Among the New Year’s resolutions that Scots in debt may have considered is to save more money this year to help them get out of debt.
To help, various bloggers and financial advisors have been offering simple ways to save and for anybody interested in how they can save up to £1,500 in 2019 then using the simple 365-day challenge may prove appealing.
There are other saving campaigns being launched as well which we will come to.
However, the 365-day challenge sees someone save £1 every Sunday, £2 on Monday and on Wednesday they save £3 and so on until they reach the next Sunday and start with £1 again.
Since Christmas and New Year can be a financial struggle for many people in Scotland, this idea of using a simple trick to boost savings by £1,500 is certainly one to consider.
One of the attractions is that savers don’t have to cut back too much on their current levels of spending but not everybody will be able to save so much money every week.
People will fall behind with their finances
Indeed, a major organisation revealed last year that around 8 million British people will fall behind with their finances this January because of what they spend over Christmas.
In addition, one switching comparison site has revealed that the average British shopper racked up £452 on average on their credit card to help cover the cost of the festivities.
The savings plan mentioned above will see £28 being saved every week and with the £7 being put aside on Saturday, those behind the idea say this equates to two coffees.
Alongside this, there are other popular alternatives, including the 52-week challenge.
This works on similar lines, with savers putting aside £1 in their first week, £2 in the second and then carry on saving increasing amounts until the end of the year.
The downside to this is that they’ll be putting away the larger sums near to Christmas, which can be an expensive time for many of us.
The ‘one penny challenge’
There’s also the ‘one penny challenge’ which could see someone save £668 by the end of the year.
To do this, you start with 1p per day, and gradually increase the amount until the end of the year.
That might be more achievable for many people and still deliver a tidy cash sum with little effort.
The best way for doing this may be to put the money in a jar – and not to dip into it!
If you are struggling financially after the festivities and would like advice on how to deal with debts, then the team at Scotland’s Trust Deed is available.
The discussion will be confidential and any advice will be impartial, so you don’t have to follow it; you will learn what is available to deal with your current situation.
Considering a Scottish trust deed
This may include considering a Scottish trust deed, a debt arrangement scheme, which is run by the Scottish government and also bankruptcy. You will need to consider each of these potential debt solution routes carefully but the debt advisers can explain more.
For more help and advice about how to resolve your debt situation, then it’s time to contact the team at Scotland’s Trust Deed to see what can be done.