With all the money we've spent preparing for Christmas and New Year, there's plenty of us out there that are thinking twice about looking at their current bank balances for fear of giving themselves a fright.
And to try and combat this for 2020, there's a new 1p challenge that is spreading like wildfire across the country that could save Glaswegians up to £650 in time for Christmas next year to lessen the financial burden.
So what is the 1p challenge?
Essentially the scheme involves putting away a little amount each day, and by saving up the pennies, people are able to build up their savings pot in a manageable way which won't break the bank.
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...
Day 300: Put in £3.00
Day 301: Put in £3.01
Day 302: Put in £3.02
On the last day (Thursday December 31 2020) put in £3.65, and if you've stuck to the plan then your piggy bank should be bursting with £667.95 in total of pennies and coins that you've put away throughout the year.
Of course the slight flaw is that by that point you'll have already shelled out on the presents and preparations for Hogmanay - so it's maybe better to set a date earlier in the month of December to really take advantage!
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