With Christmas now well and truly gone, many Brits will be looking at ways to save money. Well, thanks to one challenge, you could find yourself putting away an extra £600 by the end of 2023.
The 1p challenge has previously won plaudits from money saving guru Martin Lewis. It sees savers putting aside around £667.95 if they start now and finish by December 21.
According to the Manchester Evening News, Martin previously told viewers on the ITV Martin Lewis Money Show in 2021: "There’s a big savings community out there who do this, it’s called the 1p Challenge. Basically, you save a penny on the first day of the year in a jar or piggy bank, 2p on the second, 3p on the third and keep going throughout the year - by the last day of December you’re saving £3.65, so that would give you £667. 95 in total.”
The challenge is also outlined on the Money Saving Expert website. In order to take part in the challenge, you have to put an extra penny away every single day, over time it will grow into pounds which will eventually accumulate into hundreds that you can take with you into 2024.
How to save money with the 1p challenge
From January 1, save as much money as you did the day before, adding an extra penny on each time. For example, if you start by saving 1p, then 2p, then 3p a day – right the way up to £3.65 by the end of December, 2023. If you start on New Year's Day, then by December 31, 2023 you will have saved a grand total of £667.95.
12-month daily savings plan
Follow this penny savings plan:
Day 1: Put in £0.01
Day 2: Put in £0.02
Day 3: Put in £0.03
Day 4: Put in £0.04
Day 5: Put in £0.05
Day 6: Put in £0.06
Day 7: Put in £0.07
Day 8: Put in £0.08
Day 9: Put in £0.09
Day 10: Put in £0.10
Day 11: Put in £0.11
Total: £0.66
From Day 100 add:
Day 100: Put in £1.00
Day 101: Put in £1.01
Day 102: Put in £1.02
Double the amount on day 200:
Day 200: Put in £2.00
Day 201: Put in £2.01
Day 202: Put in £2.02
Continue until day 300, then add:
Day 300: Put in £3.00
Day 301: Put in £3.01
Day 302: Put in £3.02
On the final 365th day, drop in £3.56 and it's time to cash in your jar. If you have followed the plan throughout the 12 months, you should have saved £667.95 to start off the New Year.
