Advice & Hacks
How To Save £667.95 This Year With The 1p Savings Challenge
It's so easy!
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With lockdown #3 now well and truly underway, it could be a good time to get your saving head on!
With no real socialising to be done, shopping kept to a minimum and reduced transport costs for many, a fair few people are resolving to start regularly setting some cash aside.
Now, not all methods will work for everyone, but one that is not only easy, but will deliver you the best part of £700 worth of savings over the year is the 1p Savings Challenge.
It's clever, fun, painless and pretty straightforward, and even if you don't follow it precisely, it’s definitely a nice way of at least thinning about how small sums can add up over time.
So, how does it work? Well, you begin by putting away just 1p on January 1st, then 2p on January 2nd, 3p on January 3rd and so on, right up until you add £3.65 saved on December 31st.
If you take it from January 1st 2021, then by New Year’s Eve you'll have a grand total of £667.95 stashed away - not too bad at all eh?
Obviously we’re almost through January now, but don’t worry, you can catch up by adding together the totals from each day you missed.
EG, if you start on January 26th, just put in £3.51 on your first day then resume as normal on January 27th by adding 27p. Easy!
If you know you’ll have the actual cash, you can simply add it to a savings jar or piggy bank each day, but with cash far less common now - even more so because of the pandemic - you could manually transfer the cash into a savings account using your online banking - if your bank allows.
If you happen to bank with Monzo, you can actually set it up to save for you automatically, allowing you to transfer increasing amounts automatically into a separate virtual ‘pot' on a daily basis.
See more on how Monzo lets you do this here.
It’s a simple concept and you can obviously adapt it however you like to meet a savings target (add 2p a day for example), or you could even do it in reverse, starting at £3.65 and working down to 1p on December 31st - the important part is that it gives you a little bit of structure to put something aside without your bank balance taking a big hit in one go.
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