A mum has shared how she was capable of save over £650 final yr by collaborating in a financial savings pattern she noticed on TikTok.

Kate Richards defined that she saved 1p on January 1, then 2p on January 2 - including an additional penny every day. By the tip of the yr, she managed to save lots of up £667.95 solely by means of this trick.

With so many individuals trying to save cash, TikTok has change into an enormous useful resource for budgeting and spending suggestions.

Ms Richards took half in one thing referred to as The Penny Challenge.

The mum-of-one stated: "There’s an app and it robotically strikes cash into your account for you.

“By the end of the year, you’ve got £667.95 and you don’t notice it coming out every day.

"It links up to the bank and you get a notification each day, you don’t have to think about it and it’s great.”

Ms Richards additionally makes use of the IFTTT app, which robotically saves an rising amount of cash every day on her behalf and helps her management her spending.

Craft has analysed essentially the most extensively used money-saving challenges on TikTok to find in the event that they genuinely assist individuals lower your expenses - or if they're merely myths.

The Penny Challenge

Experts at Craft spoke solely with Express.co.uk and defined that the intention of the 1p problem is to get to finish the yr (or the one year) with £667 saved.

Essentially, the problem begins by saving 1p on the preliminary day after which including one other penny to the quantity saved daily afterwards.

They stated: “This saving technique is a great example of how a little can go a long way. And if you are someone that struggles to put aside money, this could be a tactic for you.

“While the biggest challenge may come with remembering to put aside money each day - you can keep track of this on your phone and set daily reminders. Also, it means that towards the end of the year, you’ll have to put away upwards of £20 a week!”

When requested about the simplest saving approach, Jenny Herbison, VP of promoting at Craft defined that nothing beats a radical finances.

She stated: “It may seem obvious, but one of the most effective and easiest ways to save money is to delve into your finances and create a precise monthly budget, preferably one that you have a personal budget planner for that you can keep referring back to throughout the month.

“It’s always good to have a clear understanding of your personal finances to try and avoid nasty surprises, and if you have any short or long-term savings goals, a monthly budget planner can really help.

“By seeing clearly what income you're making and where exactly you're spending it, you can stay on top of your finances better and prioritise your spending.

“Are there bills or subscriptions you don't need anymore? Could you contribute a little more towards a pension or savings? Plus, there’s something very satisfying about seeing improvements month to month.

“Being able to reflect back on when you first started budgeting and see exactly how much you’ve managed to save over time will help motivate you to keep going, in order to reach those long-term savings goals.”