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How to save £667.95 in 2024 with the 1p Saving Challenge. Millions of people take part in the 1p Savings Challenge every year, the idea's straightforward, and makes it easy to save by setting a challenge with a goal to focus on.
We're always on the lookout for ways to save money – but it's not always easy to find a savings method that works for you, one of the most popular methods our community likes to participate in is the 1p savings challenge.
1P Savings Challenge
Use this free template to keep track of your daily save, which you can download and print off completely free of charge. Here’s a preview, you can download the high-def PDF further down or click on the image...
How to Complete the 1p Challenge
The 1p challenge is a daily savings scheme whereby you try to save 1p per day, with a 1p increase each day. It's a great way to build up your savings pot in a manageable way that won't break the bank.
You start off on day one by saving 1p, then each day you save what you saved the day before, plus a penny more. So day 1 = 1p, then day 2 = 2p, then day 3 = 3p – all the way up to day 365 which is £3.65.
If you start on the 1st of January, by the 31st of December 2024 you will have saved a grand total of £667.97 (£671.61 on leap years)
Use our Free Printable sheet to mark off your payments each day.
Looking for more ways to save cash? Check out our 101 Best Ways to Save Money
Tips for The 1p Challenge
Keep Your Challenge in Sight
Put your plan somewhere you will see it daily, so it's always to hand and you always have a reminder of what you're working towards. This is why I find the print outs so handy.
Choose the Best Saving Option for you
Some people like to save in a jar and others open a bank account specifically for their savings. Choose the option you are going to be less tempted to dip in to, as well as the easiest. If you deal mainly with cash, a jar is perfect, but if you will struggle to find the change, a bank account would be best.
Automate your Savings
Automatic savings bots such as Monzo (who are big advocates of the challenge) allow you to automatically transfer increasing amounts using the free web service IFTTT, which stands for "If This Then That". This option can make the challenge relatively hassle-free, especially for those (like me) with a terrible memory.
Reverse 1p Saving Challenge
You can also reverse the savings if you would prefer to save more at the beginning of the year and less at the end, which is when you're likely to have more outgoings due to Christmas.
How to get your FREE 1p Challenge Template
Well, that's the easy part! Simply click here and you can print the PDF off at the click of a button. You’ll be hitting your savings goals in no time!
We have loads of free printable templates available to help you with everything from Money Saving and Income tracking to Meal planning and Debt Management over on our Freebies section.
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If you found the 1p challenge free printables useful, gave it a go, or have any questions, please let us know in the comments below – and help inspire others...
