When the new year started I saw lots of posts on Facebook and Instagram with the photo of a money jar and the idea of saving 1p for everyday of 2016. I am not great at saving up money, I've always got something to pay and then when I do have money left over, you can guarantee that something unexpected comes along. Anyway I can still try.
I wonder how many people actually stick to this 1p savings challenge, maybe some forget, maybe some end up not being able to afford it because it does add up.
How does this work?
Each day you place 1p x the day of the year into a savings jar or I transfer money online ino my savings account. When I say the day of the year, I mean in 2016 there are 366 days so:
1st January = Day 1 = 1p saved.
22nd August = Day 235 = £2.35 saved
For some people, the later in the year it gets, the harder it will be to save the money, and I might just find that, so I'm going to keep saving until I can't. I do have a tip though if you are in a similar position, each payday I work out what I should save for the month and if I can afford that according to that month's outgoings then I'll do. You don't want to save each day and then get to the week before you get paid and not have much money.
If you do it 100% you could have £671.61
So far I've saved from January 1st to 14th January = £1.05
I got paid 15th January so calculating the savings from 15th Jan - 11th Feb, I've transferred £7.98
Total saved up to 11th Feb = £9.03