As we enter 2023, you may like many others, be making yourself a list of New Year’s Resolutions – January has become synonymous with promises of self-improvement and better versions of ourselves. With around 39%[1] of people planning to save more in the new year, we wanted to share with you Martin Lewis’ 1p challenge, a simple way to save over £600 this year!
This is a great way to encourage those around you to save: perhaps challenge a family member or make it a team effort at your place of work and donate the proceeds to a chosen charity. You could encourage teenagers who have just started earning to take part or you could take part with a partner – you could combine your savings at the end of the year and plan something together.
- ‘The average household in the UK is said to have £20 worth of pennies lying around in clothes, bags and around the house.’[2]
The idea of the 1p challenge is to begin with a penny, and simply save 1p more each day – staring on the 1st of January and ending the year on December 31st saving £3.65. Upon completion of the challenge – you’ll have saved an impressive £667.95!
The beauty of this challenge is it can be altered to fit around you. If you’re worried of the prospect of a costly December, why not start at £3.65 on January 1st and finish the year at 1p? You could go through the list arbitrarily and choose a random amount daily until all boxes are ticked – you can make this challenge work for you – the goal will remain the same throughout the year. If you need that extra motivation set yourself a goal for what you’d like to use the savings on – a holiday?
If you’d like to take part – find the Martin Lewis’ 1p Saving Challenge, you can find the print off table here. If you’re attempting the challenge this year , we’d love to know how you get on!
Starting at the end of January? Catch up by saving £4.96 then join in from February 1st.
[1] https://www.fatherly.com/news/most-popular-new-years-resolutions
[2] https://www.housebeautiful.com/uk/renovate/finance/a30365973/1p-saving-challenge-money
