2024 has finally arrived and January is arguably everyone's 'brokest' month of the year.
Once you've splurged your December pay check on Christmas presents and pigs in blankets, it's always a battle making it to payday at the end of Jan.
And the last thing you want to hear is advice on 'how to save money' when you haven't got any.
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However, by saving as little as 1p on 1 January, you can end up with over £600 by the end of the year.
Yes, you read that right.
The nation's trusted Money Saving Expert, Martin Lewis, has helped Brits get through the ongoing cost-of-living crisis and although he's not the first person to come up with the '1p saving challenge', it's possibly one of the greatest money-saving hacks to date.
The simple but effective idea that he first mentioned on the Martin Lewis Money Show in 2021 still applies in 2024.
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By stashing away just 1p on the first day of the year, you begin to increase this amount each day.
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.
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.
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“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
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
Anish Vij