Mum shares 5p money-saving challenge that can save £3,300 a year

A mum has revealed her 5p-money-saving hack that could potentially let you pocket £3,300 a year.

Beth, who goes by budgetingmum on TikTok, showed how saving 5p on one day, then adding an extra 5p the following and continuing with an extra 5p each consecutive day, you could potentially garner up thousands of pounds. Her one-year 5p challenge could total to £339.75 if you stick with the challenge by the end of the year.

The TikTok content creator wrote: "Here's a new years savings challenge for you, I can't believe how much it all adds up to. If you started today saving 5p and then every day add an additional 5p this is what you'd have by the end of the year!!"

Read more: 'I saved more than £650 in 2022 by using the 1p challenge'

This means the challenge would involve saving 5p the first day, then 10p the second, then 15p and so on.

However, if you feel like adding an extra 5p on each day might be too expensive later on in the year, one commenter advised doing it the other way around. She wrote: "Start backwards and put the largest amounts in on date one and it gets cheaper as the year goes on".

All you have to do is save 5p more than the day before (budgetingmum/TikTok)

Many may recognise the saving hack as a more extreme version of the 1p saving tip previously backed by money-saving expert Martin Lewis. While this is a cheaper alternative, it ultimately means that you will save far less in comparison.

Martin previously told viewers on the ITV Martin Lewis Money Show in 2021: "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.”

Read next:

• Man jumps out of dock and flees courtroom after being jailed for assault
• Emergency services called after person hit by car outside pub
• Devastated family's tribute to man, 31, killed days before Christmas
• North West couple who died in helicopter crash in Australia named and pictured
• Armed siege on New Year's Eve ends with two arrests