I’m sure many of you will have heard of the penny challenge. The basic idea is you save one penny more than the day before, each day for a year. So January 1st – 1p, 2nd – 2p, 3rd – 3p etc. At the end of the year you have £667.95!
I think it’s a great idea but having tried it myself last year, it just didn’t work for me. Firstly, I wanted the money for Christmas shopping, so saving until 31st December didn’t really help.
Secondly, the first few months are easy, but the further through the year you get, the more you have to save each week. As a stay at home Mum, money is tight and I can’t always find a spare £24 a week to put away. I got a bit disheartened when the values crept up and I gave in.
So this year I’ve decided to try my own twist on the challenge. Firstly I’m going to save until the 30th November, meaning I’ll be able to use my savings for Christmas.
Secondly, I’m not going to increase my pennies daily. I’m going to add them in at random based on whatever I have in my purse.
This version of the challenge lasts for 344 days so I’ve created a table with all the amounts in that I’d need to save – 1p to £3.44.
Each day I will add a different amount in, and cross it off the table. This way I can get the big amounts out of the way whenever I’m feeling a bit flush, and save the pennies for days when I’m a bit skint!
Personally I think this way will be a lot easier as there won’t be as much pressure to save a lot in November (a big spend month for me due to my son’s birthday) and I’ll have £559.45 waiting for me on December 1st!
There are tons of ways you could work this challenge, you could try it in reverse or add the amounts weekly. You could make your own challenge- maybe save all all the 20ps you get throughout the year, or skip one takeaway coffee a week and put the money in a jar.
Whatever you decide to do, make it achievable and stick with it! It’s amazing how much small amounts can add up to over a year!