The 1p savings challenge see you save just 1p on January 1, then you’ll gradually increase the amount you save by 1p each day going forward – so 2p on January 2 and 3p on January 3
If saving money is one of your goals for 2025, we reveal how taking on the 1p challenge could see you put away almost £670.
You need to start by saving just 1p on January 1, then you’ll gradually increase the amount you save by 1p each day going forward – so 2p on January 2 and 3p on January 3, and so on. The most amount you’ll put away on a single day is on December 31, where you’ll save £3.65.
If you carry cash, you can physically put the money in a jar each day, or if you having online banking, you could move money each day it into a separate savings account. If you’ve missed a few days and need to catch up, just add up how much you should have saved in those missed days.
Have you completed the 1p savings challenge? Let us know: [email protected]
If the 1p challenge doesn’t take your fancy, there are other saving challenges you could take on. There is the Monday to Friday challenge, where you save £1 on Monday then increase this amount by £1 a day until Friday – so £2 on Tuesday, £3 on Wednesday, £4 on Thursday and £5 on Friday.
You don’t put away savings on the weekends, so in total, you would save £15 a week. If you do this every week for a year, this would add up to £780. If you want to include weekends, you would save £6 on Saturday and £7 on Sunday. This adds up to £28 a week, or £1,456 over the year.
There is also the 52-week savings challenge, which is where you start by saving £1 for the first week in January, then you increase the amount you save by £1 each week. So for the second week in January, you would put away £2, all the way to the final week of December where you save £52.
The most you could potentially save is £1,378 if you complete the challenge. If you want a harder version, you should increase the amount you save by £5 a week. So for the first week of January, you would save £5, then £10 on the second week, £15 on the third week, and so on. If you complete this challenge, you would save an impressive £6,890. Make it to half way, and you would have put away £1,755.
