If you have set a goal to save money in the new year, consider taking on one of these challenges for 2026.

Some challenges begin with saving just 1p on the first day, while others are more ambitious and could lead to savings of nearly £7,000 by the end of the year.

You have the flexibility to choose how to save the money. You can opt for a digital savings account online or the traditional method of collecting coins and cash in a jar.

The £1 saving challenge involves saving £1 every day, resulting in a pot of £365 at the end of the year. Alternatively, saving 50p daily would accumulate to £182.50 by the year’s end.

In this challenge, you incrementally increase the amount saved by 1p each day. Starting with 1p on January 1, the savings grow to £3.65 by December 31, amounting to £667.95 by year-end or £164.71 if done until June.

Another challenge entails saving £1 on Monday and increasing the amount by £1 each day until Friday. By skipping weekends, you could save £780 over the year or £390 if done biweekly.

In a weekly challenge, the saved amount increases by £1 every week, starting at £1 in the first week of January and reaching £52 in the final week of December. Completing this challenge could lead to savings of £1,378 or £351 if done every other week.

For a more demanding challenge, you save £1 on Monday and incrementally increase the amount by £1 each day, including weekends. This challenge could result in £1,456 in savings by year-end or £728 if completed halfway.

The most challenging task involves saving £5 more each week, culminating in £6,890 by the end of the year or £1,755 if stopped halfway through.

These challenges provide structured ways to save money and can help you achieve your financial goals for the year.