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The easiest ways to start saving money even when you have none

We’ve scoured the internet to bring you the easiest ways to start saving. Whether it’s for a family holiday or a rainy day fund, you’ll be glad to have some funds stashed away.

It can seem daunting starting to save if you don’t have much money, but even those on a budget can save a little. Here are our top picks for the easiest ways to save money in 2017.

1. 365 Day Penny Savings Challenge

You may have come across this savings challenge as it’s gained some popularity online in the last few months.

The idea is, you save 1p on day one, and then increase by a penny every day for 365 days. The problem with this though, is that you save only a little at the beginning when you have lots of motivation. By the last few weeks, when you need to save more and more, you’ve lost your enthusiasm. So, we prefer to do this one backwards. Start by saving £3.65 on day one, and reduce by a penny every day. That way, the challenge actually gets easier as you go on.

This challenge is for a whole year, so if you start it a bit later you won’t reach your goal in 2017. But this one is worth starting whenever you can.

Download our free savings printable so you can keep track of your progress: 

Printable PDF - Use this to print off and keep track of your savings.

Desktop Excel - Use this to track your savings on your PC.

Total Savings: £667.95

2. The Loose Change Challenge

There are loads of variations on how to utilise the loose change you have at the end of the day. Our favourite way of incorporating this one is to check your online current account at the end of each day. Whatever is in there, transfer the ‘loose change’ into your savings account. So, for example, if you had £103.79 in your current account, you would transfer £0.79.

Some days there may be nothing to transfer, but since this is a more casual approach to savings, that’s okay!

Total Savings: £182.50*

*based on 50p per day for 365 days, actual results may vary!

3. Coin Saver

This is another casual approach that can lead up to some surprisingly big savings. Choose a type of coin (or even note if you can afford it!) and stash it every time you get one. This could be £1 or £2 coins, 50ps or even £5 notes. This one works even better if you get a sealed money box. Set a date in the future when you can open it and be amazed at all the savings!

Total Savings: £312.00*

*based on 3 x £2 coins per week, actual results may vary!

It doesn’t matter if you start small, having some savings will help if you’re hit with unexpected expenses.

If you’re unprepared, a short-term loan could be the solution, as long as you are careful to not borrow more than you can comfortably afford to repay.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: APR 1270% if borrowing £400 for 4 months. Interest rate: 292% p.a. (fixed). Total amount repayable: £665.48 by four instalments of £166.37. Maximum representative APR: 1604% if full loan repaid after 7 days.