If you fancy having some extra cash for Christmas next year, you'll want to follow this one simple method.
The '1p challenge ', otherwise known as the penny challenge, could see you save up more than £650 by December 31, 2021.
Starting on January 1 2021, and running for a full 12 months, you're asked to put some small change away each day.
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This gradually grows to a couple of pounds as the year goes on and by December 31 you'll have £667.95.
Here's how it works:
To begin with, you put in 1p on day one - you'll then put in the equivalent amount of pennies to the day of the year:
Day 1: Put in £0.01
Day 2: Put in £0.02
Day 3: Put in £0.03
Continue until...
Day 100: Put in £1.00
Day 101: Put in £1.01
Day 102: Put in £1.02
Double it on day 200...
Day 200: Put in £2.00
Day 201: Put in £2.01
Day 202: Put in £2.02
And continue until the 300th day, when you...
Day 300: Put in £3.00
Day 301: Put in £3.01
Day 302: Put in £3.02
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On the final day Day 365 (31st December) drop in £3.65 and it's time to cash in your jar.
You should have £667.95 in it (if you've stuck to the plan).
You could also do it the other way round if that makes things easier and start off by saving £3.65 on day one, £3.64 on day two and so on.
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