Want to save more money in 2022? Give this easy 1p saving challenge a try

Putting a savings plan in place might sound simple, but sticking to it is another matter.

But the New Year often comes with new goals and adding to a sweet little nest egg is a pretty worthy one.

If you’d like to give a new saving trick a try, this Penny Saving Challenge is a great way to start small and keep building through the year.

Originally created by parenting website PlayPennies, the rules are simple.

How to do the Penny Saving Challenge

First, you start by saving a penny on day one. Then, on day two, you save two pennies, then three pennies on day three, four on day four and so on.

By increasing the amount you save each day by just 1p, by the last day of 2022, the biggest amount you’ll have to save in a day is £3.65.

Not too painful, right?

If you stick to this challenge for one full year, you will have saved £667.95 by the end of 2022.

There’s no need to save penny by physical penny – after all, fewer and fewer people are carrying change these days.

Instead, you can easily use your mobile banking app to move those pennies over to a savings account.

If you forget a few days, don’t stress it – you can easily do some quick maths and backtrack, adding the pennies in a little lump sum.

And if you’d rather, there’s no harm starting with a bigger amount, like £1.

How much could you save in 2022?

Clear all

Total savings per year (£)

If you want more tips and tricks on saving money, as well as chat about cash and alerts on deals and discounts, join our Facebook Group, Money Pot.

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