Revealed: How the 365-Day Money Challenge can save you an additional $1500 in 2018

The most you'll set aside in a day is less than the cost of two coffees. Photo / 123RF

If saving money is high on your list of New Year's resolutions, but you find yourself struggling to do so, there is a simple way to save so you have a nice nest egg at the end of 2018.

Apartment Therapy has unveiled a foolproof money-saving approach - the 365 Day Challenge, which sees participants put aside a small sum each day.

By the end of the challenge, participants could be sitting on close to $1500, without having to cut back too much on their spending, writes the Sun.

The concept is that you put aside $1 every Sunday, followed by $2 on Monday, $3 on Tuesday and so on until Saturday, when you'll put aside $7.

If you stick to the daily savings, you'll put aside $28 a week, which works out to $1456 by the end of the year.

Because the largest amount you'll put away in a day is $7 - roughly the cost of two coffees - the plan should not feel like too much of a burden.

The Apartment Therapy concept has been seen as a more realistic saving plan than popular alternatives, like the 52-Week Challenge, which works by getting participants to put aside $1 for the first week, $2 for the second, and so forth, until the last week of the year, when they will put aside $52.

Although the 52-Week Challenge is easier at the start, it requires participants to put aside larger sums each week as the year goes on. It will also net $78 less than Apartment Therapy's 365-Day Challenge.