2024 1p savings challenge. — Scope | Disability forum
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2024 1p savings challenge.

woodbine
woodbine Community member Posts: 11,286 Disability Gamechanger
edited December 2023 in Coffee lounge
Saving is difficult for many of us at the best of times and even more so now, however the 1p savings challenge can help you save £670 during 2024.

The idea is simple you save 1p on Jan 1st 2p on Jan 2nd by the time you get to Feb 29th (leap year) you will be saving 60p a day 61p on March 1st and so it continues.

You end up on Dec 31st with £670 saved.

full and possibly better explanation in the link to MSE 

https://www.moneysavingexpert.com/team-blog/2019/12/the-1p-365-day-savings-challenge/?utm_source=MSE_Newsletter&utm_medium=email&utm_term=27-Dec-23-0c2cb6f804d442f82e5-658c3d488db0f734e0c37c1f8d310bcc&source=CRM-MSETIP-0c2cb6f804d442f82e5&utm_campaign=nt-hiya&utm_content=42
2024 The year of the general election...the time for change is coming 💡

Comments

  • Autism_at_40
    Autism_at_40 Community member Posts: 723 Pioneering
    Oh, I think I've done this before!  It's an easy way to save :smile:
    Thanks for posting.
  • woodbine
    woodbine Community member Posts: 11,286 Disability Gamechanger
    It really is worth having a go
    2024 The year of the general election...the time for change is coming 💡

  • Ada
    Ada Scope Member Posts: 11,201 Disability Gamechanger
    I will have a go but have to keep checking this as I will forget and have to try with my bank as don’t use cash. 
  • 66Mustang
    66Mustang Community member Posts: 13,037 Disability Gamechanger
    edited December 2023
    I can see this being useful but can see some people struggling to save £3 odd a day towards the end, that would mean saving around £100 just in December.

    Not trying to pour sand on the fire, I think it's a nice idea, even if you do it for a few months it can't harm and is a bit of fun and might buy you something nice.



    (Just as a joke in case, anyone didn't realise) something I saw on TV that is quite similar to this.

    If you save 1p on 1st Jan, double it each day, so 2p on the 2nd, 4p on the 3rd, 8p on the 4th.

    By approx 26th of January you will be a millionaire.
  • Ada
    Ada Scope Member Posts: 11,201 Disability Gamechanger
    66Mustang said:
    I can see this being useful but can see some people struggling to save £3 odd a day towards the end, that would mean saving around £100 just in December.

    Not trying to pour sand on the fire, I think it's a nice idea, even if you do it for a few months it can't harm and is a bit of fun and might buy you something nice.



    (Just as a joke in case, anyone didn't realise) something I saw on TV that is quite similar to this.

    If you save 1p on 1st Jan, double it each day, so 2p on the 2nd, 4p on the 3rd, 8p on the 4th.

    By approx 26th of January you will be a millionaire.
    I couldn’t really understand it. I find somethings difficult. 1p sounds easy but £3 is to much when I only can spend £15 a week on food for two 
  • 66Mustang
    66Mustang Community member Posts: 13,037 Disability Gamechanger
    edited December 2023
    @Ada

    Basically you save 1p for each day of the year it is.

    So for example:
    January 1st you save £0.01.
    February 1st is the 32nd day of the year so you put away £0.32.

    December 1st is (if I worked it out correctly!) the 335th day of the year so you would save £3.35, which I agree is too much to save for many people.

    Perhaps one could adapt it and reset to 1p at the start of every month? That would mean putting on average ~15p a day away and saving ~£4.50 a month. Might be more manageable and would mean you have a handy £50 quid at the end of the year.
  • Weebles1703
    Weebles1703 Community member Posts: 12 Courageous
    I think this would be easy at the beginning but impossible after June - ish if you have a small income. An alternative would be to put £12.88 into a savings account each week or whatever is affordable. Another possibility would be to put double that weekly amount into a savings account but only during the spring and summer months, when energy costs are lower. 
  • woodbine
    woodbine Community member Posts: 11,286 Disability Gamechanger
    I think also if later in the year say mid June  you decided to stop then you would still have put some £££ away
    2024 The year of the general election...the time for change is coming 💡

  • Hannah_Scope
    Hannah_Scope Posts: 7,093 Disability Gamechanger
    edited January 1
    My friend does this with her online banking. She pops over the pennies for each day into a different savings account. Just as an idea for those who don't use cash. Also means that she's got a little savings pot throughout the year in case she needs it. 
    Hannah - She / Her

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