Irish finance expert, Paul Merriman, has given some of his top tips for putting away money effortlessly in 2022.
Whether you’re new to the world of savings, or just want to know what to do with the loose change in your bags, he has a foolproof way of saving up to €1,378 starting with pocket change.
The annual 52-week challenge has been set up to accommodate new savers as well as higher earners across two separate challenges.
The method can see you bank up to €5,000 by December 2022 if you stick to your weekly payments.
The beginner’s challenge will see each person save €1 in week one, €2 in week two, €3 in week three, and so on.
By the end of the challenge, you’re saving €52 in one week, and your total savings will be €1,378.
If you have the earning power to put away a little more this year, you can try out the advanced challenge and start by saving €20 in week one, €35 in week two, €45 in week three, and €125 in week four.
If you continue to carry on with the pattern, by the end of the year, you’ll have saved a handy €5,000.
Some of his other top tips for saving this year include:
- Stop paying for stupid things like bottled water and coffee - this could save you over €1,000 per year
- If you are a smoker stop - you could save over €4,000 in 24 months
- Don’t change the car (unless yours is on its last legs) – unless you’ve got cash please do not take out a new loan or an even bigger loan
- Don’t start a gym membership, unless you are 100% committed
