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1p Challenge Will Save You Nearly £670 By This Time Next Year

1p Challenge Will Save You Nearly £670 By This Time Next Year

Whether you're feeling the pinch post-Christmas or hoping to get your finances in order in 2020, we have found just the trick to help you save over £667 next year.

Called the '1p Challenge', the scheme is focused on helping you save a tidy sum of money in the New Year, which could pay for a holiday or help you get out of debt, by putting a penny or two away each day.

By saving your pennies (quite literally), even the novice savers among us can build up nearly £670 in their piggy banks should they keep to the financial plan.

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And the best part of this money-saving hack is that it won't put a financial strain on your monthly budget.

According to the Manchester Evening News, savers should put 1p into their bank account or penny jar on day one to kick start the challenge.

The amount then doubles to 2p on the second day, then 3p on day three and continues so forth until day 100 when savers should be placing £1 into their jars.

The '1p Challenge' could help you save over £667 (Credit: Pexels)
The '1p Challenge' could help you save over £667 (Credit: Pexels)
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From there, savers are encouraged to put £1.01 into the savings pot on day 101 and £1.02 on day 102.

The challenge follows the same rhythm and again like when money-savers reached day 100, when they get to day 200, they need to double their savings again and place £2 on day 200, then £2.01 on day 201.

In the final saving stretch, you should be putting £3 on the 300th day, £3.01 on day 301 and £3.02 on day 302 until the final day of 2020 when savers will out in £3.65.

According to the publication, if you've kept to the pledge throughout the 12 months there should be £667.95 in total for you spend how you wish.

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It's as simple as putting 1p away a day (Credit: Pexels)
It's as simple as putting 1p away a day (Credit: Pexels)

What a lovely cash injection to find at the end of an indulgent Christmas in 2020! The only question we have now, is where can we find ourselves a piggy bank?

Featured Image Credit: Needpix.com

Topics: Life News, Money, Real

Lisa McLoughlin

Lisa is a freelance journalist working for Tyla and the team's token Dubliner. After graduating with a MA in PR and Digital Marketing from D.I.T., she worked for MailOnline, Sun Online, Irish Independent and broadcaster RTÉ. Got a story of interest or want advice on how to pour the perfect pint of Guinness? Then email her at [email protected]

 

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