Was your New Year’s resolution for 2023 to get into the habit of saving? If so, why not take part in the 1p Challenge? Details below.

How it works:

From January 1, save as much money as you did the day before, adding an extra penny on each time. For example, if you 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.

12-month daily savings plan

Follow this penny savings plan:

Day 1: Put in £0.01
Day 2: Put in £0.02
Day 3: Put in £0.03
Day 4: Put in £0.04
Day 5: Put in £0.05
Day 6: Put in £0.06
Day 7: Put in £0.07
Day 8: Put in £0.08
Day 9: Put in £0.09
Day 10: Put in £0.10
Day 11: Put in £0.11
Total: £0.66

From Day 100 add:

Day 100: Put in £1.00
Day 101: Put in £1.01
Day 102: Put in £1.02

Double the amount on day 200:
Day 200: Put in £2.00
Day 201: Put in £2.01
Day 202: Put in £2.02
Continue until day 300, then add:

Day 300: Put in £3.00
Day 301: Put in £3.01
Day 302: Put in £3.02

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.

Where can you save your money?

You can save in a piggy bank or a jar. However it can be tempting to dip in and take some out. Worse still, it can get stolen.

Therefore, if you open a Thamesbank Savings Account, you can be reassured that your money will be safe with us.

The challenge is also outlined on the Money Saving Expert website. In order to take part in the challenge, you have to put an extra penny away every single day, over time it will grow into pounds which will eventually accumulate into hundreds that you can take with you into 2024.