Save an extra penny a day. — Scope | Disability forum

Save an extra penny a day.

woodbine
woodbine Community Co-Production Group Posts: 7,126 Disability Gamechanger
Still not to late to try this one the idea is that you save 1p on Jan.1st then 2p on the 2nd by today (day 6) you will be saving 6p then 7p tomorrow etc etc.
By new years ever you will be saving £3.64.

The good news is that by then you will have saved £667.95p

You know what they say look after the pennys and the pounds will look after themselves.
Be extra nice to new members.

Comments

  • TheAlien
    TheAlien Member Posts: 229 Pioneering
    Its a good idea in principle, but in practice you will need to be putting aside £25.34 in the final week which is a lot of money for some people.

    I'm not sure how many would have to dip into the savings long before the end of the year, or would find the spiralling savings too much to endure and just give up trying to save that amount.
  • woodbine
    woodbine Community Co-Production Group Posts: 7,126 Disability Gamechanger
    I have seen it work well for some people on other forums and thought it was worth mentioning.
    Be extra nice to new members.
  • 66Mustang
    66Mustang Community Co-Production Group Posts: 6,488 Disability Gamechanger
    Must admit I thought this was going to be that joke - save 1p then 2p then 4p then 8p then by the end of the month you are a millionaire :D 

    I think it's a nice idea but agree many people would struggle with the savings in later months. It averages at just under £2 a day which for some people is quite a lot.

    I tend to just save when I have excess money, rather than blow it, then spend it when I find something I need or want to buy. As an example the £60 rebate from Motability will go into my savings account rather than find something to be spent on.

    If you are able to do it though I think it's a fun idea!
  • Adrian_Scope
    Adrian_Scope Posts: 8,551

    Scope community team

    Thanks for sharing @woodbine. :smile:

    I think the reason it works well for some people is they actually look to create that saving by reducing their budget. The challenge aspect gives you an incentive, it makes saving a game. So, if it helps some people save, I think it's a great idea.

    I've seen two variations of it, too:
    1. You use a random number generator to decide how much (between 1p and £3.64) and cross it off each day.
    2. Where you start at £3.64 and work backwards, so you have the most expensive month first rather than in December.
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  • 66Mustang
    66Mustang Community Co-Production Group Posts: 6,488 Disability Gamechanger
    I do agree if it gets people to save who otherwise wouldn’t it’s a great idea.

    Also, if the money gets spent before the end of the year, as long as it’s on something necessary, I’d say it doesn’t matter, it means it’s served its purpose as it’s saved you from having to ask family or get into debt.
  • Ross_Scope
    Ross_Scope Posts: 6,624

    Scope community team

    I like this as a way of saving, makes it fun and turns it into a game as suggested by Adrian.
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  • lisathomas50
    lisathomas50 Member Posts: 5,493 Disability Gamechanger
    I have a large bottle and whatever change I  have in my purse I put in the bottle I put all my change in including pound coins when it's full it holds a thousand pound or more depending what I put in I try to go from year to year the longest I have gone is 10months and I had 900 .00  so trying to beat my record now I tend to put more change in at weekends I get my wages every Friday in work we get paid  cash I have 4.00 in coins already on Fridays then I  have ten pound to spend on drinks and food on my two nights so I usually have about 6.00 in change and thst goes in so at least 24.00 a month goes in 
  • TheAlien
    TheAlien Member Posts: 229 Pioneering
    This is a little tip I picked up from a friend a few years ago; an empty denture tablet tube is perfect for saving pound coins.  Each tube will comfortably hold at least £50.

    If you drop your spare pound coins into one, it soon mounts up.
  • 66Mustang
    66Mustang Community Co-Production Group Posts: 6,488 Disability Gamechanger
    @lisathomas50 that’s cool, we have an old 3 litre whisky bottle that you’d get in a pub and we fill it with coins lol, never got to £1000 though usually a couple of hundre
  • Ookpik
    Ookpik Member Posts: 104 Courageous
    what l do is save the money l find out on the streets. So far after 2 years, l have saved up 5.34p. 
    But, what l have noticed recently is, the money on the streets seem to lack now. l wonder what caused that
    Nature has all the answers. All we have to do is listen, and peace will prevail
  • MarkM88
    MarkM88 Community Co-Production Group Posts: 2,934 Disability Gamechanger
    I just stick to the usual method with a savings account, although I’m quite good at saving and I understand not everyone is or has the spare money to do so. 

    The website Skint Dad has excellent articles to help save and make additional money. 
  • leeCal
    leeCal Member Posts: 5,025 Disability Gamechanger
    @Ookpik said 
    money on the streets seem to lack now. l wonder what caused that
    We are using plastic credit/debit cards far more now. Also due to the pandemic less people have been shopping perhaps.

    saving coins is a good idea but a bit of a pain to change up if you want notes, though a certain bank does a free change up in a machine. I recently had quite a few coins and I had to bag them in those plastic change bags, ie twenty one pound coins or ten two pound coins etc, then I paid them into my bank account via the post office. 

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    ― Dalai Lama XIV
  • woodbine
    woodbine Community Co-Production Group Posts: 7,126 Disability Gamechanger
    At our bank you just put your card in the machine then tip your lose change into the machine and it credits it to you account.
    Be extra nice to new members.

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