Gingey Saving Challenge

We know that saving can be really hard, especially for families surviving on a low income.

Many of the families we work with really struggle to manage financial shocks like an unexpected bill, the washing machine breaking down or planning for Christmas. We know that the current social security system, rising in work poverty and the cost of living crisis have impacted the financial resilience of families across Scotland. Despite this we also know that good savings habits (where it’s possible) can be transformational to helping create household stability. 

Our Parents Forum have designed a wee savings challenge worksheet and we hope that anyone (including the kids) can use this resource, whether it’s to save £15 for a new toy or £100 towards Christmas or a special Birthday.

“I like to save because I’ve got that security if anything was needed in my house or if kids needed new beds or if I needed clothes. It means I’ve got that money to rely on without having to go into debt… Also if anything was to happen to me (touch wood it doesn’t) then kids have got money to help them too. It's really important to me because it makes me realise you don't need to constantly spend when it's not needed. Putting something away also helps me to budget.” Demi, Fife Gingerbread Parents Forum

How does it work?

1. Decide how much you want to save and by when. Then write the total amount you want to save and the date (i.e. deadline) in the box on the top left of the document.

2. Think about different amounts that are achievable and give some (or all) of the mini Gingey’s a value. For example, if you want to save £15 you might want to give fifteeen Gingey’s a £1 value or if you are saving £200 then you might decide to give all the Gingey’s a value of different amounts ranging from 50p - £10.

3. Start saving - decide if you are keeping the money in a bank account or an empty jar at home - and each time you succesfully save towards your target colour in a Gingey.

Don’t forget to share your saving journey with us on social media - we can’t wait to see all your colourful Gingey Saving Challenge sheets!

Don’t forget if you are struggling to make ends meet, there is support out there so get in touch.

You can use Fife’s free easy to use benefit checker to make sure you are getting everything you are entitled to Benefit calculator (entitledto.co.uk) and Citizens Advice & Rights Fife are just a phone call away if you need more support CARF advice locations | Citizens Advice and Rights Fife (cabfife.org.uk)

And if you are a lone parent or family in need living in Fife then our team at Fife Gingerbread are available on 01592 725 210 or info@fifegingerbread.org.uk