Martin Lewis ’ MoneySavingExpert website has explained how to save almost £670 through a simple 1p challenge.
It involves starting on January 1, where you’ll kickstart the challenge by saving just 1p.
You’ll then gradually increase the amount you save by 1p each day going forward - so 2p on January 2 and 3p on January 3, and so on.
The most amount you'll put away on a single day is on December 31, where you'll save £3.65.
If you carry on until the end of the year, you’ll have saved up £667.95 in total - money that is sure to come in handy after the Christmas season.
Writing on the MSE website, one member of staff known as MSE Molly said she managed to pay for her new carpets by completing the 1p challenge.
She said: “This year, I put my money where my mouth is and decided to complete the challenge alongside my boyfriend, adding both our challenge earnings to the same pot.
“Transferring the full monthly amount each payday meant that by December 1 we’d saved up the exact amount needed to pay for our new carpets, in full.
“You can save £667.95/yr if you complete the challenge alone, which multiplied by two people taking part is £1335.90.”
The 1p savings challenge was also flagged in the latest MoneySavingExpert email, as a reminder for people who want to save some cash in 2022.
Have you completed the 1p savings challenge? Let us know: mirror.money.saving@mirror.co.uk
There are a few ways you can take it on.
If you carry cash, you can physically put the money in a jar each day where you’ll be able to see your money grow.
Another way is to work out how much money you should’ve saved that week and to transfer it into a separate savings account.
This also works if you’ve missed a few days and need to catch up.
If the 1p savings challenge doesn't take your fancy, we spoke to one money-saving couple who explain how to put away more than £1,000 in just over one month.
One tip from Naomi and Ricky Willis is to have a clear-out of your unwanted goods and downshift your food shop to supermarket-own branded goods.
You could also try haggling your bills to save money and chase any refunds you're owed for cancelled events following Covid.
We've also reported on how cash stuffing and some serious saving helped Michael McCormick and his wife Claudia put away £90,000.
Cash stuffing is where budgeters shift cash into separate saving pots or envelopes - often using physical cash - so it is similar to the 1p saving challenge.
