1% at a time challenge

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the 1% at a time challenge & Printable

When you have a financial goal, whether it is to become debt free or to save up for something, it can be really hard to stay motivated. I picked up with trick a few years ago and I absolutely love it. This simple trick has helped me to become debt free and to save money much more easily.

The trick is to divide your goal by 100 and try to get one percent at a time. For instance, if you wanted a new designer handbag that cost £500, divided by 100 you need £5 one hundred times. I am sure you can think of a few ways to either save or make £5.

If your entire debt or savings goal is too big, why not break it down and tackle one goal at a time using the 1% method? You can either transfer every 1% into a dedicated savings account until you have reached your goal, or make a payment every time you have 1% ready.

Here are some debts or savings goals broken down into 1%:

  • 1% of a £200 goal is £2
  • 1% of a £500 goal is £5
  • 1% of a £1,000 goal is £10
  • 1% of a £2,000 goal is £20
  • 1% of a £5,000 goal is £50

Where to get your 1% at a time

Once you have worked out what your 1% at a time amount is, you can start looking at ways to save 1% at a time, or earn an extra 1% at a time. You will be amazed at how easy it comes to you once you get yourself into that mindset.

10 ideas to make extra money

  1. Take up mystery shopping (psst, there's this one mystery shop that pays £50)
  2. Complete online surveys
  3. Declutter and sell items on eBay
  4. Sign up for free daily draws where you can win cash just for logging in every day.
  5. Matched betting
  6. Make money in your lunch break
  7. Use your smartphone to make money
  8. Start a blog
  9. Sign up for 20 Cogs and complete offers to earn cash
  10. Sign up to Quidco and get cashback on your usual purchases

For more ideas, check out 100 legitimate ways to make extra money or sign up for my completely free 6 week money making course.

10 ideas to save money

  1. Take your own lunches to work
  2. Try meal planning and shopping your own kitchen
  3. Reduce your bills by comparing prices online or even ringing up and asking for a discount
  4. Skip some of your coffee shop trips
  5. Forgo a takeaway
  6. Order groceries from Approved Food to save up to 70% off the RRP
  7. Order gift cards a little cheaper than face value from Zeek (and get £5 free – find out more here)
  8. Try shopping in Poundland to see what bargains you can pick up.
  9. Save money on groceries by Wombling
  10. Ask someone for money that they owe you (here are some tips for having that awkward conversation)

When you start to look at getting just 1% of your target, you will be amazed at the ways you can make money or save money.

1% at a time printable

To help you along your way, I have created a 1% at a time printable.

This printable is created to help you to tackle your debts or your savings goals, so that you can reach them faster. You can use the printable however you want – you could look at your entire debt or savings goal, or you could break it down further – perhaps each debt, or each £1,000 you need towards a savings goal.

Every time you have made, or saved, 1% of your goal, colour in or cross out a square. You can also put down exactly what you are saving money from, which is great if you want to have more than one challenge on the go at the same time.

To get your free 1% at a time printable, simply enter your details below. You will then be asked to confirm your email address before you get your hands on this fantastic printable.

My 1% at a time challenge

I have an amazing opportunity to spend a month in Arizona later this year because my best friend is going to be completing a voluntary placement helping people on death row (yep, I know that this is totally cool! Having a lawyer as your best friend is awesome too!).

However, spending a month in America isn't something that I have budgeted for. With other expenses (including some awesome holidays) planned for this year, the only way that I can afford this opportunity is to make some extra money, or save money on our existing spending. I have worked out that I will need at least £3,000 to cover my flight, car hire and day trips. Dividing this up into 1% at a time, I need 100 ways to earn or save £30 above my usual income, which feels a lot easier than trying to save £3,000.

the 1% at a time challenge & Printable

So far it is going well – I've saved 10% of the money I need to make this a reality, and I've only know about it for 2 weeks! It just goes to show how much easier it becomes when you break it down.

If you like this then you might also like the 1p savings challenge.

1% at a time trick explained & a free printable. How this simple trick helped me to pay off my debt

4 Comments on “1% at a time challenge”

  1. Small manageable chunks just don’t seem as daunting. I’ve never considered breaking it down into 1% chunks, what a great idea!

  2. This is quite interesting; it occurred to me to apply it to those YOUGOV surveys. 5000 for £50 seems a LONG way off but at 525 points I am 10% of the way there and it is then quite inspiring to continue rather than think, oh well, may as well go in the draw, more chance of winning something that way.
    However, heading onto the 5000 points means I WILL get the £50; entering the draw I may get nothing at all.
    Thanks for a fresh perspective.

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