A penny might not sound like a lot, but a few pennies can soon add up to some serious cash. The penny challenge could help you save over £600 in just one year - incredible!
Are you looking to save a bit more this year?
Perhaps you've got your eye on a new car, a luxury holiday or maybe even want to start saving early for Christmas. One thing's for sure - you'll never regret putting a bit of cash aside, and we're here to show you how.
If you always seem to have spare changing kicking about yet struggle to save money, we've got a great money-saving challenge for you. The Penny Challenge is so easy that you'll barely even realise you're doing it.
Start putting away just a few pennies in a pot throughout the year and you'll soon have an impressive sum saved up.
Sounds pretty great, doesn't it? Well, grab a jar, and let's get saving.
Editor's Note: This post was originally posted in June 2016 and has been completely revamped and updated for accuracy and comprehensiveness in February 2018.
What is the penny challenge?
Want to start saving money with your pennies? Then the penny challenge could definitely be for you.
How does it work? Well, it's a simple matter of putting pennies into a pot.
On day one of the penny challenge, you put 1p in your pot. Every day, this figure increases by a penny - you put in the equivalent amount of pennies to the date of the penny challenge.
This process is repeated for a year (365) until you have saved an impressive £667.95 to spend on whatever you like.
Why should I do the penny challenge?
Loose change is often something we spend willy-nilly. We don't notice paying a few pounds for a coffee, or a takeout sandwich, but once you start to collect them, they can soon start to add up.
The Penny Challenge is a great way to encourage good habits - choosing to pop your pennies into a pot instead of spending them on bits and bobs will serve you much better.
Save pennies for a whole year, and you'll have a nice sum of money to spend on something really great.
Confused? We've laid it all out for you below:
Day 1: Put in £0.01
Day 2: Put in £0.02
Day 3: Put in £0.03
Continue every day until...
Day 100: Put in £1.00
Day 101: Put in £1.01
Day 102: Put in £1.02
No touching! Keep going...
Day 200: Put in £2.00
Day 201: Put in £2.01
Day 202: Put in £2.02
Until you get into the 300th days when you...
Day 300: Put in £3.0
Day 301: Put in £3.01
Day 302: Put in £3.02
Now the best part. On the final day (Day 365), you will put in £3.65 and your jar(s) will have £667.95 in it. How amazing does that sound? Six hundred whole pounds to put towards something you've wanted for ages.
TOP TIP: If you never have cash lying around, you can do this online using your bank accounts. Simply transfer the amount every day into a separate savings account.
It's amazing how far a few pennies can go! We're so excited to start The Penny Challenge and begin saving more than ever. What will you spend yours on?
Thanks for reading! If you have any interesting ways to save money, please feel free to leave a comment...