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Anyone doing the 365 day savings challenge?

(41 Posts)
Gliblet Mon 04-Jan-16 14:09:28

DH rang earlier to ask if we had a large bottle or very large jar anywhere. Bewildering, until he explained that he'd spotted this savings idea: You put a penny for each day of the year into a jar, so on 1/1 you add a penny, 2/1 you add 2p, 3/1 3p and so on until on Dec 31st you add £3.65.

http://www.savingmummyspennies.co.uk/2015/01/save-your-pennies-365-day-penny.html

I can see it getting harder to stick to as the year goes on but if you follow through, by the end of the year your jar will contain £668. Anyone else giving it a go/fancy joining in?

Iamnotloobrushphobic Mon 04-Jan-16 14:12:45

I saw this and thought it was il thought out because the largest amount of savings comes in a very short time towards the end of the year when people are trying to pay for Xmas. It is easy to manage in the early mo the but less so in the final months when you need to find £3 plus every day.

minmooch Mon 04-Jan-16 14:14:15

In that case how about doing it in reverse?

Gliblet Mon 04-Jan-16 14:16:42

I'd wondered something similar minmooch - the site I linked to also gives the amount per month/week that you're saving, so I wondered about doing the November and December amounts mid year then the lower amounts in Nov/Dec?

Meht Mon 04-Jan-16 14:18:53

Theres a thread on here about it in reverse, I will try to find it.

PurpleTreeFrog Mon 04-Jan-16 14:21:09

I think it sounds great on paper but in practice, silly.

Firstly I'd definitely do it in reverse so it gets easier throughout the year and on 31st Dec 2016 you'd just be putting in 1p.

Secondly, who has that amount of change lying around every day. You'd need a lot of pennies to make it precise. Sure, you could round up but that defeats the point of it being incremental and therefore easily affordable.

The only ways you could guarantee having the right amount of change every day are:
- Getting the cash out of the bank: well, why not just leave it in there or set up a direct debit with the monthly total?
- Purchasing something small from a shop every day or so to generate change. This would be wasteful and again, you'd be better off putting the total amount directly into in savings.
- Already having that amount of change lying around in a piggy bank: again, why nit put it straight in the bank and start accruing interest immediately?

The only benefit I see to this savings approach is the fun and satisfaction of it for some people. Other than that, it's inconvenient, inefficient, and hard to stick to.

PurpleTreeFrog Mon 04-Jan-16 14:24:13

Sorry, meant standing order rather than direct debit. But yeah, why not divide £600 into 12 monthly instalments throughout the year if that's your savings goal? Or £350 over the first 6 months and £250 over the second 6 months, if you want less to save as Christmas draws nearer? I don't understand why anyone would choose such a convoluted way of saving money.

hippoherostandinghere Mon 04-Jan-16 17:06:49

I'm doing it. I started on the first. I'm using the days amount as a minimum iyswim. So today it was 4p. I put in 10p as I found one when I was dusting my room. So as long as I put the minimum or above in I'm happy. Yes it will get a bit harder towards the end put it's still achievable if you ask me. And a lot easy than trying to save 50 or 60 pound monthly as they're always be something else to spend that on. Good luck. My DH says ill never stick to it so I'm determined to prove him wrong!

hippoherostandinghere Mon 04-Jan-16 17:10:41

Another way I seen it done was someone drew out all the amounts on a big sheet and called it penny bingo. Then x'd out one a day. So if you had £3 in your purse that day you could cross off that amount or if you only had 60p then you could cross off that amount.

kweggie Mon 04-Jan-16 17:56:47

I think this is a fab idea! What do you mean no spare change? I 'm going to keep all those odds and sods from jeans pockets when I'm doing everyone's washing....heee hee...
This Christmas present is going to be my favourite tea pot for more than aesthetic reasons... I might need another one of these Heron Cross babies by next Christmas!

