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365 Day Money Saving Challenge

(13 Posts)
Grannyknot Sun 10-Dec-17 19:47:02

I'm quite a good saver, but this has piqued my interest so I may give it a go come January 1st. Quite a good way of teaching children about saving too.

It's a simple plan explained on the link below, but in a nutshell you start by saving 1p at the start of a year and then increase the amount that you put away, by 1p a day. So for example on Day 100 you would be putting £1 in the jar. At the end of 365 days you will have £667.95.

There's a downloadable chart on the website that tells you how much to put away each day of the 365 days.

www.ohsoamelia.com/2016/01/365-day-money-saving-challenge-free.html?m=1

Jalima1108 Sun 10-Dec-17 19:57:08

I've heard of this before but never done it.
I do put all my 1p, 2p, 5p in the charity money box though so perhaps I should start with 20p - I wonder what that would work out at?

dbDB77 Sun 10-Dec-17 20:42:14

Jalima - if you mean 20p and adding 20p per day you'd be talking serious money - by Jan 31st you'd be putting £6.20 in the jar and by Dec 31st it would be £730 - be a blinking big jar ?

chicken Sun 10-Dec-17 21:01:28

Doing most of my shopping by card, I'd never have the right small change to do this. My version of this kind of saving works well for me. I use an empty Steradent tube as my collection "tin" and put in 3 pound coins each week after shopping. By the end of the year I have two and a half full tubes with over £150 and it feels quite painless to do.

callgirl1 Sun 10-Dec-17 21:50:08

I just save all my 20p pieces, then bank them when they reach £10.

Maggiemaybe Sun 10-Dec-17 21:58:49

It's impressive how it adds up, but I'd never have the small change to do it. As it is I pop any shiny coins I get into the moneyboxes we keep here for the DGS. But then I keep raiding them when I can't find any change for my busfares.

Anniebach Sun 10-Dec-17 22:19:26

I couldn't afford to do this

Jalima1108 Sun 10-Dec-17 22:55:30

shock
dbDB77 perhaps not!

Smithy Sun 10-Dec-17 22:58:23

I like the idea of the 3 pound coins, I might try that one if I can find a suitable container!

kezia Sun 10-Dec-17 23:05:55

I put £1 coins into an old jam jar and try VERY HARD not to raid it. When I counted it at the beginning of December I had just over £300! That'll go a good way towards Christmas

kezia Sun 10-Dec-17 23:07:56

Although I realise that I was ill over Christmas last year so hardly touched the jar

harrigran Mon 11-Dec-17 08:49:42

DH and I put all our loose change in a box and at the end of the year drop it in the machine at Morrisons, usually gives us about £30+ to spend in the shop.

BlueBelle Mon 11-Dec-17 08:54:02

At the moment I m saving for a new phone and whenever I get a £2 coin they don’t come up that regularly I put it in a lovely American Indian black box I have and have about £120 now over the last 6 months