Saving can feel impossible when money is tight. But this challenge proves that tiny steps really do add up.
Saving doesn’t have to start with big goals or spare cash we don’t have. Sometimes, it starts with a single penny.
The premise is simple. We start saving one penny on day one, two pence on day two, and so on. We increase the amount day by day, so in the first week, that’s 1+2+3+4+5+6+7p… 28p. Sounds easy. The key to saving hundreds, though, is getting into a habit.
By the end of the year, we will have saved £667.95 in total. It is a slow, steady build that gets us used to putting something aside each day.
MoneySavingExpert has a helpful 1p Savings Challenge spreadsheet and printable chart that helps us keep track of progress. We can also swap days around or skip a few if we need to.
We don’t have to save every single day for this to work. Rounding it up weekly or monthly is fine. Missing a few days is fine too. The win is keeping the habit going and seeing that even small changes can make a real difference.
Tip: Rope a friend in and do the challenge together. A quick “have you saved your penny today?” text can be just the nudge we need, and it’s much harder to quit when someone else is cheering us on.
Check out more savings challenges here!
Image: Rido81/BigStock
