Martin Lewis has shared a money-saving tip that could save you more than £600 for Christmas 2022.
Speaking on the Martin Lewis Money Show, he revealed that in order to begin the hack, all you need is 1p.
This is because the tip involves saving a gradually increasing amount of money throughout the year, so that by the time next Christmas rolls around you have a substantial amount set aside.
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As reported by the Manchester Evening News, Lewis 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.”
Setting aside money for savings can be hard, particularly at the start of the year when money is tight, which is why the hack may appeal - as it only requires saving pennies at the beginning.
How the penny challenge works
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:
Day 1: Put in £0.01
Day 2: Put in £0.02
Day 3: Put in £0.03
Day 4: Put in £0.04
Day 5: Put in £0.05
Day 6: Put in £0.06
Day 7: Put in £0.07
Day 8: Put in £0.08
Day 9: Put in £0.09
Day 10: Put in £0.10
Day 11: Put in £0.11
Total: £0.66
From Day 100 add:
Day 100: Put in £1.00
Day 101: Put in £1.01
Day 102: Put in £1.02
Double the amount on day 200:
Day 200: Put in £2.00
Day 201: Put in £2.01
Day 202: Put in £2.02
Continue until day 300, then add:
Day 300: Put in £3.00
Day 301: Put in £3.01
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.
