Saving Challenges

The 1p Savings Challenge: Save £667.95 in a Year

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If the 100 day challenge feels too aggressive, the 1p savings challenge is the gentlest possible start. Day 1: save 1p. Day 2: save 2p. Day 365: save £3.65. The total after a full year? £667.95. You'll barely notice the daily amounts, but the year-end result is impressive.

How the 1p Challenge Works

The maths is beautifully simple. On day 1, you save 1p. Day 2, 2p. Day 30, 30p. Day 100, £1.00. Day 200, £2.00. Day 365, £3.65. The sum of all 365 days comes to exactly £667.95. For the first three months, you never save more than about 90p per day. Even in the final month, you're saving between £3.36 and £3.65 — hardly a stretch. This challenge is designed for people who think they can't save anything. If you can spare a few pence, you can do this.

Month-by-Month Breakdown

Here's roughly how much you'll save each month:
  • •January (Days 1-31): £4.96 total
  • •February (Days 32-59): £12.74
  • •March (Days 60-90): £23.25
  • •June (Days 152-181): £49.95
  • •September (Days 244-273): £77.55
  • •December (Days 335-365): £108.15
  • •The amounts ramp up gently. By the time you're saving £2-3 per day, you've already built the habit and have hundreds in the pot.

Where to Save Your Pennies

For the physical version, use a large jar or money tin. Watching it fill up is incredibly satisfying. For the digital version, use a savings pot in your banking app. Monzo, Starling, and Chase all let you manually add small amounts. Some people prefer a spreadsheet to track the exact daily amount and mark off each day. The key is making it easy and visible. If it takes more than 30 seconds to save each day, you'll stop doing it.

Variations to Try

If the standard 1p challenge doesn't excite you, try these twists:
  • •Reverse 1p challenge: Start with £3.65 on day 1 and work down to 1p on day 365. Same total, but front-loads the harder days when motivation is highest.
  • •Random 1p challenge: Print a grid of numbers 1-365. Each day, pick any number, cross it off, and save that many pence. Gives flexibility on tight days.
  • •Double-up 1p challenge: Save 2p on day 1, 4p on day 2, etc. This doubles the total to £1,335.90 — but day 365 is £7.30.
  • •Weekly version: Save the daily amount once per week instead (week 1: 1p, week 2: 2p... week 52: 52p). Total: £13.78. Tiny, but builds the habit for bigger challenges.

Tips for Completing the Full Year

The 1p challenge is easy to start but easy to forget. Keep it going with these habits:
  • •Set a daily alarm on your phone — same time every day, perhaps while having your morning tea.
  • •Use a visual tracker (printed chart on the fridge) and tick off each day. The streak motivates you.
  • •Pair it with another daily habit. Save your pennies right after brushing your teeth or making your first cup of tea.
  • •If you miss a day or two, don't abandon the whole thing. Catch up with a lump sum and carry on.
  • •Celebrate milestones: £100 saved, halfway point, first day you save over £2.

FAQ

Is £667.95 really worth the effort of a whole year?+

If the alternative is saving nothing, absolutely. This challenge is about building the saving habit, not the amount. Once you've proven you can save consistently for a year, scaling up becomes natural.

Can I do this challenge in a Cash ISA?+

Technically yes, but the small daily amounts make it impractical to transfer into an ISA daily. Better to save into a regular pot, then transfer the total into an ISA periodically (monthly or quarterly).

What should I do with the £667.95 at the end?+

Put it towards something meaningful — an emergency fund, a holiday, a specific savings goal. Or roll straight into a bigger challenge. The 100 day challenge would be a natural next step.

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