How to turn your spare change into £670 in a year
FEELING skint this January? Don't worry because we've got a simple trick that will see you boost your savings by hundreds over the year - and it will hardly feel like you're putting any money aside.
Forget sticking a tenner in your piggy bank because this plan will help you save £668 by this time next year, starting off with 1p a day.
This challenge isn't new, it was first thought up by money-saving experts at Magic Freebies two years ago, but it's important to remind ourselves that saving doesn't have to be hard, especially during the financial blues brought on by the post-Christmas slump.
Besides, Brits spent an average of £295 on the festivities according to American Express, which has left many of us with a hole in our wallets.
And while it's easy to focus on simple ways to make some extra cash, you can actually ease the financial burden on next year's Christmas by following this penny-saving scheme.
How does the penny challenge work?
This scheme focuses on putting away your coppers and loose change so you'll need a jar or box to keep the funds safe.
Start off by putting in 1p on the first day and increasing it by another penny every day. Like this:
Day 1: Put in £0.01
Day 2: Put in £0.02
Day 3: Put in £0.03
When you reach 100 days, keep doing the same thing but you'll need to add a £1 coin each day too.
Day 100: Put in £1.00
Day 101: Put in £1.01
Day 102: Put in £1.02
That means that by day 200 you'll be adding in two pound coins as well as your pennies, and by day 300 you'll be sticking at least £3 in the jar every day.
Now, it might not sound like much but if you manage to keep it up every day for the next 365 days, by December 31 you will have tucked away £667.95.
Research by Skipton Building Society earlier this year found that a quarter of Brits don't have any savings.
That's because they're being hit by high monthly outgoings and struggling to clear substantial debts leaving them with nothing to put aside at the end of the month.
But it doesn't have to be a chore with the right kind of planning.
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