Times are tough for many Aussie families, with many looking for easy ways to cut back spending and save dollars fast.
Well a new savings challenge has hit social media and it just might be the answer to all our prayers.
Thousands of Australians have already signed up to do the 2019 $1 Budget Challenge - which its organisers say is the easiest way to save nearly $1400.
It involves putting aside money every week for 52 weeks of the year, starting with saving $1 in the first week and then increasing it by a dollar every week until the year is finished.
Fans of the scheme who did it the challenge in 2018 say the ‘out of sight, out of mind’ thinking behind the challenge is what makes it works.
Says one fan: ‘Open up a totally different savings account for this goal. If you can, open it up in a different bank altogether. Whoever invented 'out of sight, out of mind' was on point here. The less likely you are to see this account on a regular basis, the less likely you'll be tempted to dip in and spend it.’
This table shows how is can work over a year - and save you just under $1400 without even trying!
Another way to do the challenge is to do it in reverse - starting with saving $52 in the first week and working down to saving $1 in the final week. Genius!
At the end of it, there’s enough cash to go towards a holiday, pay off bills or buy that couch you’ve been wanting - or to go towards Christmas presents.