Saving money isn’t easy, especially during a cost of living crisis when our average spending is higher than normal.

Saving “hacks” can be the answer to this, but when they involve putting away large amounts of money at a time, you can be left running out of spending money before the month is up!

Enter microsaving, a method of saving that has you only put away small amounts of money at a time.

There are various ways to do this, and of course, TikTok is one place where you can find ways to do this.

Nick Drewe from Wethrift has provided a roundup of the top microsaving hacks from TikTok, so you can start your savings journey now.

1p Savings Challenge

A new money-saving hack has surfaced on TikTok with the hashtag #1psavingschallenge receiving 1 million views on the platform.

The Northern Echo: TikTok saving hacks have gone viralTikTok saving hacks have gone viral (Image: Canva)

This method lasts 365 days and the general premise is that you increase the amount you add to your savings by 1p per day. 

So, on the first day, you will save 1p, 2p on the second day, 3p on the third day and so on until you complete the 365 days. If you commit fully to the challenge and see it through to the end, you will have £667.95 in savings at the end of the year. 

Envelope Saving Challenge

This one is one of the most popular on TikTok.

The viral challenge sees users getting 100 envelopes and labelling them from 1 - 100. On day one of the challenge, they will add £1 to envelope 1, on the second day £2 to envelope 2, £3 on day 3 and so on. 

Despite the challenge focusing on 100 envelopes, many people are opting for a smaller number in line with their own personal budgets, as the original challenge is designed to save participants £5,000 over 100 days. 

Last Digit Hack

At the end of each day, check your bank balance and add the last digit to your savings account. 

For example, if your bank balance is £1,756, add £6 or 6p to your savings account depending on your own personal budget. By repeating this process on a daily basis, the money in your savings will soon begin to add up.

The Northern Echo: Try these TikTok saving hacks Try these TikTok saving hacks (Image: Canva)

The Round-Up Hack

This hack involves rounding all purchases up to the nearest full number and adding the difference to your savings. For example, if you were to spend £5.75 on your lunch, you would round this up to £6 and transfer the 25p to your savings account. Over time, adding the difference to your savings from all of your purchases will soon increase without the need to transfer significant amounts. 

52-Week Savings Challenge

Similar to the 1p savings challenge, but on a weekly basis rather than daily, this hack involves adding increasing amounts of money to your savings each week. On week 1, you will add £1, £2 on week 2, £3 on week 3, and so on until you reach a full year. 

If you commit fully to the challenge, you should have saved £1,378 over the course of the 52 weeks.

No Spend Week Challenge

The #nospendweek hashtag has received 1.6 million views on TikTok - this hack is where you commit to a week of only spending on essentials such as groceries and travel to and from work. 

No spending should take place on any leisure activities or non-essential items and it is designed to encourage more mindful spending. 

From cutting out day-to-day expenses on things such as takeaways or going to a bar after work, you can assess how much you have saved at the end of the week. 

Your Money Matters

Your Money Matters is a campaign launched by us and our sister titles across Newsquest to help you overcome the surge in the cost of living.

This year has seen a whole host of household price increases - from the energy price cap rise to surging inflation and food prices - costing your family hundreds or even thousands of pounds extra per year. We're making it our mission to look out for your cash, offering money-saving deals, competitions, giveaways and insightful stories from your community on the impact this cost of living crisis is having on our readers.

The worldwide energy crisis exacerbated by the Ukraine invasion, the financial impact of the Covid pandemic, record inflation figures and a surge in the cost of goods, fuel and travel means we will all feel the pinch.

Through our newspaper, we want to do what we can to help make your cash go further because we know your money matters.