Saving money can be a challenge, and sometimes a great way to stay motivated is to join in with a savings challenge. There are some fantastic challenges around but some of them can be a little daunting and may feel a little out of reach. The 1p savings challenge may be a great way for you to save money without stretching yourself too thinly.
What is the 1p savings challenge?
I first talked about this challenge back in December of 2016. It’s a great way to kick start your savings at the beginning of the year after all the expense of Christmas, however you can start this at any point, it doesn’t need to just start from January 1st!
The idea is that you start on day one by saving one penny. Now you may think that saving a penny a day will get you nowhere fast! However, by increasing the amount you save by just one penny extra each day, you’ll soon have saved up hundreds of £££.
Day one = 1p
Day two = 2p (total saved 3p)
Day three = 3p (total saving 5p)
You continue this pattern every day for one year, so that by day 365, you’re adding £3.65 to your pot and you will have saved a MASSIVE £667.95!
Free Downloadable Chart
To help to keep you motivated and to keep track of where you’re up to, download this printable PDF 1p Savings Challenge tracker.
Alternative ways to complete the challenge
If you’re starting this challenge in January, you may worry that by December you’ll struggle to put away over £3 per day. In that case, simply complete the challenge in reverse. Start by saving £3.65 on your first day, then £3.64, £3.63 and so on.
If you find it easier to budget for the week and then put your money away, simply tot up the figure for the week and add it to your savings pot in one go.
Where to save your money
You can either stash away cash every day, or set up a dedicated savings account for your 1p challenge, whichever suits you best. It’s lovely to see real cash building up in a pot, however it sometimes easier and quicker to simply transfer money into a savings account online, especially if you don’t often have much cash around the house.