1p saving challenge

[AlaskaThunderfuckHiiiiiiiii]

Hi everyone

Stupid question incoming but I have seen this and have decided to give it a go and have so far put 8p away. Now by the end of the year I should have paid £3.65 but how does this then equate to the £667 or whatever the figure was that they say you’ll have saved? I just can’t seem to work it out?

It's not a penny a day though is it, it's an extra penny each day on top of what you'd already put away the previous day. So only 1p on day 1 of the year, but £3.65 on day 365. December would be really tough cos you'd have to be putting away over £100!
I prefer to just transfer money to my savings account when I can afford it. I aim to put £100 every payday, but last year I also started transferring whatever (if anything) was left the night before payday, rather than carrying it forward as extra money in the next month.

My brain after viewing that is 🤯
I followed up until the 366. I thought I was getting it! Then the 182 x 366 slowly shut down my brain. 😂

It works out like the attached screenshots

In January you’re putting aside from 1p to 31p, making £4.96
February 32p to 59p, £12.74 (£17.70 so far)
By December it’s £3.35 to £365, making £108.50 in the month and £667.95 for the year

Screenshots didn’t work above

Ahh breaking it down to monthly is much easier to understand! Thank you

Do you all do it physically with pennies or just transfer the money over every day?

I'm not sure I could be bothered with the faff.

I guess the point is .
You start off small so dont notice it so much. But if you stick to it. You get used to using a few pennies less every week.
Overall over the weeks it builds up slowly.

So not a huge shock of needing to put away £50 a month. But starting off small so that you dont notice so much.

And hopefully if you can manage the first few weeks the you get used to the gradual increases in the later months.

@Roaringlogfire i just transfer every day as log into my banking every day.

@Porfre this is what I liked about it, small amounts each day

I did this but not in order, instead just highlighted the one I did every day

[quote AlaskaThunderfuckHiiiiiiiii]**@AllThatFancyPaintsAsFair* no no I didn’t think it was a penny a day as I put the 8p in the account today I just couldn’t work out how that gets you £600 odd by December as @TheChip* says my numbers brain isn’t great at working things at face value in my head![/quote]
If you just set up a direct debit of £50 a month you’ll save £600 in 12 months. Doing the 1p challenge means that in month 12, you would have to put away over £100.

I got bored with it already

If you insist on doing a daily save just do £1.65 each day and save your brain. I'd rather just transfer £50 a month for the same goal personally.

@soontobe60 I put £50 a week away already. This just seemed like an interesting little challenge that would give me a boost at the end of the year.

Another option is ‘save the change’ if your bank supports it which is the equivalent to dropping your coins into a bottle etc

I’m with Lloyds and have it enabled to round up my payments to the nearest pound. If I spend £5.75 then £6 comes out of my account and 25p goes to a savings account.

That account had a ‘higher’ interest rate at first which has since dropped, so every now and then I’ll transfer from that to my best interest option.

Normally I would ‘save’ around £10 a month, but I’ve been using my credit card more often to keep it alive, which means I’m not getting the ‘save the change’ transactions
(I would usually put fuel on my credit card each month then pay it off, but with WFH a tank of fuel lasts months instead of weeks, so my credit card gets dusty nowadays)

Things like the 1p challenge make a gimmick out of it to set a habit, if you can then it’s better to transfer an amount of money regularly, but if a gimmick helps then that’s much better than saving nothing.
If you get to the point that the daily/weekly/monthly amount is unaffordable then at least you’ve got the amounts leading up to it

The other thing I would do before Covid is managing my coins. I would end up with random coins taken out of my pockets but not using a bottle etc.
So my solution was:
Silver coins into the car for parking
Coppers and 5ps would hang around my pocket to go into self service tills (when they took coins), and then pay the rest of the bill on my card
£1 and £2 coins would go into the car or hang around my pocket.
This would sometimes generate ‘savings’ when the car ashtray was overflowing, but otherwise just put to use the random coins that would be left lieing around