I have been thinking of other ways to put money aside and have started the penny challenge. You can find lots of information about this online. It seems everyone is at it!
The aim is to add a penny on day one, two on day two, three the next day, increasing the amount you place in the jar each day by 1p. If you do this for a year you will save around £670. The most you will add to the pot on any single day will be £3.60. Some folk calculate the weekly amount and save weekly in case they don’t have the change. Others start with the £3.65 amount and work backwards. I am skint right now but have plans that will bring in a little more income so I am starting with a penny.
You can see a really good table showing exactly how this works plus a great explanation from Saving Mummy’s Pennies here.
It’s not entirely painless. At midpoint in the year the total monthly amount will be £43.26 and as you reach your total you will be putting aside £90. However it does provide structure and gets you into the savings habit.
It would be good to start this on Boxing Day to save for the following Christmas. I am starting today to add to my general savings rather than for a specific goal. I like to have a contingency fund.
Has anyone else attempted this? How did you get on?