Have you ever wondered what to do with those spare pennies knocking about in your pockets? They don’t seem to be worth much but the Penny Challenge might make you look at your spare change very differently. You will barely notice putting away a few pennies a day but when you have over £600 at the end of the year, you’ll be quietly amazed!
How does it work?
On day one of the penny challenge, you put 1p in your pot. Every day, this figure increases by a penny - you put in the equivalent amount of pennies to the date of the penny challenge.
This process is repeated for a year (365) until you have saved an impressive £667.95 to spend on whatever you like.
Why should I do the penny challenge?
Loose change is often something we spend willy-nilly. We don't notice paying a few pounds for a coffee, or a takeout sandwich, but once you start to collect them, they can soon start to add up. The Penny Challenge is a great way to encourage good habits - choosing to pop your pennies into a pot instead of spending them on bits and bobs will serve you much better.
Here’s the maths:
Day 1: Put in £0.01
Day 2: Put in £0.02
Day 3: Put in £0.03
Continue every day until...
Day 100: Put in £1.00
Day 101: Put in £1.01
Day 102: Put in £1.02
No touching! Keep going...
Day 200: Put in £2.00
Day 201: Put in £2.01
Day 202: Put in £2.02
Until you get into the 300th days when you...
Day 300: Put in £3.0
Day 301: Put in £3.01
Day 302: Put in £3.02
Now the best part. On the final day (Day 365), you will put in £3.65 and your jar(s) will have £667.95 in it. How amazing does that sound? Six hundred whole pounds to put towards something you've wanted for ages.
If you never have cash lying around, you can do this online using your bank accounts. Simply transfer the amount every day into a separate savings account.