Easy 1p money saving challenge that helps save £650 this year

• A popular challenge can help you save over £650 this year

• The so-called 1p challenge is recommended on the MoneySavingExpert Forums, requires that you set aside a small amount each day

• By the end of the year, you’ll have accumulated a total of £667.95 which should cover the festive season

• For a more detailed explanation of the challenge and similar challenges, please read on. money-saving options

If your New Year’s Resolution was to Save More Money, this is the challenge for you.

This method is highly recommended by the forums MoneySavingExpert, involves saving 1p on January 1, then 2p on January 2, and so on, reaching £3.65 on December 31.

By the end of the year the savings should have totted up to to a total of £667.95, which should partially or entirely cover the 2023 festive period,

If you don’t have a blog, there’s no need to be anxious. started saving, you can simply catch up by adding together the totals of each day you missed – so if you begin on Wednesday 20 January you could add £2.10 on your first day, and then resume the challenge as normal on 21 January, when you’d save 21p.

Continue reading: 30 ways to save cash: Brits battle cost of living crisis with these top hacks

If you aren’t comfortable with the idea of signing up for online banking to deposit money every day, bods at MoneySavingExperts I have provided some suggestions on how you can still take part and stash the same amount. This includes figuring out how much you need to transfer each week or every month to the same amount annually.

You could also use a literal approach and deposit actual cash in a savings or piggybank.

Monzo accounts allow you to transfer increasing amounts into a virtual pot. You can transfer small amounts using the free web service. It does this every day. If This Then That (IFTTT).

Kate Richards, 33 years old, is a teacher from Huddersfield in West Yorkshire. She has been using IFTTT for three years to take part in the cash-stashing challenge.

“You don’t even notice it.” [the money] She explains that she is excited to be out each day. “The app automatically transfers money into your account.

“I’ve done it since 2019 and used it every year for Christmas shopping,” she continues.

Richards says the app she uses also offers the service to do the saving trick in reverse, starting with £3.65 and going down.

“It links up to the bank and you get a notification each day, you don’t have to think about it. It’s great.”

Continue reading: Savvy mum saves thousands through yellow sticker shopping and funds family trip away

The app can trigger an automated action like depositing cash from your bank to your savings. Additionally, it offers money-saving incentives such as Richards’s 1p challenge.

In order to save further money at Christmas, Richards uses another idea touted by money saving expert Martin Lewis – a secret Santa with her relatives instead of buying each person a gift.

Where she was previously spending £20 per person on seven people, totalling £140, the group of them now have a £50 limit in a secret Santa game where they only have one person to buy for – cutting costs by almost a third.

“It’s also more fun as you have to think about one person and what they would really like,” she explains.

Watch: Think tank warns that the cost of living crisis will worsen in 2023 due to falling wages and rising costs.

The 1p challenge doesn’t have to be the only way you can save money in times of cost of living crises.

One year ago woman revealed how she managed to stash away thousands You can complete surveys and use cashback apps.

Nalan Kaya, 26 years old, is from Coventry, West Midlands. She scrolls through surveys and cashback apps, and exchanges receipts for points to save money and receive freebies.

The NHS biomedical assistant sometimes spends less than £30 a month on shopping, including food, thanks to offsetting costs in this way, taking advantage of free samples and purchasing reduced yellow sticker items.

So far, she has earned back more than £5,000 in the space of three years and is hoping to start saving for her first mortgage.

Continue reading: Mum says buying reduced food items in the supermarket has slashed her bills in half

Und wieder in Januar ein anderer savvy woman shared her smart money-saving shopping tricksShe has enough meat in her freezer to feed her four children for the remainder of the year.

Lindzi Bebbington-Colbourne, 47, from Lincolnshire, saves more than £1,000 buying food close to its use by date.

She says that the food she bought at a bargain price should last her family for Christmas, as they have five freezers.

Continue reading: Frugal mum shares savvy tips for slashing bills during cost of living crisis

In the meantime, another thrifty mum revealed back in January that she already had Christmas 2022 all wrapped up – after saving hundreds of pounds on gifts in the sales.

Gemma Chamberlain (37), from Leicester, saves a lot of money by buying presents in the sales.

She had already purchased all her Christmas gifts in January. The mum-of-six was so organized that she wrapped them and placed them under the tree 11 months ahead of time.

“I have been sale shopping for years,” the full-time carer reveals.

“It makes my life so much easier and we have saved a fortune on gifts for the kids for next year.”

Chamberlain also saves hundreds of Pounds by buying Christmas gifts on sale after Christmas.

Additional reporting SWNS.