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When it rains, it hoards… The savings challenge with a difference!

When it rains, it hoards… The savings challenge with a difference!
Image source: Getty Images


A savings challenge is a fun, creative and painless way to set money aside. Because you’re saving little amounts at a time, it doesn’t feel like a burden on your finances. But you’re still developing healthy financial habits.

There are savings challenges available for those who can only save pennies at a time, including a 52-week challenge for those who want to save all year long. And for those who’d rather have the saving done for them, there are savings apps available too.

Say hello to Plum, your handy saving companion

The smart money management app by Plum is a great savings tool that takes the guesswork out of the equation. Plum’s algorithm figures out how much you can afford to save based on your spending habits, then it regularly sends that money into a separate savings “pocket”.

What makes an app like Plum a great option for a regular savings challenge is that it works automatically, tucking money away before you even realise it’s gone. Plus, you can customise your account to tell the app to save more or less, depending on your saving goals and how much money you can afford to put away.

Plum (Pro)’s “Rainy Days Rule” feature

Plum offers many ways to save – from round-up features to its own version of the 52-week challenge. But one of Plum’s most fun and unusual saving features is its ‘Rainy Days Rule’ plan. The plan puts aside a little money every time it rains where you live.

How much you save during this savings challenge depends on what part of the country you live in and just how much it rains there. In places like London, where it can rain on over 100 days in any given 12-month period, this could mean savings of up to £2,120 after a year.

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“The idea that the weather controls how much you save sounds a bit crazy, but believe it or not, this is a very effective way to save small amounts,” according to Jess Williams, product lead for growth at Plum. What a lot of people struggle with is the decision-making process: how much and when to save.

“So as long as the decision is made, it doesn’t really matter that it’s triggered by quite a random event! I have to say though, it works pretty well in the UK where we get a lot of rain. Perhaps we need to make a Sunny Days Rule for our friends in warmer climes.”

Even better, the feature allows you to customise how much you want to put aside during your savings challenge. You can choose anything from “A Bit Damp” (£1) to “Make It Rain” (£20).

If you need more reasons to save

If you don’t have an emergency fund yet, a savings challenge could be the perfect way to get you there. According to debt charity StepChange, having just £1,000 in savings could prevent debt issues.

Not sure where to start? Pick your favourite savings challenge and get started. A few pennies here and a few pennies there might not sound like much, but they could add up to £2,120 by the end of the year if you bet on the weather. 

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