1p Challenge

The 1p Challenge

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New Year’s resolutions – 1st January: many of us aim to spend less and save more. Try a money-saving challenge. Here is a £1 saving challenge! It’s a great way to build up your savings without feeling overwhelmed. There are a few different versions of this challenge, known as the 52-week money challenge so let’s explore some options:

The Daily Pound Challenge:

  • This is the simplest version. Simply save £1 every day for some time, like an entire month, 3 months, or even a year (52-week challenge)
  • This may seem small, but at the end of the month, you’ll have £30 saved! After the end of the challenge (a year), it’s a cool £365.
  • This is a good option if you’re looking for a consistent, no-nonsense way to save. Put this savings pot into a high-yield savings account or a retro piggy bank.

2. The “Reverse Pyramid” Challenge:

  • This one adds a bit of fun and mystery.
  • Start by saving £7 on the first day, £6 on the second, £5 on the third, and so on, going down to £1 on the last day.
  • You’ll end up saving the same amount as the daily challenge (£365 on the 365th day), but the excitement of not knowing the exact daily amount can be motivating.

3. The “Choose Your Adventure” Challenge:

  • This version gives you more flexibility.
  • Come up with a list of ways you can save £1 (or more!) throughout the day, like making your coffee at home instead of buying it, skipping a takeout meal, cycling to work vs a return bus fare or selling unwanted items. Be creative with new ways of saving money 
  • Every time you complete one of these mini-challenges put the saved money a side into a bank account.
  • It is a great way to personalise the challenge and make it fit your lifestyle.

4. Additional Tips:

  • Automate your savings. Set up a standing order to automatically transfer a set amount to your savings account each day or week.
  • Avoid impulse purchases and always ask yourself “Do I need or want this?”. With this mindset, your spending habits will give you extra money. 
  • Find a saving buddy. Enlist a friend or family member to do the challenge with you. You can cheer each other on and stay accountable for the whole year.
  • Set up savings goals, so you can hit major milestones, from a house deposit to buying a new car to a holiday.
  • Many money bloggers recommend saving up an emergency fund of 3 – 6 months of expenses. (Useful if you lose a job or your boiler needs replacing)
  • Reward yourself. When you reach a milestone, treat yourself to something you’ve been wanting. This will help you stay motivated.

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William Pointing

I enjoy watching comedy, learning about new digital marketing trends, helping people generally (including saving money) and completing sport challenges (This year I plan on cycling to Paris from London).

All stories by:William Pointing
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William Pointing

I enjoy watching comedy, learning about new digital marketing trends, helping people generally (including saving money) and completing sport challenges (This year I plan on cycling to Paris from London).

All stories by:William Pointing
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