• iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK News
    • US News
    • Australia
    • Ireland
    • World News
    • Weird News
    • Viral News
    • Sport
    • Technology
    • Science
    • True Crime
    • Travel
  • Entertainment
    • Celebrity
    • TV & Film
    • Netflix
    • Music
    • Gaming
    • TikTok
  • LAD Originals
    • Say Maaate to a Mate
    • Daily Ladness
    • Lad Files
    • UOKM8?
    • FreeToBe
    • Extinct
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube

LAD Entertainment

YouTube

LAD Stories

Submit Your Content
The 1p saving challenge will save you £671 in 2024

Home> News> UK News

Published 15:47 6 Dec 2023 GMT

The 1p saving challenge will save you £671 in 2024

If you want to put some money aside for the year there's something you can try which will eventually save you hundreds

Joe Harker

Joe Harker

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.

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.

Advert

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.

"You know the hardest thing about this saving challenge, actually having 1p to save."
Getty Stock Photo

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.

READ MORE

Advert

MARTIN LEWIS ISSUES URGENT WARNING FOR ANYONE WITH STUDENT LOAN

EXPERT WARNS AGAINST LONG-TERM CONSEQUENCE OF DINK LIFESTYLE

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.

Advert

Use the 1p saving challenge and by the end of 2024 you'll have a small fortune.
Getty Stock Photo

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.

Advert

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.

Featured Image Credit: Getty Stock Photos

Topics: UK News, Money

Joe Harker
Joe Harker

Joe graduated from the University of Salford with a degree in Journalism and worked for Reach before joining the LADbible Group. When not writing he enjoys the nerdier things in life like painting wargaming miniatures and chatting with other nerds on the internet. He's also spent a few years coaching fencing. Contact him via [email protected]

X

@MrJoeHarker

Advert

Advert

Advert

  • Royal Caribbean drinks package hack will save you money on future cruises
  • Insane amount you would have today if you invested £100 in Bitcoin 10 years ago as price reaches all time high
  • Mum-of-five's agony trying to save nipples and breast after Turkey boob job complications mean she can't leave the country
  • Oasis fan reveals how he watched Manchester gig for free and will again this weekend

Choose your content:

2 hours ago
3 hours ago
  • 2 hours ago

    Strict process to be granted entry into UK's biggest swinging festival as organiser explains why it's so important

    Matt Cole and his wife Stacie are the masterminds behind Swingathon, which is returning for its fifth year this weekend

    News
  • 3 hours ago

    Woman who filmed 'Coldplay couple' reveals why she decided to share the video

    Grace Springer shared the video on TikTok on Wednesday (16 July)

    News
  • 3 hours ago

    Dad dies after being bitten by bat while trying to remove it from his home

    An investigation has been launched into the circumstances surrounding Craig Nolte's illness

    News
  • 3 hours ago

    Company releases statement after CEO was 'caught with another woman' at Coldplay concert in viral video

    Astronomer has shared a statement following the viral video

    News