Now that Christmas is well and truly behind us, a new savings challenge has caught the imagination of the public.
A common New Year’s resolution is to commit to saving more money, even if it’s just a small amount each week. However, sticking to savings goals can seem daunting.
Ireland’s independent financial advisor, Ask Paul, has introduced a unique 52-week savings challenge to help individuals save money while cultivating sustainable saving habits throughout the year. The challenge provides two options: a Beginner Plan and an Advanced Plan, each customised to different savings goals and budgets.
The Beginner Plan – Save €5,000 by Christmas
This is perfect for those aiming to save a substantial amount over 2025 in manageable increments. Starting with a mere deposit of €20 in the first week, participants gradually increase their weekly savings each month.
By the end of the year, adhering to this plan will enable you to accumulate €5,000. The plan is designed so that you start with smaller amounts, which progressively increase, as reported by the Irish Mirror.
For example, you start with €20 in the first week, followed by €35 in the second week, €45 in the third week, and €125 in the fourth week. Repeat this monthly, and you’ll start a healthy habit of saving without even noticing it.
The Advanced Plan – Save €8,000 by Christmas
For those seeking to increase their savings or targeting a larger financial goal, Ask Paul’s Advanced Plan is the ideal choice, aiming to help you squirrel away a hefty €8,000 by the end of the year. This plan necessitates setting aside €150 weekly, with an additional boost of €16 every other payday.
A representative from Ask Paul shared their insights on the art of saving, noting: “The saving challenges are built in a way that will see participants save a substantial sum without them noticing. Starting the year with a challenge like this is a great way to build up your financial reserves while developing lasting saving habits.”
They went on to highlight the importance of regular saving techniques with: “Ask Paul kicks off a savings challenge each year to help people build healthy saving habits. The challenges below are a great way to start or grow a solid savings fund. Each challenge is straightforward, easy to follow, and adaptable to different budgets. There are two levels: the beginner plan, which can help you save €5,000, or the advanced plan, aimed at saving €8,000. It’s all about picking the pace that fits best for you.”
Talking about the newcomer’s journey on saving, they elaborated: “Here’s how it works for beginners: in week one, you set aside €20, followed by €35 in week two, €45 in week three, €125 in week four, and so on. By sticking to the plan, you’ll have saved €5,000 by the end of the challenge.”
“If you’re up for an advanced challenge in 2025, save €150 every week and occasionally throw in an extra €16 over the €150 every alternative payday until the first week of September. By the end of the year, you’ll have saved €8,000.”
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