The 1p challenge backed by Martin lewis will save you more than £600 before next Christmas
Brits are being encouraged to take on the 1p Challenge in order to save over £600 before next Christmas.Martin previously told viewers on the ITV Martin Lewis Money Show in 2022: "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.
In order to take part in the challenge, you have to put a penny away each single day, over time it will grow into pounds which will eventually accumulate into hundreds that you can take with you into 2024. How the penny challenge helps you save money From January 1, save as much money as you did the day before, adding an extra penny on each time. For example, if ou start by saving 1p, then 2p, then 3p a day – right the way up to £3.65 by the end of December, 2023.
If you start on New Year's Day, then by December 31, 2023 you will have saved a grand total of £667.95.Double the amount on day 200: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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