Lucy Devine
If you're looking for a way to save money this year, one mum has come up with a genius idea that could help you put away over £3,000.
TikToker Beth - aka @budgetingmum - took to her page where she revealed how to complete the 5p saving challenge.
You can watch the video below:
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"Here’s a new years savings challenge for you, I can’t believe how much it all adds up to," Beth explained in the caption.
"If you started today saving 5p and then every day add an additional 5p this is what you’d have by the end of the year! Wow. Who’s with me?"
In the video, Beth explains how the challenge works. Starting with 5p on day one, you'll need to add an additional 5p every day of the year.
For example, you'll put away 10p on day two, 15p on day three and 20p on day four.
Which means on the final day of the year, you'll be putting away £18.25. Over the course of 365 days, you'll make a whopping £3,339.75.
Beth told The Sun: "Although some of the days seem like a big ask, you are saving a huge amount of money so this would be the perfect challenge for those wanting to save for things like holidays.
"I made the tracker to make it easier to break up the big payment, for example I had a £10 in my purse so I've already ticked off that payment on my tracker."
And other TikTokers were loving the trick, with hundreds commenting on the video themselves.
One person wrote: "Oooh I like this one! I started the 1p challenge in October and already have over £200 saved!"
While another said: "OK I have 3days worth already.... I'm going to attempt this."
And a third added: "I have saved up to day 10 so far going to give this my best shot!"
One person suggested starting backwards and saving the larger amounts first.
"Start backwards and put the largest amounts in on day one and it gets cheaper as the year goes on," they wrote.
Another added: "Love this I’m going to hopefully do it starting with day 365 and working backwards."
Beth also explained it could work via bank transfer, for those who rarely carry cash or five pence pieces.
Would you try this saving trick?