Babyroobs Mon 04-Jan-16 23:20:08

Since Boxing day I have been putting a pound a day into one of those sealed tins from the poundshop, hoping that by next Xmas I will have £350 to pay for Xmas treats / food etc. Hope I can stick to it. The other option is too complex, I would rarely have the right change in my purse or motivation to count out exact amounts wheras a pound is simple and won't be missed too much.

Redglitter Mon 04-Jan-16 23:23:35

I like the idea of a £ a day. I think I'll do that smile

Ouch44 Mon 04-Jan-16 23:28:00

We had a £2 jar the year before last. Every time we had a £2 coin we'd put it in the jar. We saved up £300. We're doing it again this year. The kids love doing iy

BarbaraofSeville Tue 05-Jan-16 10:00:40

Seems like either a pointless waste of time, or maybe a bit of fun if you couldn't or wouldn't otherwise save the money up. Much easier to just do a DD for £50 or so a month into a savings account that is not touched until next Christmas.

What does your DH plan to do with his giant pot of change at the end of the year - the bank won't take it if it's not bagged up in full bags and might not even then. You could pay for everything in change at the do it yourself till at the supermarket I suppose, but that might not take it either.

Gliblet Tue 05-Jan-16 10:11:54

Banks still take change, and as long as you can count it's really not too hard to bag it up (we've always kept a 5s, 10s & 20s pot for DS and bagged & banked that regularly. Nice brain twist there that takes you to 'pointless waste of time' before 'bit of fun'. Bet you're a riot at parties grin

Redglitter Tue 05-Jan-16 10:12:18

You just take your jar to the supermarket and tip it in the coin machine in exchange for notes. I think the whole point is small amounts are more affordable than a set DD amount

BarbaraofSeville Tue 05-Jan-16 10:15:47

Supermarket coin machines charge 7.5% of the amount to change the money.

You need the exact full amounts in coin bags to change it at the bank and they often limit the amount of bags that they take. And a special trip to the bank. Just seems a hassle for little reward.

Gliblet Tue 05-Jan-16 10:20:29

Babyroobs I like the £1 a day idea too. Might be my 'baseline' for any days when I realise I've missed a day or can't make up the exact amount for that day/week.

FellOutOfBedTwice Tue 05-Jan-16 10:20:51

I started this but yes, did think that the idea of saving £3.50+ a day towards the end was hard. Like the idea a PP suggested of doing it as "penny bingo" each day depending on what's in your purse. And here's a sheet with all the amounts on.

RhubarbAndMustard Tue 05-Jan-16 10:21:08

I'm doing it and like the idea of printing off a bingo sheet of all amounts and crossing off what you put in. I'm planning to convert mine into notes as I go along (as always need change for car parks).

MyVisionsComeFromSoup Tue 05-Jan-16 10:22:34

I got rid of £140 worth of change using the self service tills in supermarkets. You could tip a handful at a time into the old ones in Morrisons, but the new ones need the coins feeding in slowly. I fill my purse up before each supermarket visit, and (assuming there aren't horrific queues) use the purse-full each time.

FiveShelties Sun 24-Jan-16 21:28:36

I have been surprised how this has added up, but I love the idea of 'penny bingo' sheet - would make it fun.

TondelayaDellaVentamiglia Sun 24-Jan-16 21:35:42

we're doing this too....

I've got the numbers written on a bit of paper and just cross off whatever corresponds to what I have

trying to do the bigger ones first and since I sorted my purse out and dh emptied his pockets on Friday we are all done up until Tuesday grin

ILoveMyMonkey Sun 24-Jan-16 21:48:27

And a lot easy than trying to save 50 or 60 pound monthly

But in Dec you have to save 108.51.

It's a good idea in theory but after the first few months you end up having to save quite a bit in the last half of the year.

Good luck to those giving it a go though. Doing it in reverse definitely sounds more manageable.

hookiewookie29 Sun 24-Jan-16 21:59:53

We bought a sealed tin from the pound shop and put in 20p's and £2 coins. Did well last year- from April to August we saved £108.
So we're doing that again this year.

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