It’s a simple concept – on day 1 you save 1p, day 2 you save 2p, day 3 3p etc…. until on the last day of the year you put in £3.65! At the end of the year you would have over £667 saved away!
The only problem with this plan is that most people start in January, and then you need to be able to save the most amount of money in December, which is famously the most expensive time of the year. That’s why I would suggest starting now! In fact, any time of the year is a great time to start!
1p Saving Challenge Download
You can download a spreadsheet to help you keep track. All you need to do is enter your personal start date in the box shown in the diagram below (A2).
Once you have entered the start date, the rest of the dates will automatically update for you. You can then save the file on your computer or device and regularly check back to see how much money you need to put in that day!
Whenever you start in the year, you will get to a point where you need to save a lot more than you are starting with. If you are worried about this, you could always try a different version. Even putting away £1 every day will save you £365, and if you are able to put extra away each day, even by a few pence, then you can easily reach £400 in savings in a year.
Ideally, find a figure or system that works for you and that you can stick to throughout the year. If you need to raid the savings throughout the year, then perhaps your savings figure is too high. Obviously, I’m not saying don’t raid them at all if it’s an essential item or unforeseeable emergency circumstance, but ideally you should try not to in order to maximise your savings!