The start of a new year is always a great time to set some personal challenges. Like many people, you’d probably like to find a way to put more money away for the future than you did last year. If that’s the case, our 52-Week impulseSave® Challenge may be able to help.
You might have heard of the concept before, putting a small amount into your savings each week of the year. It’s nothing new, but in 2016 you have the potential to get more out of that weekly amount with our world-first impulseSave® technology and a no-fee True Potential Stocks & Shares ISA, Personal Pension or General Investment Account.
What’s the Big Idea?
Each week of the year has a number and amount attached to it. Week 1 is £1, Week 2 is £2 and so on. Your challenge is to impulseSave® each week for 52 weeks. At the end of the year, you’ll have invested an extra £1,378.
Over 10 years, at the average Stocks & Shares ISA return rate of 7.4%, your extra investment could grow to £2,887. That could make big difference in helping you reach your goal, whether it’s a house deposit, school fees or something else. If you’re planning ahead for retirement, that money could grow to over £12,600 in 30 years.
Compare that to saving a lump sum of £1,378 in the average Cash ISA with returns of 1.53%. After 10 years you would have £1,605 and after 30 just £2,180.
How Can You Join In?
There are three ways you can take the impulseSave® Challenge in 2016.
1. Follow the Calendar
The simplest way to take the challenge is to top up £1 in Week 1, then £2 in Week 2, all the way up to £52 in Week 52. The benefit of this strategy is that it’s easy to start and get in the impulseSave® habit – you only need to impulseSave® £10 in January (£1 + £2 + £3 +£4).
The downside to this tactic is the end of the year. The challenge gets steadily harder to meet and in December (where you might have other financial priorities) you’ll need to impulseSave® £202 (£49 + £50 + £51 + £52).
2. Reverse the Calendar
If you feel like you may not have much spare cash in December, you can reverse the calendar. This tactic also has the benefit of getting the hard work out of the way at the start of the year and the challenge gets easier over time.
On the other hand, you’ll still need to find £202 to impulseSave® in January, which may be a tough start to the year.
3. impulseSave® What You Can
To get around the issue of having one expensive month and one very easy month, you can check off as much as you can each week. If you top up £52 today, you can check off Week 52 and if you top up £36 next week, tick Week 36.
Of course, it’s tempting to start small end still end up with a lot to impulseSave® at the end of the year. If you follow this strategy, it can be helpful to impulseSave® as much as you can each week.
By using impulseSave® to take the challenge, you can easily top up your existing True Potential investment each week.
Getting started with impulseSave® is easy, you just need to add a debit card to your account once and it’s securely saved for future top ups. You can access impulseSave® online and via our mobile apps. To top up, all you need to do is log in, choose your amount and add the funds – it just takes a few seconds.
Over 52 weeks this year, you could invest an extra £1,378 towards your personal financial goal. That could keep you on track or even help you reach it early.
If you haven’t set up a goal yet, you can get started with just £50 – ticking off one of the bigger amounts on the challenge straight away. And, because with impulseSave® you can top up your investments from just £1, you’ll also be able to tick off the easiest week of the challenge.