Martin Lewis encourages 1p challenge which could save more than £650
Christmas is fun and all, but there’s no denying that the festive period usually winds up being pretty expensive – your bank account inevitably wiped out after a month of present buying, rounds of shots at work dos and travels up and down the country to see relatives.
It’s hardly surprising, then, that when the new year rolls around, we’re left feeling a little on edge about money.
But there’s an easy trick you can do when January arrives, which will help you save more than £600 with relatively little effort.
The 1p Challenge sees you stash away just 1p on the first day of the year, before increasing this amount each day.
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You simply build the sum by a going up a penny each day as the year progresses, meaning that on the final day of December, you’ll have £667.95 in your savings pot.
It’s a scheme backed by money saving expert Martin Lewis, too.
He previously told viewers on ITV’s Martin Lewis Money Show: "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.”
Of course, in the first few months, you’ll only have saved a small amount.
By day 11, for example, you’ll only have saved 66p, but if you have faith in the process, this sum will grow with time – although the highest amount you’ll ever have to put into your piggy bank will be £3.65, which will come on the 365th day of the year.
By day 200, you’ll be looking at a pot worth hundreds of pounds, and by the end of the year, you’ll have enough for a holiday.
- Day 1: £0.01
- Day 2: £0.02
- Day 3: £0.03
- Day 4: £0.04
- Day 5: £0.05
- Day 6: £0.06
- Day 7: £0.07
- Day 8: £0.08
- Day 9: £0.09
- Day 10: £0.10
- Day 11: £0.11
Total: £0.66
And so on, until...
- Day 100: £1.00
- Day 101: £1.01
- Day 102: £1.02
And so on, until...
- Day 300: £3.00
- Day 301: £3.01
- Day 302: £3.02
On the final 365th day, put in £3.56 and you’ll find you have saved a whopping £667.95, which is not bad at all.
Topics: Money, Martin Lewis
Jess Hardiman