The 1p Savings Challenge is a really simple way to save over £650 in just one year. You can start the challenge at any time of year. This post will explain how the challenge and includes access to a Free 1p Savings Challenge printable, which means you can get started straight away.
What is the 1p Savings Challenge?
With the 1p Savings Challenge you start by saving just 1p. Yes, that's right. Just 1p is enough to get you started on this savings challenge.
There are 3 ways you can complete this challenge:
1. You start by saving 1p, then each day the amount increases by 1p, so on day 2 you will need to save 2p. On day 3 it will be 3p and so on until you reach day 365 and save £3.65. In just 365 days you will have £667.95.
2. You can also do this challenge in reverse. On Day 1 you would save £3.65, day 2 £3.64 until day 365 where you would need to save just 1p to complete the challenge and save £667.95.
3. The final way offers more flexibility on the amounts you save which is ideal if some days money is more scarce than others. You still save something each day but you choose the amount that you are able to save. After one year, you will have saved all the necessary amounts and will have your £667.95.
Sign up now to receive your Free 1p Savings Challenge printable.
Where should I save my money?
You can keep you savings in a number of different places. By far the safest place is probably with your bank. Most bank accounts will let you open additional savings accounts. It is best to have a separate account from the one you use to pay bills etc.
If you use online banking, then saving your money for this challenge will be easy. You will be able to transfer each day's amount using their app.
If you would rather save the money in a jar or piggy bank, then take a look at the selection below. These are all available on amazon and there is a design for everyone. You could, of course, use an old jar or container. It might be best to avoid an envelope as your savings will get quite heavy as you make your way through the challenge.