Featured Image Credit: ITV/Getty Stock Photo
Topics: Money, Martin Lewis
Anish Vij
2024 has finally arrived and January is arguably everyone's 'brokest' month of the year.
Once you've splurged your December pay check on Christmas presents and pigs in blankets, it's always a battle making it to payday at the end of Jan.
And the last thing you want to hear is advice on 'how to save money' when you haven't got any.
Advert
However, by saving as little as 1p on 1 January, you can end up with over £600 by the end of the year.
Yes, you read that right.
The nation's trusted Money Saving Expert, Martin Lewis, has helped Brits get through the ongoing cost-of-living crisis and although he's not the first person to come up with the '1p saving challenge', it's possibly one of the greatest money-saving hacks to date.
The simple but effective idea that he first mentioned on the Martin Lewis Money Show in 2021 still applies in 2024.
Advert
By stashing away just 1p on the first day of the year, you begin to increase this amount each day.
You simply build the sum by a going up a penny each day as the year progresses, meaning that on the final day of December, you’ll have £667.95 in your savings pot.
He previously told viewers on ITV’s Martin Lewis Money Show: "There’s a big savings community out there who do this, it’s called the 1p Challenge.
“Basically, you save a penny on the first day of the year in a jar or piggy bank, 2p on the second, 3p on the third and keep going throughout the year.
Advert
“By the last day of December you’re saving £3.65, so that would give you £667.95 in total.”
Of course, in the first few months, you’ll only have saved a small amount.
By day 11, for example, you’ll only have saved 66p, but if you have faith in the process, this sum will grow with time - although the highest amount you’ll ever have to put into your piggy bank will be £3.65, which will come on the 365th day of the year.
By day 200, you’ll be looking at a pot worth hundreds of pounds, and by the end of the year, you’ll have enough for a holiday.
And so on, until...
And so on, until...
On the final 365th day, put in £3.56 and you’ll find you have saved a whopping £667.95, which is not bad at all.