As 2024 rolls in, many are feeling the financial pinch of January, often regarded as the “brokest” month of the year. After the holiday splurge, making it to the next payday can be a challenge. However, Martin Lewis, the nation’s trusted Money Saving Expert, has reiterated a simple yet effective saving strategy that could leave you with over £600 by the end of the year. Known as the ‘1p saving challenge,’ this method is not new but continues to be one of the most accessible ways to save a significant amount over time.
The ‘1p saving challenge,’ as explained by Lewis on the Martin Lewis Money Show back in 2021, involves saving a penny on the first day of the year and then increasing the amount by just one penny each subsequent day. “There’s a big savings community out there who do this, it’s called the 1p Challenge,” Lewis told viewers. “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.”
The beauty of this challenge lies in its gradual nature. Initially, the amounts are so small they’re barely noticeable. By day 11, you’ll have only saved 66p, but as the year progresses, these pennies add up significantly. By day 200, your savings pot will be worth hundreds, and by the final day, you’ll have a tidy sum of £667.95 – enough for a holiday or a substantial purchase.
The challenge is a testament to the power of small, consistent actions. Even on the final day, the most you’ll ever need to put away is £3.65, making it a manageable and sustainable way to save. It’s a method that encourages even the most reluctant savers to participate, proving that every little helps and that over time, even pennies can transform into a significant amount of money. As Martin Lewis continues to guide the nation through financial hardships with practical advice, the ‘1p saving challenge’ remains a recommended strategy for those looking to start the new year with a simple, effective saving plan.
