A financially savvy mum has saved more than £650 by using a simple trick that involves putting away just 1p a day. After following the hack for the third year in a row, Kate Richards will be using the cash to buy presents for loved ones this Christmas, as per Hull Live.
The 33-year-old explained that, by stashing away the pennies everyday up until December 31 - following the sequence of 1p on January 1, 2p on January 2, 3p on January 3 and so on - she was able to save a whopping £667.95 by the end of the year. She added that she now has enough to buy presents for the entire family this festive season.
Explaining how she does it, the mum-of-one explained: "There's an app and it automatically moves money into your account for you. By the end of the year you've got £667.9 and you don't notice it coming out everyday. I've done it since 2019 and used it every year for Christmas shopping.
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"They also do it in reverse and start with £3.65 and go down. It links up to the bank and you get a notification each day, you don't have to think about it and it's great. I already have all my presents wrapped and everything, it's all done."
To help manage the savings and make sure she doesn't miss a day, Katie uses an app called IFTTT. It automatically transfers an increasing amount of money on a daily basis, which helps control spending and makes it easier to build up a nest egg.
The 1p hack has been popular for many years now, with Money Saving Expert's Martin Lewis regularly promoting it as a good way to save cash. And you don't even have to start at the beginning of the year - you can simply catch up by adding together the totals of each day you missed.
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