The Money Saving Expert Martin Lewis has given a tip to consumers about how they can save over £600 in the next year with just a single penny.
Speaking on an episode of the ITV Martin Lewis Money Show, the personal finance guru said: “There’s a big savings community out there who do this, it’s called the 1p Challenge.
“Basically, you save a penny on the first day of the year in a jar or piggy bank, 2p on the second, 3p on the third and keep going throughout the year – by the last day of December you’re saving £3.65, so that would give you £667. 95 in total.”
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The idea is that if you get into the habit of saving every day by starting small and focusing on the end result, it could see you put away an impressive total of £667.95 by December 31, 2022.
To take part, you just have to put away a penny a day (at first), which gradually grows to pounds as the year goes on so that by the end of the year you will have saved enough money to start 2023 with a few hundred pounds in your pocket – or savings account.
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How the penny challenge works
Each day from January 1 save what you saved the day before, plus a penny more.
So you start by saving 1p, then 2p, then 3p a day – right the way up to £3.65 by the end of December, 2022.
If you start on New Year’s Day, then by December 31, 2022 you will have saved a grand total of £667.95.
12-month daily savings plan
Follow this penny savings plan:
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Day 1: Put in £0.01
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Day 2: Put in £0.02
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Day 3: Put in £0.03
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Day 4: Put in £0.04
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Day 5: Put in £0.05
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Day 6: Put in £0.06
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Day 7: Put in £0.07
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Day 8: Put in £0.08
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Day 9: Put in £0.09
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Day 10: Put in £0.10
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Day 11: Put in £0.11
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Total: £0.66
From Day 100 add:
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Day 100: Put in £1.00
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Day 101: Put in £1.01
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Day 102: Put in £1.02
Double the amount on day 200:
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Day 200: Put in £2.00
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Day 201: Put in £2.01
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Day 202: Put in £2.02
Continue until day 300, then add:
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Day 300: Put in £3.00
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Day 301: Put in £3.01
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Day 302: Put in £3.02
On the final 365th day, drop in £3.56 and it’s time to cash in your jar.
If you have followed the plan throughout the 12 months, you should have saved £667.95 to start off the New Year.
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