Viral 1p Challenge Helps You Save Over £650 For Next Christmas

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Do you struggle to save? Why not give this a go...

A clever and simple money-saving method could help you save over £650 in time for Christmas next year.

The viral 1p challenge, also known as the penny challenge, works by putting a certain amount of money into a jar for 365 days. Starting with just one penny, each day you increase the amount of cash you drop in by 1p and it won't be long before your jar has all the spending money you need for Christmas 2023.

Created by the team at Play Pennies, it exists to help those who would otherwise struggle to save. 'The average household in the UK is said to have £20 worth of pennies lying around in clothes, bags and around the house. The PlayPennies 1p Saving Challenge demonstrates just how much you can tuck away by saving the odd spare penny,' says the parenting site.

To start with, you'll need a jar, piggy bank or something large enough to use as a money box (see some options below), and put in 1p on the first day of January. Then, put in the equivalent amount of pennies to the day of the year. For example...

• Day one: £0.01

• Day two: £0.02

• Day three: £0.03

Once you hit day 100, increase the amount to £1, for example, £1.03, followed by £1.04, and so forth. When you reach day 200, increase the amount to £2 and continue. It might not seem like a vast amount at first, but if you continue this everyday you'll be surprised with how much you end up with at the end of the year.

The 1p challenge will help you save £667.95 in 365 days!

Users who have previously taken part in the challenge have described it as a much more realistic way of saving. One user even adopted the method slightly: 'I'm doing this, but I'm starting backwards though as it will get expensive in December...so I have to put less in as the year goes on but end up with the same amount.'

With the current cost of living crisis, it's a practical way to save for funds and helps if you want to strategically plan for next Christmas or are hoping to save for a holiday towards the end of next year. Take a look at the chart below and start saving...

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