Save £650 in time for next Christmas!
The 1p challenge is a scheme designed to help people save over £650 in 365 days by putting in a little bit of cash each day. By saving pennies, people can build up their savings pot in a manageable way that won't break the bank.
How does the 1p challenge work?
To begin with, you put in 1p on day one - you'll then put in the equivalent amount of pennies to the day of the year:
Day 1: Put in £0.01
Day 2: Put in £0.02
Day 3: Put in £0.03
Day 100: Put in £1.00
Day 101: Put in £1.01
Day 102: Put in £1.02
Double it on day 200...
Day 200: Put in £2.00
Day 201: Put in £2.01
Day 202: Put in £2.02
And continue until the 300th day...
Day 300: Put in £3.00
Day 301: Put in £3.01
Day 302: Put in £3.02
On the last day (31 December), put in £3.65, and it's time to cash in your jar.
If you've stuck to the plan, you should have £667.95 in total.
If you would like the cash for Christmas, then you can cash out earlier, and then you will have a decent chunk of money to put towards Christmas, potentially paying for Christmas in full!
If you don't trust yourself to remember to put the cash aside every day, then maybe look at opening a U Account where they offer the facility to do this same penny challenge for you. They will take the 1p, 2p etc., every day automatically and put it into a separate U bank account for you until you say stop, at no extra charge! It saves the hassle of trying to remember to do it.
You could also open a Monese bank account and use this for transferring the cash to your regular bank account. You can get started with a free £5 credit on the account via our sign up link. Then if you use the account and spend £500, they will give you an additional £15 bonus credit - so if you have a big bill to pay, rent etc., then transfer the money to your Monese account, then pay the bill via Monese, and you will get the £15! Easy peasy ...