skint dad penny saving challenge

[RavioliOnToast]

Is anybody else doing this? It's where you save 1p on day 1, 2p on day 2, 3p on day 3 etc etc. Anyway, after a year you rack up around £630.

How else do people save, other than taking a lump sum out of wages? We would miss a big sum too much so have decided to do this

Sounds a great idea. I will join you !

I do coin sweeping, basically like a virtual loose change jar. I go on my online banking and transfer all the money on the right of the decimal point into a savings account about once a week. It soon adds up.
We have an actual loose change jar too which we use for holiday spending money every summer. We usually collect at least £70 in there.

Pointless, we would do this too but I can't transfer under £1 online- not sure why.

There's a pdf you can download for the challenge here and this link has a few different ones such as save 12.50 every week to save 650 a year etc so that it can be properly budgeted for. We are doing the weekly one, where itadds up that weeks total and then we transfer that one- that is also on that second link

We do a few savings account from our wages on pay day- £70 for holidays, £70 for Christmas, £250 for a savings account where we get £3k every October, and £50 each for the kids for when they are 18. The £250 on we started about 12 years ago, and we didn't receive anything for the first 5 years, so now its stacked up. Its so much easier to just set up a direct debit otherwise we would never do it. It would be lovely to have the extra £400 a month but I guarantee you- we wouldn't save a penny of it.

Saying that, I am doing three other savings accounts- the skint dad one (I am changing it a bit- on the first 4 -5 days after payday I put in the most expensive amounts. If I do this for 12 paydays then the last two months of the year will be easier to deal with.) I am also buying a £20 giftcard on payday. Christmas was tough, even with our savings account, so this will help.
The last one is £1 a mile I run. So, I am hoping that each month I will run 40 miles at the moment, building up to around 60 miles on average by the end of the year.

Sorry- my post may look like we have a LOT of money! We don't at all, and it is a struggle, which is why we have a DD for our savings account, otherwise we would spend it straight away. We also have a lot of home improvements that need doing, but the £3k gets put towards it. I am not sure if I will be able to keep up the skint dad challenge but I will give it a go!

I'm a big believer in modest DDs. I had one which always seemed to just be paid despite being on my uppers at times. If it had been a question of taking the money and putting it somewhere - well, I don't think I would have done it.

We're doing the challenge, but copying someone else on MN who printed out the sheet, cut all the amounts up separately and picked one out of a container every day - spreads the larger amounts across the year rather than them all coming in December - so for example, I put £2.72 in the tin yesterday and 82p today.

Even got DH involved - he asks how much we need for the tin today and hands over bits and bobs of coins.

I'm doing it the other way round. So largest amounts now. More of an incentive as the closer I get to Christmas the bigger the amount saved will be.

Perhaps do both if you can? The aspect of DDs that I like is that they just keep plugging away so are good for long term saving because you forget about them almost. The more immediate savings are, arguably, better for specific short term goals such as Xmas.

PS - I'm not talking about seemingly substantial amounts here because £10 a month over a number of years can still end up being quite a tidy sum.

We have just started this... Only we put 1p - 365p on cut up bits of paper and pick 3 out at a time and transfer it to saving account.

Seems like a faffy pointless gimmick really, but if that's the only way you can save, go for it.

But be aware that in the last month, you need to put away around £100, so the whole exercise will go pear shaped if you don't have a spare £100 in the run up to Christmas.

The suggestion of setting up a standing order to put away £12.50 a week/£50 a month or whatever all year round is much more sensible.

The way that peaz saves is more realistic. Even though you don't have to spend on Christmas, holidays, insurance, broken cars, pets and washing machines every week/month, you do need to save some money every month, because these things will happen sooner or later and money troubles often start if you spent all your wages in previous months because you didn't plan ahead for such eventualities.

We save also... But to avoid the large amount in 1 month like you mentioned is the sole reason we wrote down numbers 1-365 on bits of paper and put them in a jar, the 3 kids pick 1 out each every 3 days and whatever amount it is we transfer.. Also teaches the kids the art of saving with a little bit of fun.

I save a dd every month of 100.

We have a cash budget for food of 500 per month. Whenever we shop I put the change from the shop into a jar. So if it were say £62.00 I would round that to £70.00 and put £8.00 in the jar. Add up massively.

I tried but gave up as I kept forgetting about it. I use jars instead now. One for coppers and another for all other coins.