This simple money-saving hack could mean you save £780 in just one year | Personal Finance | Finance

As the cost-of-living crisis continues and energy bills rise, it has become almost impossible to find extra cash to squirrel away for the future.

Many people cannot afford to save money for a rainy day as constant bills see all their pockets squeezed to the max.

Despite the constant challenges of life, one woman was able to save £780 using a savings challenge she found a few years ago.

With many looking changes this year that can make a difference, the penny challenge may just be it.

Although it may not seem like a lot saved each month, if people commit for a year they can save a whopping £780.

How it works is that individuals write £10 up to £120 on a savings tin, put one of those amounts in each month and cross it off the list.

By the time people have crossed them all off at the end of the year, they’ll have saved a great £780.

While it means in three months of the year they’ll have to find £100 or more spare, during other months it will be much lower, so people can pick and choose when they’re able to save the most.

Manchester Evening News parents editor Emma Gill said: “So I’ve seen lots of ideas for saving money but none of them will really work for me – I never have change in my purse to do the penny challenge for example.

“That’s why I’m giving this a go. Every pay day – or at the end of a month – you put in one of these amounts and then cross it off the list. By the end of the year it’s a whopping £780!

“It won’t be easy – especially when it comes to the £120 month – but it’s worth a go. I reckon I’ll start with the £10 in January.”

Sticking to savings resolutions can be hard, however, it’s important to have a goal push one to continue.

Completing a challenge could be one’s 2024 resolution in itself, or it could support a larger savings goal.

People could be savings to reach a house deposit. So whether they’re planning to save a small amount of extra money, looking to boost their emergency fund, or preparing for a big life milestone, these great ideas could be the perfect tasks to take on.