The save a penny a day challenge is the easy way to save £667! It’s designed to start on 1st January but you can start anytime you like. And at the end of the year you’ll have £667.95. All you have to remember is what number day you’re on.
We would suggest using a chart like the one below, easily created in *Excel, adding a column for the date and the cumulative amount saved. You could use a jotter if you prefer and just add it up manually, it’s your choice.
This is a great way to save money and if you continue this, come the end of the year you will a have accumulated a massive £667.95. Imagine what you could do with that sum of money!
How The Save A Penny A Day Challenge Works
- Start by saving one penny on the first day.
- Then, each day that follows, add one penny to the amount you saved the day before. For example, on day two, you’ll add £0.02, on day three you’ll add £0.03, and so on. But the most you’ll ever have to put in is £3.65 (on day 365, obviously).
- Continue this pattern every day for an entire year.
When you save small but regular amounts, you get into the habit of saving. This means you can build up a savings pot without committing too much money to it. For new savers, or the undisciplined, it’s more effective than saving sporadically, and it teaches discipline.
If you stick to your daily savings challenge, you may find you enjoy it. You will definitely enjoy seeing that balance growing – please let us know how you get on. You may also find that it spurs you on to set up more money-related challenges – we’ll be adding more of these in the future.
*If you’d like a ready-formatted savings challenge sheet, please contact us and we can send you one.
If you would like to find a licensed financial advisor in the UK, check out this website.
Please note we are not financial advisors. The information we provide is intended for educational and entertainment purposes only. Please see our disclaimers for further information.