If you haven’t heard of the 1p savings challenge yet, let me introduce you to it. The idea is that you start of with a small amount each day and it grows by 1p daily. First I had to dig around for a receptacle for the change. I settled on a biscuit barrel which has been empty for a while and just gets moved around. Done. It’s not a new idea, I first saw it last year and it’s constantly doing the rounds online, with a big spike every January. This year I’m inspired into action, as saving and me don’t always get on, or there always seems to be something that swoops in and takes any savings away, like vet bills, car bills etc.
I’ve worked out the amounts daily and monthly, so you can do it whichever feels easiest, whether it’s a monthly bank transfer into a separate account or a daily drop in the jar. Have you ever done a savings challenge? Imagine having $671.61 (£671.61) this time next year? You could even stop at the beginning of December with around £500 for Christmas. Make it work for you. I can see the first few months being easy, but it increases month on month, with the last 6 months growing to over £50 a month, so make sure you can do it. That’s why making it a daily challenge is so good because you can imagine spending that easily down the shop or online.
Will you join me in the savings challenge? I’ll do an update in the coming months so we can see where we’re at. Imagine Christmas paid for or the majority of next year’s holiday done. Let’s do it!
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Want to make some extra cash? Here are some related posts you may find helpful:
- Making extra money during maternity leave
- 2 years to debt free – money making and saving
- How to make money from prolific
Disclosure: this post is in partnership with online loans by Northcash