See a penny, pick it up and…put it towards the 1p money saving challenge.
The 1p challenge is a simple and realistic way to save. It’s accessible for everyone and makes regular saving a little less daunting. It involves saving a small amount each day for 365 days. Many people find that saving a small amount over time is more manageable than larger amounts monthly. If you find 20p under the sofa cushion or some extra coins floating around the bottom of your backpack, put them towards the 1p saving challenge. You could save £667.95 by this time next year if you start the penny saving challenge today.
Penny Saving Challenge 2024/2025
Are you ready to take on the 1p money saving challenge in 2024? This article will help you learn more about the penny challenge, why it was created, and how you can complete the challenge with HyperJar.
What is the 1p challenge?
The 1p challenge involves saving a little each day, starting with just 1p. You then increase the amount by just 1p each day. So, you’ll save 2p the second day, then 3p, then 4p, then 5p and so on. The penny challenge is a great way to save, and you’ll have £667.95 by this time next year.
You may have heard of the 52-week money saving challenge, which is very similar to the penny saving challenge. The 1p challenge is split into smaller savings amounts per day rather than per week. The maximum you will need to save during the 1p challenge is £3.65 on the final day (day 365). The 1p money saving challenge is a great way to save because:
· It makes saving more fun
· It’s a good way to get into the habit of saving
· You can keep an eye on your finances by saving small amounts rather than larger amounts you may not be able to afford
· You only need a very small amount each day
· You will be motivated to save more
· You can do it with a friend, family member or partner to double your total at the end of the year
· You can use the penny challenge to save for anything you want, such as the latest gadget, a new wardrobe, or big-ticket things like a car or even saving money for a holiday
· If you and your fiancé both complete the 1p challenge using the HyperJar joint card, you will have £1335.90 saved for your wedding
If you are looking for a simple way to save money, the 1p challenge is a great option.
Why was the 1p money saving challenge created?
The 1p money saving challenge was created by the Money Saving Expert Martin Lewis. He began it as a fun and easy way to save that only needed a small amount of money to get started. Lewis created the penny saving challenge to help people get into the habit of saving and to show how saving a small amount of money each day can make a big difference to their savings accounts and their lives.
- It’s a fun way to save
- It shows you can save a large amount in a manageable way
- It can be done with a real piggy bank, or one of HyperJar’s digital ones
1p money saving challenge with HyperJar
HyperJar can help you with your 1p challenge. Our digital savings jars will help you keep track of your challenge and make it easy to transfer money into the jars. You’ll see your jar filling up each day, keeping you motivated to save.
Here is how HyperJar can help with the 1p money saving challenge:
- Easily move your pennies into your ‘1p Challenge’ jar each day (just remember that you’ll need to transfer at least £10 each time you transfer money into your HyperJar account from a bank or you might get charged 50p - and end up losing a few days’ worth of savings!)
- To keep yourself accountable, set yourself extra challenges. For example, put £1 extra into your jar for every unnecessary purchase you make
- Come up with consequences if you miss a day. For example, you have to spend an extra 15 minutes in the gym if you miss a day of the 1p saving challenge
- Do it with a friend. Having a savings buddy can help you save more as you have support along the way from someone who’s also saving.
It doesn’t matter if you didn’t start the 1p saving challenge at the start of 2024; you can start whenever you want. Starting the 1p saving challenge on 1st November 2024, you’ll have £667.95 saved by 1st November 2025.
You can customise the 1p savings challenge to suit your situation. You could reverse the amount so it reduces each day if that makes it more manageable for you. You’ll save £3.65 on day one, £3.64 on day two, £3.63 on day three and so on. This way, when it comes to the 31st of December (or whichever date is your 365th day), you’ll only need to save 1p.
The 1p challenge 2024 chart
A great way to keep track of your challenge is with a 1p challenge 2024 chart. You can see how much you need to save each day and plan for your daily savings amounts. The 1p savings challenge is great because you can save however you want and complete the challenge in many different ways. If you want to save daily, follow the handy 1p savings challenge chart below.
Source: Monzo
If saving such small amounts daily isn’t realistic, you can split the savings into monthly payments instead. Or split your penny savings challenge equally over 12 months or save the entire month’s total in one go depending on your preferred savings style.
Money Saving Expert has a printable and downloadable table to show how much you need to save if you’re going for the monthly option. Here’s how much you need to save to complete the total for each month in one go:
Source: Money Saving Expert
You could transfer these amounts into a savings jar each month, and still complete the 1p challenge. If you want to save precisely the same amount each month, you need to split the total amount over 12 months:
£667.95 ÷ 12 = £55.6625. Not an easy amount to save. Let’s round that up to £55.67 per month, giving you an extra 9p of savings at the end of the challenge.
Here are a few ideas to help you get the most out of your money with the 1p saving challenge.
- Set up a scheduled payment or automate your savings. As you need to transfer a minimum of £10 from your bank to avoid charges, you might want to start off by transferring in £20 a month to ensure you have enough pennies to move into jars. Then you can change it to £30 a month, £40 a month etc the further you progress into the challenge.
- Not sure if you want to keep adjusting the scheduled payment? You could round the total up to £60 per month. This way, you will have £720.00 saved in 12 months
- You can even save weekly if you prefer
- If you’re going for a monthly system, it’s a good idea to schedule the payment on the same day you get paid. This way, you don’t forget to save, and your total is increasing without you even realising
- If January or December are tight months for you, switch these with another month to make it easier for you to manage your savings
Conclusion
Whether you take on the challenge at the beginning of a year or halfway through, it’s always the right time to start the 1p challenge. If cash is your thing, dig around in some drawers and empty the loose change from your pockets, and you may find you have a month or two of savings already in the bag – or the jar. You don’t have to save in any particular order, and you can adapt the penny challenge to suit you. If you’re more digitally minded, get started by transferring £10 into your HyperJar account, so you have a few months’ worth of penny savings to start putting into your HyperJar savings jar today.
Looking for more money saving challengers? Read our other blogs on money saving below.
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