The 1p saving challenge will save you £671 in 2024
A money saving hack promises to save you over £650 and starts with putting just 1p aside - sounds worth a go to us.
Lots of people are feeling the pinch right now, but setting aside a little bit each day can help build up a decent pile of savings, whether that's supposed to be used as an emergency fund or a treat might depend on how 2024 goes.
There's a few different saving challenges you can try, with the simplest being the £1 a day challenge.
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That one's pretty simple, you just put aside a quid a day and by the end of the year you'll have £365, or £366 in the case of 2024 as it's a leap year, though perhaps you could give yourself the extra day off from saving.
However, you can save almost double that amount by doing the 1p challenge, which can give you a fund of £671.61 by the end of the year if you don't skip 29 February.
The idea behind the 1p saving challenge is pretty simple, on the first day of the year you put aside 1p and for each day afterwards you save the same as you did the day before plus another pence.
So on New Year's Day 2024 you'd be putting aside 1p, while on 2 January you'd save 2p and the day afterwards it'd be 3p.
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By day three you've saved 6p while people doing the £1 saving challenge are on £3, but on the last day of 2024 you'll have saved far more than they managed to.
The 1p saving challenge starts out pretty easy provided you actually have enough small change to put aside each day.
However, by the end it can be trickier as you're sticking bigger amounts of cash in at one of the most expensive times of the year.
Shawbrook bank have suggested there are variations on the 1p challenge which might be easier.
One method is the 'reverse 1p saving challenge', where you start by saving £3.66 and then shaving off 1p each passing day.
You'll end up with the same amount of money, but when you've got Christmas presents to buy it might be easier to stick a few pence in the saving jar instead of a few quid.
Another suggested method is putting money in on a weekly basis, which might be helpful if you can't find the right amount of coins each day.
They also suggested getting kids to save 10p a day which would leave them with £36.60 by the end of 2024, which when you're young is quite a lot of money.
Joe Harker