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14th Jan 2018

A new saving tip will massively help you save money everyday

It's worth a shot.

Laura Holland

It’s a new year and a new start at saving or, in our case, trying to save money.

We all have the best intentions, but let’s face it, it’s so hard to save or put money away consecutively every week or month. Especially when it comes to big amounts.

Instead of scrambling last minute next Christmas to pay for all the toys and food, a company in the UK, PlayPennies, has come up with a clever suggestion for families to save money every day throughout the year, without it being a burden.

Enter the 1c saving challenge.

The way it works is that people start off by saving 1c on the first day, then gradually move to higher denominations, but only by adding 1c extra per day.

So day one you would pay 1c, day two you would save 2c, day three would rise to 3c and so on…

By the end of one year, with €3.65 being the largest amount you will ever put in, you will have saved €666.95.

If you’re looking for a greater challenge or a quick way to save, you could go for the weekly saving challenge. This involves saving €7 on a Monday, €6 on a Tuesday, €5 on a Wednesday, €4 on a Thursday, €3 on a Friday, €2 on a Saturday and €2 on a Sunday.

Totting that up, you will be saving €28 per week and €1,456 in total for a year. In just six months you’ll have more than you would have had in the entire year for the 1c saving challenge.

The small amounts mean it isn’t as big a sacrifice and you won’t be able to justify what else you can spend it on. With bigger amounts such as €20 or €50, more often than not you will find something else you need that money for.

It’s worth a shot to save some extra cent you might not think about savings otherwise.