Do more with your money in 2020 – Start the impulseSave® challenge today
Please note this blog post was published over 12 months ago and so may not include the most up-to-date information, for example where regulation around investing has changed.
Start 2020 with an investment of just £1, beginning a journey with the 52-week impulseSave® challenge which will add an extra £1,378 to your investment over the year.
All successful investors start with a goal, stay disciplined towards that goal, and track the progress of their investment. The impulseSave® challenge incorporates all three of these investing principles.
- Your impulseSave® challenge goal is to invest a small amount of money each week, starting with a pound in week one, two pounds in week two, and so on until the end of the year. Use impulseSave® reminders so you never forget your weekly investment.
- Stay disciplined towards this goal, investing a small increase each and every week. By doing a weekly impulseSave® that matches the week of the year, you’ll invest £1,378 in 2020. Print our impulseSave® challenge calendar and tick the weeks off as you go.
- Track your progress by logging-in regularly through the True Potential app to see how your investment performs.
impulseSave® is our world-first top-up technology, enabling you to do more with your money via quick and easy top-ups starting from £1 into a True Potential Stocks & Shares ISA, Personal Pension or General Investment Account. You can set impulseSave® reminders in the True Potential app to ensure you never miss out on taking a step closer to your investment goals.
Little and often investing is a simple and effective way to build your wealth, and the impulseSave® challenge has the potential to grow into an even greater amount invested in our True Potential Portfolios. The combined 52-week £1,378 investment would be worth £2,000 if left in a Stocks & Shares ISA for ten years based on an assumed 5% annual growth rate.
How Can You Join the Challenge?
There are three ways you can take the impulseSave® Challenge.
- Follow the Calendar
The simplest way to take the challenge is to top up £1 in Week 1, then £2 in Week 2, all the way up to £52 in Week 52.The benefit of this strategy is that it’s easy to start and get in the impulseSave® habit – you only need to impulseSave® £10 in January (£1 + £2 + £3 +£4).
The downside to this tactic is the end of the year. The challenge gets steadily harder to meet and in December (where you might have other financial priorities) you’ll need to impulseSave® £202 (£49 + £50 + £51 + £52).
- Reverse the Calendar
If you feel like you may not have much spare cash in December, you can reverse the calendar. This tactic also has the benefit of getting the hard work out of the way at the start of the year and the challenge gets easier over time.
- impulseSave® What You Can
To get around the issue of having one expensive month and one very easy month, you can check off as much as you can each week. If you top up £52 today, you can check off Week 52, and if you top up £36 next week, tick Week 36.As with any investment, something invested is always better than nothing invested.
By using impulseSave® to take the challenge, you can easily top up your existing True Potential investment each week.
Getting started with impulseSave® is easy, you just need to add a debit card to your account once and it’s securely saved for future top ups. You can access impulseSave® online and via our mobile apps. To top up, all you need to do is log in, choose your amount and add the funds – it takes a few seconds.
Daniel Harrison, Chief Executive at True Potential, said: “Everyone kicks off a new year with the best of intentions but we all know it’s hard to stick to good habits. Unlike other resolutions, which often fall by the wayside, the impulseSave® challenge works because it’s quick to do and savers can see every day that it’s having an effect.”