Savings challenges have taken off because they make the often daunting task of saving money simple, engaging, and motivating.

By "gamifying" the process, they help people build consistent money habits with a clear structure that’s easy to follow.

The key is choosing a savings challenge that fits your lifestyle, so here’s a look at some of the most popular ones, so you can work out which one might suit you best.

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Our guide to savings challenges is for informational and educational purposes only and does not constitute financial advice. 

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The £1 a day challenge:

What is it?: Save £1 every day for a year and you’ll end up with £365.

Why it works: This is one of the simplest challenges out there, and that’s exactly why it works. The amount is small, predictable and easy to commit to. Making it ideal if you’re new to saving or just want to rebuild the habit.

Best for: People starting from scratch, or anyone who wants to take things slow and steady, this challenge can ease you in

The 1p challenge:

What is it?: Start by saving 1p on day one, then increase by 1p each day. By the end of the year, you’ll have saved £667.95.

Why it works: This challenge eases you in gently, with very small amounts at the start and larger ones towards the end of the year. It’s satisfying to watch it grow in value

‍Best for: Those who like visible progress and don’t mind gradually increasing contributions daily over time.

The monthly incremental challenge:
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‍What is it?: Start with £10 in January, £20 in February, £30 in March... This increases each month until December. By the end of the year, you’ll have saved £780.

Why it works: This challenge lines up neatly with monthly pay cycles and feels manageable even as amounts grow. It’s also easier to plan around than daily saving.

Best for: Monthly savers who want predictability without the effort of adding money daily.

The 52-week challenge:

What is it?: Save £1 in week one, £2 in week two, all the way up to £52 in week 52 (a total of £1,378).

Why it works: This is a popular one for a reason. It gives you a clear weekly target and works well if you’re paid monthly or weekly. You can also flip it and start with the bigger amounts first – whatever works for you

Best for: Anyone who likes structure and wants a more meaningful savings pot by the end of the year.

The fiver challenge:

What is it?: Save £5 in week one, £10 in week two, £15 in week three. All the way to £260 in week 52. Giving you a total of £7,000.

Why it works: This one isn’t for the faint-hearted, and can really supercharge your savings. Contributions ramp up quickly, so you’ll need planning and discipline to stay on track but it can be very powerful if you’re saving for something big.

Best for: Higher earners or experienced savers working towards a large, time-bound goal.

The no-spend challenge:
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‍What is it?: Pick a week, fortnight or a month where you only spend on essentials, and move everything else you would’ve spent into a savings account

Why it works: This is a bit different as it isn't about saving fixed amounts, it’s more about awareness of your spending. It can be hard to stick to, but for many people this can be eye-opening, and the chance for a bit of a reset.    

Best for: Anyone who likes to challenge their willpower, reset and quickly boost savings with no tech or maths required. 

So… which one should you choose?
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The best savings challenge is the one you’ll actually stick to.

If you’re building confidence, start small. If you’re saving for something specific, choose a challenge that lines up with your goal. And, if you’ve fortunate to have more disposable income, push yourself to save those bigger amounts. 

Remember, you don’t have to follow these rules perfectly. Tweaking amounts, skipping weeks, or restarting is still progress. Saving isn’t about being perfect. ‍

How Chip can help 

Savings challenges work best when they’re automated and that’s exactly where we come in.

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With our smart recurring deposits, Chip can regularly move money into a savings account for you automatically, so you don’t have to remember every contribution yourself.

With our Goals feature, you can set clear targets and track your progress in the app, whether you’re aiming for £365, £7,000 or beyond.
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Whatever challenge you choose, Chip helps turn good intentions into real results - and earn interest while you do it.


Let’s get going.

Stephen. 

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