The money saving plan could help you pocket £667.95 by next Christmas
People are being encouraged to take the Martin Lewis backed 1p challenge to save more than £600 before next Christmas. The programme will save participants an extra £667.95 by December 21, 2023 if they start it in the New Year.
As reported by the Manchester Evening News, Finance guru Martin Lewis previously told viewers on the ITV Martin Lewis Money Show in 2021: "There’s a big savings community out there who do this, it’s called the 1p challenge. Basically, you save a penny on the first day of the year in a jar or piggy bank, 2p on the second, 3p on the third and keep going throughout the year - by the last day of December you’re saving £3.65, so that would give you £667. 95 in total.
The challenge is also outlined on Lewis' Money Saving Expert website, with it stated to be one of the most popular methods on the MSE Forum, being "a clever, fun and relatively painless way to amass a surprising sum." In the challenge an additional penny is put away every single day, which over time will accumulate into hundreds to spend in 2024.
If you start on New Year's Day, then by December 31, 2023 you will have saved a grand total of £667.95.Double the amount on day 200:
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