Find a penny, pick it up…

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!

I already have a penny jar. Every now and then, when the coppers are making my purse heavy, I chuck them in the jar. So the first thing I need to do is take them out and count them.

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?

7 thoughts on “Find a penny, pick it up…

  1. Great idea. Years ago I used to save sixpences and then 5ps. Over a year it paid for all the goodies for Christmas food and extras. Any left over was put back in the jar for the following year. Every year I would decide on the budget for Christmas presents. Everything was bought cash , no credit cards used, and when the money was finished that was it. If any one went without it was us so a real incentive to not overspend.
    Helen in France

  2. I always pick up coins I find on the floor while out and about, if I can. I think of it as fiscal roadkill!
    Found 50p in the entrance to the bus garage recently and a £1 coin on the floor by a supermarket checkout, but the best was finding a $5 bill blowing across a car park when we lived in America! 😀 One of the kids once found a $10 bill!
    Unfortunately in these cash strapped times I think others do the same as it’s uncommon to find dropped coins these days.

    I always have a go at dislodging any stuck coins from supermarket trolleys too! I’m not proud! 😀

    • A few years ago I found a 20 euro note in Montmartre in Paris. When we were clearing out 7 years ago to move house I found 500 euros in notes in a drawer. Neither of us could or can remember what that had been for. It promptly went towards a new TV as our old one blew up the previous week. Moving to a new house with a large living room meant we needed a much bigger screen.

      • I once took £90 out for something and tucked it into the back of my handbag then promptly forgot about it and paid by card. Months later, when I was feeling rather skint, I came across it and it felt like a real bonus . I wouldn’t forget £90 these days!

  3. Several years ago I created my ‘Pound a day pot’. Each year I use the money saved for treat that I could not have otherwise afforded. A couple of times it has funded a spa break, another time a mini cruise with spending money and last year I spent it on a lovely winter coat and leather boots. There’s always a pound in my purse and it is a painless way of saving.

  4. I haven’t done this particular challenge but did set myself a slightly weird challenge last year. Into an empty jam jar went all the pennies, tuppences etc I came across that people dropped. Apart from the tenner I found, my Pavement Money jar contained abt £7 in small change by the end of the year. People are awfully careless with their cash!

  5. Pingback: Counting out the pennies | Shoestring Cottage

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