Challenge 1 – Cold hard cash challenge

The information provided in this article was accurate at the time of publishing and should be read in the context of the date it was published. Views in this article are those of the author alone and do not necessarily represent the view of Scottish Friendly.


When you use your debit or credit card keeping a tab on what you have spent is hard, especially when you think about how easy it is to use contactless payment now. So for the next two weeks we’re asking you to buy everything in Cash only. This technique allows you to see REAL money being spent rather than a card. You basically take out what you expect to spend (e.g. eating out and budgeting yourself when clothes, food shopping etc). Of course this doesn’t account for mortgage, utility bills etc so they would remain as direct debits.

The point isn’t to save hundreds of pounds (although if you can do that then well done!), but to force yourself to actively spend and notice what you’re overspending on. Using cash is an excellent way to force yourself to consciously notice where your money is going, and adjust your spending going forward. When you hand over £20 for a takeaway it feels like a lot more than when you do it online and don’t see the physical notes leave your wallet/purse and then your hand.

We have sent out a piggy bank to our featured families, this is to encourage them to drop any spare change or anything they have saved in. Why not get involved and do this yourself? Set up a piggy bank and drop anything you have lying around spare into it. You might be surprised how this mounts up!

We would love to know how you are getting on with this challenge so if you take part please drop us a note on Facebook or Twitter and you could win a £15 gift card!

Visit our Insights hub to find out more about The Great British Savings Challenge.


No advice has been provided by Scottish Friendly. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should contact a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting Advisers may charge for providing such advice and should confirm any cost beforehand.