Every single year as Christmas passes, many of us are forced to open our online banking apps with dread.
This time around the damage might not be as bad, given less people have been able to go for Boxing Day bevs, but it's Christmas - the cards are going to have taken a battering one way or another. Now let's get saving.
By saving we don't mean throwing £500 into a separate account every fortnight - that probably isn't doable for most. This is the penny challenge.
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The premise really is pretty simple, as you just put away a penny on the first day and then each day after add an extra penny to the amount you put aside.
So, on the first day (in this case, 1 January), you start with 1p. The next day you put aside 2p, and the day after that 3p.
Keep on going until day 100 which is when you get onto the heavy duty numbers by putting in £1. Continue on day 101 with £1.01, and so forth.
By the end, you'll have a not-too-shabby £667.95 ($876.28) to play with.
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If you really need it spelling out Day 1: £0.01
Day 100: £1.00
Day 200: £2.00
Day 300: £3.00
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Day 365: £3.65
Total: £667.95
If you're really worried about having £3.65 spare just after the absolute fund-drainer that is Christmas, you can always work backwards and start with the big payments, counting down towards that sweet final payment of 1p at the end of the year.
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Either way, it's an easy way to save a good bit of cash to take you into 2022, and as each daily payment never exceeds £3.65 ($4.79) in theory it should never feel like too much of a strain on your resources.
Alternatively you can do the payments monthly. Essentially it's the same amount of pennies shoved together.
This means for month one (January) you would put away £4.96, February would be £12.74, for March you'd put away £23.25.
April: £31.65
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May: £42.16
June: £49.95
July: £61.07
August: £70.68
September: £77.55
October: £89.59
November: £95.85
December: £108.50
Again, you can do this backwards if you think this would be more doable.
You could also save the same amount every month to make the £667.95. This adds together by putting the same amount away which would be £55.66, with an extra 3p added in one month to make up the difference.
Featured Image Credit: PA