Skint Dad's 1p Saving Challenge 2022 and others

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Hi!

Does anyone want to join me in doing this penny a day challenge and the 52 week money challenge ready for Christmas next year?

skintdad.co.uk/skint-52-week-saving-challenge/

millennialmoneyman.com/52-week-money-challenge/

I could do with some moral support. I've got monzo pots for both and I'll be doing daily transfers for the penny a day and weekly for the 52 week challenge.

I did really well up until the summer holidays then I spent it all to pay for activities after my salon business was slow.
so this year I'm asking for moral support!

I hope others can join me too. The more the merrier!!

I was only reading about this earlier today and thought it sounded like a great idea. I'm up for it!!

I fell down the YouTube hole of looking at videos of people doing this and I just thought I have to plan ahead. I fritter money away so bad and I'm determined to make the pennies and pounds add up.

I've printed out the Skint Dad challenge pdf and the flexible saving one and I'm going to use Monzo pots.

@Bettyboop3 which saving plan did you think might suit you? There's so many and I think it depends on if you get paid weekly, biweekly, monthly or adhoc.

Are you going to save with online savings or physical cash? Physical cash is too tempting to break into for me.

January is a terrible month financially for me coz we have EIGHT birthdays, one special anniversary AND the car is due the MOT but I want to start as I mean to go on and slowly chip away at it.

Every month I'm going to try and do one big amount, one medium and one small so I'm not left with all the big amounts in one month which I won't manage.

I've also started a Saturday job so I can put that towards the savings challenges too.

Things are easier with a bit of company so hopefully you can join me and we can support each other!

Well i was reading Martin Lewis recommendation of putting a penny in a jar on day 1, then day 2 2p etc so by the time you're on day 365 you put £3.65 in the jar. Sounds quite doable & i like the jar idea. Not so tempting to dip into if it's mainly small change. I too have my car due a service however no council tax to pay for a couple of months. Try and buy the presents you need in the sales?

It's a bit hard to do that as my children always change their minds so I thought putting some cash up will be a smart move.

That's the plan that gets you about £600 isn't it? I bet that everyone who has done it feels so proud to have £600 just from being careful with their pennies.

Everyone on YouTube says it's addictive and as soon as you start saving you can get competitive about it. I just want to be better prepared for Christmas next year

Are you going to print out the sheet and cross it off so you know how you're progressing? Might be less tempting to borrow from it if you've crossed off there amounts?

Printing off the sheet sounds like a good idea. I didn't read about that. Definitely must not borrow from it! It makes it sound easy to save £600

Stick to a budget for presents and stick to it.

I've printed the sheet and I'm going to try and work a combination of backwards and a bit random so the big amounts don't go out in December or summer when things are tighter. I'm going to colour the squares like bingo and have renamed an unused savings account as penny saver

That all sounds very pro active!

I’m doing the 52 week one. But am going big. Next Friday am transferring £52 to savings. The Friday after £51 etc. until the end of the year. It’s meant to be the other way round but figured it makes more sense to flip it to save for Christmas.

I do the penny a day one but because i dont spend alot in january i start with the larger amounts £3.65 etc then if i have a spendy day i put in a smaller amount . If you print the grid out and cross off the amounts daily it is very addictive.

Can i ask what you all use to put your pennies in?

I think these money challenges where you double the amount you save each time are really hard. It makes a lot more sense to set a more realistic target to save each month, such as 50 pounds a month, and then you can budget around it and save more easily.

I've been following The Budget Mom on Youtube and I think unless you have good control on your finances, saving challenges are difficult.

Please can I join you? I've got a seriously daunting credit card bill to pay off and so I'm trying to use various SkintDad challenges to help reduce the balance. I'm doing the £1 a week, 1p a day and £1-7 a day challenges and transferring the money weekly to my credit card.

Hi everyone. The more the merrier! I'm doing online ones and then one physical one of pennies using a kilner jar. I keep the printout in there and cross it off when I've done it.

I would like to go on holiday and if I can't I would like to book up a weekend away somewhere - Dorset or Cornwall looks nice - so that's my motivation.

I'm a live for the moment person so I need to think to myself that every time I say yes to a toy, a meal out, clothes or a book - I'm saying no to my savings. I've never thought of it this way before so I'm hoping that this will help me not to spend what I need to save and to also not break into it in times of "need" like I always have done.

It's a discipline but I'm lucky I can save money even it is a few pound a week. I didn't really look into it much and I'm such there's more stricter savings plans I could have chosen but I want to focus on the habit of saving and the discipline of not breaking into it coz I want a shiny pair of boots etc.

Hi,

Room for one more?

Absolutely! What is your plan?

Can I join too please? I’m not sure which one to go for. I get paid monthly and don’t really use cash so the weekly one appeals a bit more, but I like the idea of the reverse 365 one too.
What are other monthly paid people doing? I love having a group to help motivate me too!

I have some cash left from Xmas & my bday & am using that at the mo. I've started with some of the larger amounts and moving forwards plan on withdrawing cash to pay for things such as groceries, using the change for the savings jar.

@StrangerThanSpring

I think these money challenges where you double the amount you save each time are really hard. It makes a lot more sense to set a more realistic target to save each month, such as 50 pounds a month, and then you can budget around it and save more easily.

I've been following The Budget Mom on Youtube and I think unless you have good control on your finances, saving challenges are difficult.

This. To keep up with it you'd have to save most of the money in November or December, so an expensive time of year and if you get bored long before that you won't have saved much at all.

Why not just set up a standing order for £50 a month to a savings account and forget about it?

Because that's more practical and less fun. I'm doing it backwards though and have started with £3.65

Place marking. Can’t do a No Spend January because of DH’s birthday and I never seem to have enough to buy his present in December 🤦‍♀️ I did end the month with a few pounds left over this tine though.