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.
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!