a day is more difficult than expected because the amount is so minimal that you (and by that I mean me) often forgot about it entirely and ended up spending it on coffee or parking or losing it completely under my car seat.
It took me a good few weeks to realise this, and I thereby decided to go digital. This choice was the game changer. It really helped me out. I set up a savings step to take a flat £20 a week from my bank account to my savings wallet automatically. Automating this saving was the only way that I managed to complete this challenge at all because (to be honest) by February, I found it difficult to remind myself to make the savings every day. I had so much going on in my life that it often slipped my mind, despite my best intentions.
It wasn’t until Easter when I wanted to go away on holiday, and realised I had less money than expected in my current account, that I checked my savings wallet and saw I had a good amount of money stashed away.
Although I was tempted to blow it all on a weekend in Berlin I was so proud of myself that I refrained. That’s not to say that some of it wasn’t leaked away throughout the year on birthday presents and emergency Mother’s Day flowers, but I dutifully topped up my account each time I emptied it out of schedule and I now have £1.040 saved up in my digital wallet waiting to be added to or invested.
Not bad for a year of doing nothing except setting up one automated savings step!