Having an extra £600 for Christmas 2024 sounds like a good idea, thankfully, Martin Lewis has created a savings challenge that could help you save that easily.
In 2021 on the Martin Lewis Money Show, the presenter and Money Saving Expert first mentioned the 1p saving challenge. Explaining how it works, he said: "There’s a big savings community out there who do this, it’s called the 1p Challenge. 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" reports BelfastLive.
You can save this money by putting coins in a jar or by creating a savings pot in online banking. If you miss a day or two, you can also catch up on the challenge by simply adding together the total of what you have missed.
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How much you'll save each month:
- February – £12.74
- March – £23.25
- April – £31.65
- May – £42.16
- June – £49.95
- July – £61.07
- August – £70.68
- September – £77.55
- October – £89.59
- November – £95.85
- December – £108.50
If you would prefer, you can also split the savings over the 12 months, setting up a standing order so no amount gets missed. To do so, you'll need to set aside £55.67 per month which may be trickier and not as realistic as the 1p challenge.
The challenge can be tailored to suit your own finances, so if January is looking tight you can delay the start date and begin the savings challenge in February. You could even use it as a way to empty the loose change out of your clothes.
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