WARNING: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
WARNING: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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1p Saving Challenge: how to save £671 in a year

January 21, 2020

How would you like to save £671.61 in a year with the 1p Saving Challenge? Just imagine it could mean Christmas 2020 is almost paid for. It could be used to treat yourself to something you wouldn’t normally be able to afford upfront and in a lump sum, for example, a new laptop or television. Here is how you can save £671 in a year.

What do I do?

The 1p Saving Challenge is very simple!

On the first day, you put away 1p. On the second day, you put away 2p, on the third day, 3p and so forth. By day 100, you would be putting away £1. By the final day of the year, you’ll be putting away £3.66 (It’s a leap year don’t forget, so we have 366 days to save!)

If you do this from January 1st, through to the last day of 2020, you will save a whopping £671.71.

How do I save the pennies?

There are a couple of ways of saving £671 in a year:

  1. If you can be strict with yourself, trusting you won’t dip in at a later date, you could keep a tally (there are many downloadable charts for you to strike off each completed day) and keep adding to a money box.
  2. For those who would rather it be more controlled, there is an app you can download the IFTTT (If This Then That), it is linked with a Monzo bank account. This allows the aforementioned pennies to be collected automatically and put into a ‘pot’ of your choosing without you having to think about it. Look at SIM-only deals can be cheaper than contracts, visit Flexsimba.co.uk for the best deals.

Any other ways of saving?

There are harder challenges to complete if you would like to, such as saving £1 per week, £2 the 2nd week and so forth. Realistically, this wouldn’t suit many, but worth a shot if you think you can manage!

What if I missed the start?

Finally, don’t feel that you have missed out by not starting on January 1st. Why not start right now and see what you could save? Starting to save later is still better than not at all.

All things considered, if you miss a few days or it gets too difficult around birthdays and Christmas, just remember- saving a few pence is still better than nothing at all.

After you’ve completed your challenge towards the end of the year but feel you need a top-up, Pixie Loans could be able to help. Click here to see if you are eligible for a £100 loan or more!