How to save money: Starting with just one penny, savers can accrue almost £600 in a year.
With the passing of ‘FREEDOM DAY,’ people will be able to spend their money in the same ways they did before the outbreak. The need of continuing to save is at risk of being overlooked in the midst of all the enthusiasm.
It can be difficult to keep the commitment to set aside a portion of your salary each month. As a result, challenges might be beneficial in ensuring that one stays on top of their savings.
The penny challenge is a great example of this.
The task is as straightforward as it appears. Simply said, over a period of time, save an extra penny per day.
Day one just necessitates a 1p deposit into the pot.
The amount saved each day following that should be one penny more than the preceding day.
Savers have cautioned that they do not have enough cash in case of an emergency – how much do you require?
As a result, on day two, one would add two cents to their savings, bringing the total to three pence.
On the third day, three pence would be added to the pile, and so on.
This must then be repeated every day for a year.
During a non-leap year, the most money that needs to be saved on the last day of the challenge is £3.65.
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On the last day of a leap year, it would be £3.66, and due to the extra day, a slightly larger savings total may be achieved.
After a typical year, if the person meets their daily savings goal, they will have saved £667.95.
The challenge can also be completed backwards.
This means the saver would put £3.65 (or £3.66) in the pot and work backwards, reducing the amount each day until only one cent is left on the last day.
Atom Bank showed that halving “non-essential” spending may save British households £1,899 per year, based on statistics from the Office for National Statistics (ONS).
A survey performed by the bank on the subject of saving and its psychological impact found that 75% of Britons feel saving £1,000 will make them happier than spending $1,000.
Durham University’s Psychologist. “Brinkwire News in Condensed Form.”