With remote work and strict social distancing still in effect, you don’t even need to have graduated fourth grade mathematics to understand in the absence of outgoing expenses from the likes of gyms, nights out and daily commutes, we’re spending less.
For those fortunate enough to work from home, or have minimal interference to their income, it may be business as usual with habits surrounding how you save; be it with Chip, moving aside a large chunk on payday (which you can now do automatically on Chip) or whatever’s left at the end of the month.
But, the ‘million dollar question’ is: what are you doing with all this excess money?
It’s safe to assume most of us would rather be spending it on a weekend trip to Majorca with our friends than putting a bit more money aside each month.
So, we thought, let’s get inventive with the way we save this ‘spare money’. Afterall, when all of this is over, we’re going to need a bit of money for all our big plans.
Disclaimer: we’re not implying this trumps a happily spent £40 on cocktails at the swim-up bar in the Carribean, but instead a challenge to help you bide the time, and be rewarded for it, too.
Presenting, five arguably fun challenges to incentive you to save what you would normally spend.
As the title suggests, save the difference between buying at home vs buying out. Chuck it into an appropriately Chip goal for when things begin to reopen!
The average Brit spends about £22 a head on a meal out. Since the stats also reflect Italian to be the most preferred cuisine, I decided to set myself the challenge of recreating an Italian spread.
Following a BBC Good Food recipe, i made a broccoli pesto pasta and according to Tesco, teach serving comes in at £0.77. I splurged on garlic flatbread too wich cost £1.60 (£0.80 a serving); indulged in a glass of Chianti red that set me back £8 (so around £1.30 a glass); some pistachio gelato at £4.95 (let's say £2 a serving… I comfortably ate more than one serving). All up, an italian three-course meal enjoyed from the comfort of my sofa checked in at £5.67 a serve.
£16.33 that’s going towards my post-isolation gorge.
There has been no greater evidence to solidify the ‘drinking away your money’ ideation than watching my bank balance flourish amidst the after-work pint at the pub drought.
… and from my local supermarket:
That break-out booze fund is looking pretty rich to me.
You can adopt this technique for pretty much any outing: the theatre, a gig, the cinema, festival tickets - just label the goal accordingly. For me, I’m betting I’ll have accumulated enough money to attend every music festival in the Northern Hemisphere come 2021.
A lot of people on Instagram feel it is their moral obligation to share their home workouts on Instagram, so you shouldn’t struggle to find a substitute to fill the gym-shaped void in your life.
You can employ the same challenge mentioned previously and save the amount you would spend on your membership, maybe for some new running shoes or workout attire.
Or, you can get creative.
Hold a plank/wall-sit for as long as possible, and save the time you could hold for (I got 4.37).
Record a run and save your km/ph (The Usain Bolt of Chip, Adam, would only say 1:27 - his actual time for a half marathon)
Squat/burpee and match the amount many you can complete in a minute to really heat it up.
You can pretty much apply this method to your preferred type of exercise! Reach out on Twitter or Instagram if you give this one a crack.
It’s like the infamous drinking games, only with money. Settle into a franchise to make it worth it; Harry Potter, all 22 movies from the Marvel Cinematic Universe, Lord of the Rings, even Fast and the Furious if that’s more your speed.
For example, save a £1 when:
Let’s agree to not talk about the holidays we would have been on and instead the holidays we are yet to go on. We’ve taken inspiration taken from Chip’s Product Designer, Liam, on how to motivate yourself to save for the impending getaway.
‘Everyone could do with a holiday after this is all over.
So, me and my friends have been putting away £20 a month each into a pot, then we all use that money to book somewhere nice.
“There are 8 of us and we've saved nearly £2,000 so far, by all just putting in £20 a month.”
Zoom pub quizzes is probably the most popular way to simulate group socialisation to come out of lockdown.
Since you’re presumably not spending as much on booze, grub, entry and definitely transport, there are bountiful opportunities to save.
To go towards the bar tab on your next quiz in an actual pub, deposit £1 into Chip for every question you get wrong.
Remember your Capital is at Risk and past performance is not a reliable guide to future returns. The value of your investment can go down as well as up and you might get back less than you originally invested.