Martin Lewis has discussed a brand new one penny challenge that could potentially save people more than £600 a year.
The money-saving hack could see people saving an extra £667.95 by December 21, 2023 if they begin now, reports the Liverpool Echo. Beginning in January and running for a full 12 months, this challenge asks people to stick away some copper coins a day - starting with just one pence.
This will gradually upgrade to pounds as the year continues, and by December 31 next year, you should have £667.95 to see you into the New Year. Speaking on his ITV show The Martin Lewis Money Show, the financial expert said: "There’s a big savings community out there who do this, it’s called the 1p Challenge.
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"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.”
So, how does the one pence challenge work? Read on below to find out more.
How the penny challenge helps you save money
From January 1, 2023, you save as much money as you did the day previously, and add on one pence each time. For example, if you begin with one penny, then you graduate to two pence, then three pence - right the way up to £3.65 by the end of December next year.
If you start on New Year's Day, then by December 31, 2023 you will have saved a grand total of £667.95.
You can follow the plan below to pocket hundreds by 2024:
12-month daily savings plan
Day one: Put in £0.01
Day two: Put in £0.02
Day three: Put in £0.03
Day four: Put in £0.04
Day five: Put in £0.05
Day six: Put in £0.06
Day seven: Put in £0.07
Day eight: Put in £0.08
Day nine: Put in £0.09
Day 10: Put in £0.10
Day 11: Put in £0.11
Total - 66 pence
From Day 100 add:
Day 100: Put in £1.00
Day 101: Put in £1.01
Day 102: Put in £1.02
Double the amount on day 200:
Day 200: Put in £2.00
Day 201: Put in £2.01
Day 202: Put in £2.02
Continue until day 300, then add:
Day 300: Put in £3.00
Day 301: Put in £3.01
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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