MARTIN Lewis’ MoneySavingExpert website has revealed how starting the 1p savings challenge this weekend will save you £670. The scheme involves putting aside 1p on January 1 and gradually increasing the amount by 1p each day going forward. So, on January 2nd, savers will stump up 2p, then 3p on January 3, and so on. […]
MARTIN Lewis’ MoneySavingExpert website has revealed how starting the 1p savings challenge this weekend will save you £670.
The scheme involves putting aside 1p on January 1 and gradually increasing the amount by 1p each day going forward.
So, on January 2nd, savers will stump up 2p, then 3p on January 3, and so on.
The most participants will have to pitch in on a single day is £3.65, and that’ll be on December 31, when the challenge ends.
The simple saving technique will see you pocket £667.95 by the end of 2022.
One participant wrote on the MoneySavingExpert website to say she managed to buy new carpets after completing the 1p challenge.
Known only as MSE Molly, she wrote: “This year, I put my money where my mouth is and decided to complete the challenge alongside my boyfriend, adding both our challenge earnings to the same pot.
“Transferring the full monthly amount each payday meant that by December 1 we’d saved up the exact amount needed to pay for our new carpets, in full.
“You can save £667.95/yr if you complete the challenge alone, which multiplied by two people taking part is £1335.90.”
There are several ways you can partake in the challenge.
If internet banking isn’t your thing, simply put the money you’re aiming to save into a jar each day where you’ll able to see your stash grow.
Another way is to work out how much you need to save weekly and transfer that into a separate account.
