Finance Development

How Much Do You Save With The Penny Challenge?

How Much Do You Save With The Penny Challenge?

A couple of years ago I read an article online about the Penny A Day Savings Challenge. Essentially, for every day in the year you put away 1p. For day one, you save 1p, for day 12 you save 12p, all the way up to day 365 where you save £3.65. This is a good way of saving over £600 in total, and you barely notice the money leaving your account at first.

We all wish our savings accounts were a little healthier. Every month we tell ourselves we’re going to put a bit away for a rainy day, and the rainy day never gets a chance to come around as you’ve had to dip into your savings for milk, or to replenish your shampoo. Or maybe you just saw something that caught your eye and you just couldn’t leave the shop without it.

Saving 1 penny a day adds up

One of my 2019 Goals and Aspirations is to save £1,000 in total by the end of the year, so I’m going to give this challenge a try. I live my entire financial life on a spreadsheet, so I’ve created a Google Sheet which I can access from anywhere to keep track of what I need to put into my bank. 

1p a Day Savings Challenge Spreadsheet to Track Results

While being strict on your savings, it is important to remember to treat yourself–just like dieting!–otherwise you will give up. So alongside this, I will be reviving my Boots Advantage card from the dead (I bought a Fitbit using my points!) and regularly buying their Meal Deals so that my points build up again and I can treat myself.

The money I save through this penny a day savings challenge will go towards deciding whether to rent or buy a place of my own. As I write this, I’m months away from turning 20 and it’s about time I started to become a little more adult.

How much do you save with the penny challenge?

No matter what approach you take, whether you save by starting with the highest amount first and work down to 1p, or start at 1p and work your way up to £365, you will save in total £667.95. This is an excellent way to save a decent sum of money without really noticing it leave your account at all. There’s IFTTT apps you can use too if you’re a Monzo cardholder–the money will leave every day at a time you decide yourself and you don’t even have to think about it! Excellent.

My Penny a Day Savings Challenge Plans

Over the course of 2019 I will be trying new things here and there to see which way works best for me to boost my savings. And hey, if I get a pay rise or a sponsored post, the extra money will go into my savings too. I can dream!

Do you have any financial goals this year? What are your tips for saving money? Share them in the comments! 

2019 Savings Challenge Money Bank

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  • Reply Ella Bella

    I had no idea that saving pennies every day could add up to so much money, i am defo joining in this challenge!
    Thanks for sharing 🙂
    My recent post:

    January 10, 2019 at 5:48 pm
  • Reply LucyKate Burton

    It's crazy isn't it? 🙂

    January 12, 2019 at 5:42 pm
  • Reply Jo-Anne Kazibwe

    I love this idea of penny saving! Might take it up myself. This year my plans are to hit bonus targets and put those towards my savings. A tip I would give for saving is to be disciplined and when you say you will do something stick to it no matter what and once you put it away don't touch it. Last year I purchased a house while paying for a wedding so discipline was KEY for me but we managed it! I plan to apply the same now that I don't have major expenses such as a wedding – imagine how much I could save now lol

    Would love if you could check out my latest post – xx

    January 14, 2019 at 11:04 am
  • Reply Unknown

    Yes! Discipline is key! Something I lacked last year was the right amount of discipline, and by doing this & also putting other money into savings I hope I can work on it! Thank you for reading 🙂

    January 14, 2019 at 2:01 pm
  • Reply Natasha FS

    such a great idea! Last year I saved all my silvers into a jar and came away with a fair bit so this should be good if I can keep it up! x

    February 3, 2019 at 4:34 pm
  • Reply Vicki Skitt

    Love this idea, I've got a jar I've been throwing a couple of quids in here and there. It will be exciting to see how much I get after a while!
    Love Vicki ♡

    February 3, 2019 at 7:29 pm
  • Reply LucyKate Burton

    That's a good idea! They only get shoved into a self-service machine when they annoy me so I may have to try that too! Thank you for reading 🙂

    February 4, 2019 at 1:36 pm
  • Reply LucyKate Burton

    I may try that later in the year! I'd need to get myself one of those cans you can't open without a tin opener first though! Thanks for reading 🙂

    February 4, 2019 at 1:42 pm
  • Reply ThatAutisticFitChick

    It’s over 1/3 through the year already but I’m totally on board and gonna start trying this!

    May 10, 2019 at 10:16 am
  • Reply A Massive Life Update | Lucy-Kate Burton

    […] my own privacy too much in a month or two’s time once I’m settled in. Also, seeing as money-saving posts have done really well on my blog previously, I’ll share how I’m budgeting […]

    September 11, 2019 at 4:45 pm
  • Reply How I'm Using Monzo To Move Out | Lucy-Kate Burton

    […] save up my deposit (as well as a few other techniques) I used the app which automatically puts in a penny every day to my ‘Home’ pot, and also another which deposits a pound every time I hit my step […]

    September 16, 2019 at 11:04 am
  • Reply How Millennials Are Saving Money 💸 | Lucy-Kate Burton

    […] motivational way to put a few extra pounds away every month. Whether you’re putting away a penny-a-day, a pound-a-week, or trying not to spend any money in October, you’ll be able to challenge […]

    September 19, 2019 at 9:26 am
  • Reply My 2020 Goals & How I Plan To Achieve Them | Lucy-Kate Burton

    […] go straight into my savings jar. I have also set up fresh new Monzo IFTTT plugins to restart on the Penny a Day Challenge I smashed last year. I’m taking a different approach this year though, and I’m starting […]

    January 2, 2020 at 10:18 am
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