1p saving challenge: Here's how you can save £667 in less than a year

The 1p saving challenge is the latest trend on the internet as it is a way of gradually increasing the amount one saves each day. It could result in a whooping £667 saving in less than a year from just a penny. The 1p saving challenge begins with saving just one penny on January 1. The next day the savers need to put two pence and add it to the fund. Day three requires a saving of three pence, while four pennies should be put into the pot on the fourth day.

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Here's how it works

The same amount as the day before should be added with an additional 1p on this challenge. It means the final day of the challenge at the end of the year, savers will be contributing £3.65 into their savings fund. Money-saving blogger Skint Dad has shared the downloadable spreadsheet that the followers can use to make things even simpler. In a bid to make the challenge seem easier as it goes on, it’s also possible to carry out the challenge backwards. It means we can also begin with a saving of £3.65 on the first day going on to set aside £3.64 on the second day. 

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Daywise breaking

Day 1: £0.01
Day 100: £1.00
Day 200: £2.00
Day 300: £3.00
Day 365: £3.65
Total: £667.95
There's also the 52-Week Challenge, which involves saving £1 on the first week and then adding 1p on for every subsequent week - so, £2 in the second week, £3 in the third week, £4 in the fourth week etc which accounts for £1,378 ($1,808) when we finish.

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