Martin Lewis has explained h ow to take part in the '1p challenge' that could help you save £667 in time for next Christmas
Starting in January, and running for a full 12-months - the challenge asks you to put away some copper each day.
This gradually grows to pounds as the year goes on - and by December 31 you'll have £667.95 to see you into the New Year.
READ MORE: Nine easy ways to save money in January and the rest of 2022
Speaking on an episode of the ITV Martin Lewis Money Show, the finance guru said: "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 - by the last day of December you’re saving £3.65, so that would give you £667. 95 in total.”
How the penny challenge works
MyLondon reports that each day from January 1 save what you saved the day before, plus a penny more.
So you start by saving 1p, then 2p, then 3p a day – right the way up to £3.65 by the end of December 2022.
If you start on New Year's Day, then by December 31, 2022, you will have saved a grand total of £667.95.
12-month daily savings plan
Follow this penny savings plan:
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Day 1: Put in £0.01
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Day 2: Put in £0.02
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Day 3: Put in £0.03
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Day 4: Put in £0.04
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Day 5: Put in £0.05
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Day 6: Put in £0.06
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Day 7: Put in £0.07
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Day 8: Put in £0.08
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Day 9: Put in £0.09
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Day 10: Put in £0.10
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Day 11: Put in £0.11
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Total: £0.66
From Day 100 add:
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Day 100: Put in £1.00
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Day 101: Put in £1.01
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Day 102: Put in £1.02
Double the amount on day 200:
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Day 200: Put in £2.00
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Day 201: Put in £2.01
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Day 202: Put in £2.02
Continue until day 300, then add:
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Day 300: Put in £3.00
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Day 301: Put in £3.01
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Day 302: Put in £3.02
On the final 365th day, drop-in £3.56 and it's time to cash in your jar.
If you have followed the plan throughout the 12 months, you should have saved £667.95 to start off the New Year.
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