Take the Lent money saving challenge and save up to £150 before Easter


BY ditching cravings such as coffee, chocolate and booze over Lent you could save up to £150 by the time we get to Easter.

Lent is the 40-day Christian period that runs from today, February 26, until Holy Thursday on April 9.

 BY ditching cravings such as coffee, chocolate and booze over Lent you could boost you piggy bank by up to £150 by the time we get to Easter

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BY ditching cravings such as coffee, chocolate and booze over Lent you could boost you piggy bank by up to £150 by the time we get to EasterCredit: Getty – Contributor

If you’re able to cut out meat, takeaways and caffeine during the whole period, you’re set to save the most cash, reckons NetVoucherCodes.co.uk.

For example, avid pub goers who cut out the daily pint of lager, which cost £3.67 as of March 2019 according to the Office for National Statistics, can save £146.80 in 40 days.

Alternatively, if you stop buying a £2.25 coffee every morning at Starbucks and instead make it yourself, you could save £90 over the same period.

While resisting the urge to order a £13 weekly pizza instead of cooking dinner with ingredients you already have can save you £78.

 This is how much you can save by April 9 if you ditch certain cravings

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This is how much you can save by April 9 if you ditch certain cravings

Of course, every little helps too and by cutting out the smaller purchases you can boost your bank balance as well.

For example, buying a daily chocolate bar for 60p costs you £24 over 40 days, while a £1 fizzy drink per day adds up to £40 over the period.

Other things we reckon could be worth cutting out are the daily crisps and the wine over the weekend.

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Small 25g packs of Walkers crisps typically cost 25p in the big four supermarkets (based on £1.50 six-packs), so you could save £10 over 40 days by ditching it.

While a bottle of wine sets you back £5.68 on average, meaning you could reduce your spending by £34.08 over the six weekends until April 9.

Other ways to save cash over Lent

If your self discipline isn’t good enough or you aren’t willing to give anything up, you may want to consider auto-saving apps, of which some round-up your purchases.

They use tech and data to work out how much you can afford to save and then move the cash from your current account.

Depending on how much you can afford to save, you may be able to rack up thousands of pounds in extra savings over a longer period of time.

The Sun has previously spoken to one savvy user who saved up £780 in just nine months.

Below are some of the best auto-saving apps.

Chip

Chip has access to your bank account and uses an algorithm to work out what to save for you every four days.

You earn no interest on its savings account, so it’s worth moving the money you’ve saved up now and again.

The cash doesn’t have the usual £85,000 per person protection via the Financial Services Compensation Scheme (FSCS), but bear in mind the real risk is if Barclays rather than Chip goes bust.

That’s because the money is held in a ring-fenced Barclays account.

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Tandem

The Tandem app works in a roughly similar way to Chip and also lets you make regular deposits and one-off deposits.

But unlike Chip, it gives you 0.5 per cent interest on your cash.

As Tandem is a fully regulated UK bank, it means savings of up to £85,000 are protected by the Financial Services Compensation Scheme.

Plum

This started off as a “chatbot” in Facebook Messenger, but it’s now also available as an app.

The service works out what you can afford to put away and moves it to your Plum account.

There’s no interest on savings, but you can invest in stocks and shares – and you can chose the level of risk you’re willing to take.

If it does well over the long-term, your return will outperform savings interest rates but if it does badly, you’ll lose money.

MoneyBox

Last but not least, Moneybox works by rounding up your transactions.

For example, if you buy a coffee that costs £1.80, it’ll put the 20p to the next pound into savings for you.

The savings provider currently offers the top Lifetime Isa paying interest of 1.4 per cent, which could be a suitable option for first-time buyers aged 18 to 39.

Alternatively, Moneybox also offers a a 95-day notice account paying 1.65 per cent in interest.

With both accounts, you’ll get the full £85,000 per person protection.

The “bingo” money saving challenge could also help you save a whopping £1,378 in a year.

While you can boost your piggy bank by almost £1,500 in just 12 months with the 365 day challenge.

A mum has also revealed her tips on how to save £780 a year challenging herself on payday – and you can do it too.

Martin Lewis explains how to boost interest on your savings 





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