As the economy continues to spiral, it’s no secret that millions of Aussies are scrambling for more ways to save money.

Whether you simply want a buffer or you’re trying to save for the upcoming holiday season, one savvy shopper’s clever trick might just help you achieve your financial goals quicker.

Ladies and gentlemen, we present to you The Bingo Saving Challenge!

This money-saving hack has taken social media by storm, with fans hailing it as the easiest way to save $1000 in only a few months.

To take part in the challenge, all you have to do is replicate the sheet below, which features 26 boxes with a different number in each.

Saving money has never been this easy. Source: 7News​

Each box represents a week of the calendar year and the amount of money that you need to save for that week.

So, every week make sure to pick a random box, shade it with your favourite colour, and write down the date to keep track of your savings. Repeat these steps until your card is full.

Every amount in the sheet is under $100, which makes the challenge more achievable on a tight budget. Many kept the cash they saved in a separate envelope, while some have opened a new savings account online.

If you can commit to it, you will save $1,096 at the end of six months. You could also consider lowering the values if your budget is already tight (we know the feeling).

The challenge is shown above in different formats. Source: Pinterest​

Countless users have bragged about successfully conquering the challenge, with one saying: ‘This is definitely the easiest way to save money and it’s fun too!’

Even experts are hopping on the trend. ‘I love this idea!’ gushed Financial Coach Jane Walters.

‘It’s essentially a gamification of savings, which is a great way to motivate others to commit to the task and make saving fun.’

‘My concern is that some people might still lose interest, which is why I like automating finances more. But doing it online and with other people can help start a good habit and keep the momentum going.’ she continued.

‘I’m all for finding fun and new ways to get people interested in their money.’

What are your thoughts on this money-saving challenge? Will you be giving it a shot too? Because we definitely will!

Learn more creative ways to save money by watching the video below:

Source: The Financial Diet​

 

[Dennis]

What I do to cover Xmas expenses is have $50 a fortnight taken out of my pension and have Centrelink pay it into an account at my bank, this is then paid out in November and then starts again for next year so no relying on credit cards, what you do not see every fortnight you do not miss, all you have to do is resist wanting to draw it out after a few months.

 

[Ricci]

I have a monthly standing order that transfers $250 on the first of each month from my ready use bank account into a high(!!?) interest account. Regular deposits per month attract a bonus interest. and eliminates bank charges. Never having actually had that money means I just budget on the lower figure and somehow squeak through. It does mean though that over 4 months I've saved $1000 plus interest or $3000 per year and that amount is worth having!

 

[Singomate]

The Idea is great but numbers are to high for a pensioners income , maybe if someone can do the numbers that would fit a $8.000.00 annual income. I know it sounds low but it's a reality. These are the dollars that most pensioners, can play around with over a twelve month period.

 

[RTS]

I save Christmas presents and wrap them as I get them. I find that in WA popular toys and other items are sometimes not available closer to Christmas.
My grandchildren put in requests for what they'd like from July onwards. I encourage this as I want them to get what they'd really like and a year is a long time for a child.